Permanent Residence for 405 Investor Retirement and 410 Retirement Visa Holders

New legislation due to commence on 17 November 2018 will now provide a pathway to permanent residence for subclass 405 Investor Retirement and subclass 410 Retirement visa holders in Australia.

Previously, there was no pathway to permanent residence for subclass 405 Investor Retirement and subclass 410 Retirement visa holders. To remain in Australia they would need to re-apply for these temporary visas every 4 to 5 years and meet the relevant criteria in each application; this included the requirement to provide updated supporting evidence, pay a new set of visa applications fees and for the 405 visa, reinvest significant sums of money into government bonds.

In mid-2018, the Department of Home Affairs closed the 405 Investor Retirement and 410 Retirement visas to new applicants with the Australian government indicating there would be a pathway to permanent residence for these visa holders.

From 17 November 2018, 405 Investor Retirement and 410 Retirement visa holders will have the opportunity to apply for Australian permanent residence through the subclass 103 Parent and subclass 143 Contributory Parent visas. Furthermore, there will be no requirement for sponsorship or meeting the Balance of Family test.

In doing this, applicants will also have access to a Bridging Visa which will allow them to remain in Australia whilst the Parent visa is being processed. It is important to remember that private health insurance must be maintained during the processing period.

For 405 Investor Retirement and 410 Retirement visa holders who have already been refused a Parent visa, Department of Home Affairs have added a 'safety net' clause which will allow them to lodge a new 405 Investor Retirement and 410 Retirement visa to help them stay in Australia.

The second visa application charge for the Parent visa is still payable, which will determine the type of Parent visa application (subclass 103 or subclass 143) lodged.

This new option may not be for all 405 Investor Retirement and 410 Retirement visa holders. Applicants for the parent visa also need to meet the health criteria which requires them to be assessed by the Medical Officer of the Commonwealth as not having a medical condition that would result in significant costs to the Australian community, or prejudice the access of an Australian citizen or permanent resident to a health care or community service. This requirement is irrelevant of whether or not the applicant intends to use Australian health care or community services.

To give yourself a very good chance of success seek expert advice and guidance from a reputable Registered Migration Agent or practicing solicitor that specialises in Immigration law.