Investor retirement Visa (Subclass 405)
About the Visa
This temporary visa is for self-funded retirees who have no dependents and want to live in Australia during their retirement years.
Who are eligible (Eligibility and requirement)
- The candidate must be 55 years of age or older. His/her partner can be any age.
- The candidate and his/her partner must not have dependent children or other dependent family members.
- The candidate must be sponsored by an Australian state or territory government agency (other than the Australian Capital Territory). Further information can be found on their websites.
- The candidate must meet certain health requirements. The results of his/her health examinations are generally valid for 12 months. He/she is able to organise his/her health examinations upfrontbefore lodging a visa application.
- The candidate must meet certain character requirements.
- The candidate must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this visa can be granted.
- Assets: The candidate must have assets (or if he/she has a partner, their combined assets) valued at least AUD750 000.
- The assets must be:
- legally owned and lawfully acquired by the candidate (or he/she and his/her partner)
- capable of and available for, transfer to Australia
- Exception: If the candidate intend to live in regional Australia he/she must have assets (or if he/she has a partner, their combined assets) valued at least AUD500 000.
- Income: the candidate (or combined with his/her partner) must have access to a minimum net income of AUD65 000 per year.
- If the candidate intend to live in regional Australia he/she (or combined with his/her partner) must have access to a minimum net income of AUD50 000 per year.
- The candidate must have made a designated investment of at least AUD750 000 in his/her (or in his/her name and his/her partner), in the state or territory in which the candidate has been sponsored. The funds for the designated investment are in addition to the candidate’s asset requirements.
If the candidate intends to live in regional Australia he/she must have made a designated investment of at least AUD500 000 in his/her name (or in his/her name and his/her partner) in the state or territory in which he/she has been sponsored.
- A designated investment must be maintained for the duration of the Investor Retirement visa (subclass 405). The amount of the designated investment decreases by AUD250 000 the first time the candidate reapply for the visa and then remains constant thereafter.
If the candidate reapply for his/her Investor Retirement visa (subclass 405) a designated investment of AUD500 000 must be made and maintained. If he/she lives in regional Australia a designated investment of AUD250 000 must be maintained.
- The candidate must have evidence that he/she and his/her partner hold an adequate health insurance package for the period of his/her intended stay in Australia.
- You might be asked to provide biometrics(a scientific form of identification) as part of the application.
What visa lets you do?
This is a temporary visa. It allows the candidate:
- To work in Australia for up to 40 hours per fortnight
- To travel to and remain in Australia for four years from the date the visa is granted – after that time he/she will need another visa
- To have his/her partner (who has also been granted this visa) accompany him/her to Australia.
From AUD 330
* This is the DIBP prescribed cost of the application. This does not include Migration agent’s fees. To obtain the current fees, kindly refer to the above link or DIBP website.