Retirement Visas Explained
Until May this year, the Department of Home Affairs offered a temporary visa called, the Subclass 405/410 Visa aimed at self-funded retirees who have no dependents and wanted to live in Australia during their retirement years. This visa enabled the applicants who are 55 years or older or allowed existing visa holders from this category holders with a set income of AUD$65,000 per year (or AUD$50,000 per year to live in a regional area). Retirees who were able to demonstrate an investment were also eligible to make an application for this visa. At the time the visa programme was available, the visa period was granted for four years with possibility of renewal.
Unfortunately, due to change of Australian laws earlier this year, this visa was closed to new applicants.
From 29 October 2018, the Government introduced a permanent visa option to 405/410 visa holders. The pathway provides for certain holders or former holders of temporary retirement visas to obtain permanent residence in limited circumstances. The reason for this change is a response relating to concerns about the difficulties faced by retirees, including lack of access to health and other Government and community services, and disadvantage in relation to taxation and property issues faced by 405/410 visa holders.
Permanent Residence Options
To meet the requirements for permanent residence, an applicant must at the time of closure of this visa programme, was already a holder of a Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visa. In addition, the applicant must demonstrate that this was their first 405/410 visa application.
The retirees may apply for a Subclass 103 (Parent) visa or a Subclass 143 (Contributory Parent) visa. Retirees must apply in Australia, maintain adequate health insurance until the permanent visa is granted, and meet the relevant health, character and other public interest criteria for the grant of the permanent visa.
How we can help you
SCA Connect offers immigration advice to diverse range of clients. As part of our services, an experienced Senior Migration Agent will assess your eligibility, collate supporting documents and prepare your application to the highest standard. If you currently hold a subclass 405/410 visa and would like to discuss your options to remain in Australia, please book a consultation with one of our Agents today.
Disclaimer: The information provided herein is of a general nature only and does not constitute immigration advice. For more detailed and case specific information or advice, please contact SCA Connect.