*** NOTE: THIS VISA CEASES TO BE AVAILABLE TO NEW APPLICANTS FROM THE 1ST OF JUNE, 2018 ***
The Investor Retirement visa, subclass 405, is a visa for self funded retirees who have no dependents and who want to reside in Australia during their retirement years.
This visa is a long term temporary residency visa which does not lead to Australian permanent residence or citizenship.
It can though be renewed every 4 years.
The main eligibility requirements are as follows:
- The main visa applicant must be 55 years of age or older. An accompanying partner or spouse can be any age.
- There can be no dependent children or other dependent family members, other than the partner of the main applicant. If married or in a de facto relationship, the partner of the main applicant must have no dependent children or other dependent family members.
- Applicants must have assets valued at least A$750,000 (A$500,000 if the applicant intends to live in regional Australia – as defined). These assets must be:
- Legally owned and lawfully acquired
- Capable of – and available for – transfer to Australia.
All assets must have been held for 2 years prior to the date the visa application is lodged, unless the assets are related to superannuation and/or an inheritance.
These assets are in addition to the funds required to make the Designated Investment discussed below.
- Applicants must have (individually, or combined with the main visa applicant’s partner or spouse) access to a minimum annual net income of A$65,000 (for example, pension and/or investment income). This income requirement is reduced to A$50,000 if the applicant intends to live in regional Australia – as defined.
- Applicants for an initial 405 visa must make a Designated Investment of A$750,000 (A$500,000 if the applicant intends to live in regional Australia – as defined) with the State or Territory which has sponsored the visa application.
- For a renewal 405 visa application the amount of the Designated Investment reduces to A$500,000 (A$250,000 if the applicant intends to live in regional Australia). There is no change to the required annual net income for a renewal 405 visa application.
Note: A Designated Investment is an interest paying Bond issued by a State or Territory Government in Australia, which is arranged as the final stage in the visa application process.
The funds used to make the Designated Investment are in addition to the assets requirement discussed above.
- Applicants must be sponsored by a State or Territory Government. Individuals intending to apply for a subclass 405 visa should also check the requirements of the State or Territory Government, to ensure there are not additional requirements to be met prior to sponsorship being approved.
- Applicants must have evidence that they hold an adequate health insurance package for the period of the intended stay in Australia.
The subclass 405 visa is a provisional or temporary residency visa, which allows individuals holding such a visa to be in a very attractive tax position.
It has a validity of 4 years, and before the expiry of the visa another visa must be applied for – this is usually a further subclass 405 visa with another 4 year validity period.
The customary health and character requirements do not usually have to be met for a renewal 405 visa application, save that satisfactory health insurance must have been maintained throughout the period in which the last 405 visa was held.
GM Investor Visas works with our clients on the basis of fixed fees, and a wish to have a long term relationship based on our expertise, trust and a quality service.
We look forward to hearing from you.