The Investor Retirement Visa (Subclass 405) is designed for self-funded retirees or investors who wish to retire in Australia. This visa allows older people with significant assets to live in Australia during their retirement years.
Eligibility Criteria:
- Age: You must be of pension age, which is currently set at 66 years old.
- Income: You should have a designated level of income, usually from eligible investments, pension, or annuity.
- Net Worth: A certain net worth is required, usually in the form of eligible assets.
- Investment in Australia: You are expected to make a designated investment in Australia, typically in government bonds.
- Health and Character: You and your family members must meet health and character requirements.
Application Process:
- Eligibility Check: Ensure you meet all the requirements, including age, income, net worth, and health criteria.
- Gather Documents: Collect necessary documents, including proof of investments, income, and health insurance.
- Lodge Application: Apply online through the official Department of Home Affairs website.
- Investment Requirement: Make the required investment in Australian government bonds.
- Health Examination: Undergo a health examination as required.
- Await Decision: The processing time varies. Check your application status through the online portal.
- Notification of Decision: Once a decision is made, you will be notified of the outcome.
Benefits:
- Retirement in Australia: Grants the right to retire in Australia and enjoy the country’s lifestyle.
- Work Rights: Limited work rights for a specified number of hours per week.
- Access to Healthcare: Eligible for Australia’s public healthcare system, Medicare.
- Family Reunion: Allows you to include eligible family members in your application.
- Renewable: Can be renewed as long as you continue to meet the criteria.
FAQs:
Q: Can I bring my family members to Australia on this visa?
A: Yes, certain family members can be included, such as your spouse and dependent children.
Q: Is there a limit on the duration of this visa?
A: The visa is issued for four years initially and can be renewed provided you continue to meet the requirements.
Q: Can I work in Australia on this visa?
A: Yes, you are allowed to work for a limited number of hours per week.
Q: What happens if my financial situation changes after the visa is granted?
A: You are expected to maintain the required level of income and assets. If your financial situation changes significantly, you might need to reconsider your visa status.
