Investor Retirement Visa (Subclass 405) Abolished

The Australian Government has confirmed that the subclass 405 Investor Retirement visa will cease to be available to new visa applicants from the 1st of June, 2018.

Current holders of subclass 405 visas will continue to be able to renew their visas.

According to the Government: “The reason for the closure of the Class UY visa is that the visa no longer aligns with Australia’s economic priorities.”