Australia's Bond-Based Investor Routes in 2026: 891/893 vs 888 Investor Stream

Subclass 891 and Subclass 893 are the two Australian investor residence visas built on a designated investment — State or Territory government bonds held for four years — while the 888 Investor Stream sits in a different programme line whose capital threshold and residence test are set by the current Business Innovation and Investment (Permanent) criteria rather than by the 891/893 bond rules. The comparison below draws on the Migration Regulations 1994 as currently published on the Federal Register of Legislation and the Department of Home Affairs’ PAM3 guidance for each subclass; it is general information about published criteria, not an assessment of any individual case, and current figures and wording should be confirmed against the officially published requirements or a registered professional before you rely on them.

What counts as a designated investment, and how much capital is tied up?

A designated investment is defined by regulation 5.19A: it must be government securities (referred to in the regulations as primary stock), with a term of not less than four years, a clearly guaranteed repayment of principal, and no financial liability falling on the Commonwealth. For subclass 891, the published criteria put that investment at AUD 1,500,000, held for at least four years, with no separate proof of assets or income required beyond the investment itself. For subclass 893, the assessment looks at the amount invested at the time the investment was made — the current applicable figure should be read from the regulation text as published.

The practical point for capital planning is narrow: neither visa asks you to document a broader portfolio. The money that matters is the bond, and the test is whether it matches the definition and stays in place.

	Subclass 891	Subclass 893	888 Investor Stream
Provisional visa required first	Subclass 162	Subclass 165	Set under the Business Innovation and Investment (Permanent) criteria — verify on the official page
Capital threshold	AUD 1,500,000	Assessed at the amount invested	Verify against current published criteria
Investment form	Government securities (primary stock), ≥4-year term, principal guaranteed	Same definition under regulation 5.19A	Not the 891/893 designated-investment bond rules
Holding period	Four years, no withdrawal	Four years, no withdrawal	Verify against current published criteria
Residence	Counted only over time held on the Subclass 162 visa	At least two of the previous four years in the nominating State or Territory while on the 165 visa	Verify against current published criteria
Nomination	No employer or third-party sponsor involved	Form 949 State/Territory nomination, valid to grant	Verify against current published criteria

Does the money really have to stay untouched for four years?

Yes — and the four years run from the date of investment, documented by a certificate rather than by your own statement. For subclass 891 (clause 891.222), the certificate comes from the relevant State or Territory Treasury department and must confirm the investment date and that no withdrawal occurred during the four years. For subclass 893 (clause 893.223), the certificate comes from the State or Territory Treasury Corporation and may cover an investment in the applicant’s own name or held jointly with a spouse or de facto partner.

A withdrawal inside the four-year window is one of the most common refusal grounds on both visas, precisely because the certificates exist to disprove it. Keeping bank records and investment confirmations for the whole period is what makes the four-year claim auditable when a decision maker asks for it.

There is also a timing dimension after lodgement. On subclass 891, continuous eligibility (clause 891.221) can be treated as satisfied when nothing has changed and there has been no significant delay between application and decision. On subclass 893, a gap of more than 18 months is treated as a significant delay, which lets the decision maker ask for an updated picture of your current business and personal circumstances.

Do you have to live in Australia, and does location matter?

Both visas have a residence test, but they work differently, and this is where the two bond routes genuinely diverge.

Subclass 893 carries a quantified, place-specific test (clause 893.212): the main applicant must have lived in the nominating State or Territory for at least two years out of the four years before applying, while holding the Subclass 165 visa. The time does not have to be continuous — it can be accumulated across several short stays — and only days held on the 165 visa count. Evidence is normally passport entry and exit stamps and movement records, backed up by leases, utility accounts, property records or correspondence where movement data is thin.

Subclass 891 calculates residence only over the period the applicant held the Subclass 162 visa, verified through the movements database or travel documents; where those are unavailable, the decision maker can call for supporting documents. The qualifying length should be read from the published criteria rather than assumed to mirror the 893 test.

In short: 893 asks how much of the last four years you spent in one particular State or Territory; 891 asks what your residence looked like across the time you held the 162 visa.

Which provisional visa do you need first, and who has to nominate you?

Each permanent visa is reached from one specific provisional visa, and this is the hard gate that precedes every other criterion.

• Subclass 891 requires the main applicant to hold, and to have met the primary criteria of, a Subclass 162 Investor (Provisional) visa. A spouse or de facto partner cannot be the main applicant. No employer or third-party sponsor is involved.
• Subclass 893 requires the Subclass 165 visa plus a State or Territory nomination on form 949. The nomination must still be in force at the time of grant (clause 893.222); if it is withdrawn, the application cannot succeed. If an application is lodged after the nomination’s stated validity date, the nomination is treated as needing amendment or withdrawal.

Because 891 requires no nomination at all, the “bond plus nomination” structure is specific to 893 — and that structure is exactly what produces the State-specific residence test described above.

What else can decide the outcome besides the bond?

Four areas recur in the published criteria and in the recorded refusal grounds.

Business and investment history. On both visas (clause 891.211 and clause 893.211), the main applicant and a spouse or de facto partner must not have a history of business or investment activity of a kind not generally accepted in Australia. This is assessed with reference to departmental policy guidance rather than a fixed checklist, so an adverse record needs an explanation on file.

Commitment to continued activity. Clause 891.213 and clause 893.213 look at whether you understand the Australian business and investment environment and whether you intend to stay engaged. No fully worked-out plan is required; a broad outline is enough.

Health, character and passport. Both visas apply the public interest criteria, and the “one fails, all fail” rule means a family member’s health or character problem can defeat the whole application. Subclass 893 also expressly applies the passport requirement in public interest criterion 4021.

Family unit, custody and lodgement mechanics. Family members must generally apply with the main applicant; a newborn can be added later, as can a spouse or dependent child under the relevant provisions. On subclass 891, custody issues can block the grant where it would prejudice another person’s rights (clause 891.225), and the equivalent clause 893.226 applies to 893. Both are lodged in Australia — not in immigration clearance — and the main applicant must be in Australia at grant; offshore family members may receive condition 8515, and their first-entry date is usually set by reference to the later-expiring health or character clearance. On subclass 893, secondary applicants without functional English may face a second visa application charge instalment and are told about AMEP English tuition entitlements.

Where does the 888 Investor Stream fit in this comparison?

The 888 Investor Stream is the permanent stage of the Business Innovation and Investment programme, not a continuation of the 162/165 bond routes, so the designated-investment rules discussed above should not be assumed to carry over to it. Its capital threshold, the period the investment must be maintained, and its residence test are set by the criteria currently in force for that visa, and any figure you compare against the AUD 1,500,000 and four-year structure of subclass 891 has to be taken from the officially published criteria for 888 rather than inferred from the 891/893 rules.

What the comparison can fairly establish is structural: the 891 and 893 routes are bond routes, entered from a named provisional visa, where the decisive evidence is a Treasury certificate covering four years of untouched government securities; the 888 Investor Stream is a separate nomination-based permanent route whose own thresholds should be read directly from official sources as published.

Frequently Asked Questions

Is the capital threshold the same for subclass 891 and subclass 893?

Subclass 891 names AUD 1,500,000 as the designated investment held for at least four years. For subclass 893, the assessment is made against the amount invested at the time of investment, so the applicable figure should be read from the published regulation text. Both share the same definition of a designated investment under regulation 5.19A.

Can I withdraw the designated investment before the four years are up?

No. A withdrawal during the four-year period is a recorded refusal ground for both visas, and the required State or Territory Treasury certificate must confirm that no withdrawal occurred. Keeping transaction records across the full period is what makes that certificate verifiable.

Does time spent in Australia on another visa count toward the residence test?

No. Subclass 891 counts only time held on the Subclass 162 visa, and subclass 893 counts only time held on the Subclass 165 visa, with the 893 test additionally requiring that at least two of the previous four years were spent in the nominating State or Territory.

Can my spouse be the main applicant on a subclass 891 application?

No. The main applicant must hold a Subclass 162 visa and satisfy its primary criteria; a spouse or de facto partner cannot take the main applicant’s place. A spouse is assessed as a member of the family unit, including on business history and the public interest criteria.

Do both visas require a State or Territory nomination?

Only subclass 893 does, through form 949, and the nomination must remain in force until the visa is granted. Subclass 891 involves no employer or third-party sponsor and therefore no nomination, which is why its residence test is not tied to a particular State or Territory.

What happens if a subclass 893 nomination is withdrawn before a decision?

The application cannot be granted, because clause 893.222 requires the nomination to be in force at the time of approval. If the application was lodged after the nomination’s stated validity date, the nomination is treated as needing amendment or withdrawal rather than being treated as valid.

Do the same bond rules apply to the 888 Investor Stream?

No — the designated-investment rules under regulation 5.19A belong to the 891 and 893 criteria. The 888 Investor Stream’s capital threshold, maintenance period and residence test come from the Business Innovation and Investment (Permanent) criteria currently in force, and should be confirmed against the official published requirements.

References

• Federal Register of Legislation — Migration Regulations 1994