The Government has announced that those on a Subclass 405 or 410 Retirement Visa may soon become eligible to apply for permanent residence through Australia’s Parent Visa streams. Retirement Visa holders wishing to transition to permanent residence will not have to meet some of the usual parent visa requirements, such as having family in Australia.
The Subclass 405 Investor Retirement Visa is currently Australia’s only active retirement visa option. It permits overseas retirees to live in Australia and is a temporary visa designed for self-funded retirees 55 years or older who have no dependent children or family members. To be eligible, applicants must meet state sponsorship requirements, income requirements and make a designated investment of $AUD 750,000 (or $AUD500,000 in regional areas).
As the Investor Retirement Visa will be integrated with the Parent Visa streams, the Retirement Visa program will be closed this year and will no longer become available from as soon as June. If you are interested in applying for the Investor Retirement visa, which will now enable you to transition to permanent residence, you have a very narrow window of applying over the next few weeks.