The chances of you being approved for an Investor Retirement visa is now zero. Australia has permanently closed its doors for new applicants for this visa. New applications lodged on or after 1 July 2018 are no longer accepted at the Department of Home Affairs. The closure was announced in the Federal Budget on 8th May 2018. However, if you already applied and are just awaiting a decision, the closure will not affect your application. Renewals are also available to those who hold an existing visa and most former subclass 405 visas.
What is the subclass 405 (Investor retirement) visa?
This is a temporary visa for self-funded retirees who want to live in Australia in their retirement years. To qualify, you must be 55 years of age or older and have no dependents. Visa holders can live and work in Australia with their partner for up to 4 years, however, they must make a designated investment in Australia of at least $750,000 and have an annual income of at least $65,000. Retirees who want to settle in regional areas must make a designated investment of $500,000 and have an annual income of $50,000. The visa is applicable for existing and former holders of a subclass 405 visa. The latter must not have another substantive visa since they last entered Australia using the Investor Retirement visa.
What caused the permanent closure?
According to the government, the visa no longer aligns with the economic priorities of Australia. The Investor Retirement visa was first offered in 2005 to those who met the requirements to spend their retirement years in Australia. Although this is the only retirement visa available, you can still live in Australia upon retiring if you have children living in the country who meet the Parent Visa sponsorship requirement. The criteria for a Parent Visa sponsorship does not require a designated investment which may be easier on your pocket. In addition, the proposed income threshold for sponsors of the Parent Visa has recently been reduced to a minimum combined annual income of $45,000, meaning sponsors will not be as financially burdened. If the above is of relevance to you it is advisable that you seek out support and advice from a registered MARA approved Migration Agent. The team at Overseas Emigration will be more than happy to discuss your options.