This visa is designed for self-funded retirees who have no dependants and who want to reside in Australia during their retirement years. The visa is temporary and will not lead to Australian permanent residence or citizenship.
Who is this visa for?
People from overseas who are 55 years or older, have no dependants (other than a partner who can be any age), are self supported, and are able to make a significant long term financial investment in Australia.
What does this visa let me do?
If you are granted this visa you can:
- work in Australia for up to 40 hours per fortnight
- travel in and out of Australia any number of times as long as your visa is valid
- live in Australia for four (4) years
- have your partner accompany you to Australia.
How does this visa work?
This visa is for you if you live overseas and are 55 years or older, have no dependants (other than a partner who can be any age), are self supported, and are able to make a significant long term financial investment in Australia.
Your application may only include your partner. You and your partner must not have any dependants.
Visa validity period
The Investor retirement visa is a temporary visa that allows you to stay in Australia for four years. There is an option to apply for further Investor retirement visas which will allow you to stay for a further four years. However you will need to meet the requirements to be granted a subsequent visa. As long as you continue to satisfy the visa requirements you can keep applying for subsequent Investor Retirement visas.
Investor Retirement visa definitions
To understand the information clearly, you should understand all the terms used in the Investor retirement visa (residence) web pages.
Visa application process
Step 1 – Apply for Sponsorship
Before you apply for this visa, you must gain sponsorship from an authorized Australian state or territory government agency in the state or territory in which you intend to reside.
The table below shows the process which you need to undertake to obtain sponsorship.
|Person or organization||Action|
|Main Applicant||Complete the sponsorship form.|
|Main Applicant||Send the form to the appropriate state/territory authority.|
|State/territory authority||If they agree to sponsor you a representative of the state or territory government agency will sign, stamp and send the form back to you.|
|Main Applicant||Include the signed, stamped form with your visa application.|
To apply for this visa you must lodge the application forms and all necessary documentation.
Step 2 – Complete and Lodge the Application
Information to help you prepare your application
This information helps you with the requirements for certifying and translating documents, communicating with the department, using a migration agent, and more.
Active Migration Australia will assess each application individually and provide extensive checklists consisting of instructions to help you successfully complete the forms required.
How to lodge
This checklist provides all the information and supporting documents that you must provide with your application
Step 3 – Make a Designated Investment
1. Contact the treasury corporation, in the state or territory that is sponsoring you (other than the Australian Capital Territory). They will forward current information on the terms and conditions and an investment application form. They will also send detailed instructions on how to lodge the designated investment.
2. When your application has been processed and all requirements have been met, the Retirement Visas Processing Unit will ask you, and your partner, to complete relevant health and character checks. To ensure the appropriate medical checks are undertaken, prospective applicants should not undergo medicals until advised by the Retirement Visas Processing Unit.
3. When your health and character checks have been finalized, the Retirement Visas Processing Unit will advise you in writing to lodge the designated investment with the treasury corporation in the state or territory that has sponsored you. The letter of advice will also include a form 1031 Declaration: Designated Investment, which will have been completed by the department. You should send this and your completed investment application to the treasury corporation in the state or territory that has sponsored you. Individual state and territory treasury corporations will provide advice on procedures to transfer your funds to the designated investment. Those funds must be in Australian dollars, and must be deposited in your name or your name and the name of your partner.
4. When you have submitted evidence that the designated investment has been made, the Retirement Visas Processing Unit will advise you in writing to pay the second application charge (which is payable in respect of each person applying for the visa and must be paid prior to each grant, including each time the visa is renewed).
If the visa is approved
The department will advise you (or your authorized recipient), if you or your partner has been granted an Investor Retirement (Subclass 405) visa.
If the visa is not approved
The department will advise you (or your authorized recipient) in writing of the reasons for that decision and if the decision is reviewable by the Migration Review Tribunal.
Below are the requirements you must meet to be eligible for an Investor Retirement visa.
You must be 55 years of age or older. Your partner (if any) can be any age.
You must be sponsored by an Australian state or territory government agency (other than the Australian Capital Territory).
You must have no dependent children or other dependent family members other than a partner.
If you are married or having a de facto relationship, then your partner must have no dependent children or other dependent family members.
You must have assets valued at least AUD750 000. These assets will enable you (or you and your partner) to meet initial settlement and ongoing costs of living in Australia.
The assets must be:
- legally owned and lawfully acquired by you (or you and your partner)
- capable of and available for, transfer to Australia.
Exception: If you intend to live in regional Australia you must have assets valued at least AUD500 000.
Note: You must have held all of the assets listed above for 2 years prior to you lodging your application, unless the assets are related to superannuation and/or inheritance. If you are intending to sell assets in relation to your move to Australia, the department recommends that you wait until after your visa is approved. If you need to sell assets to meet the requirements of this visa you should carefully consider whether you will be able to finance your ongoing stay in Australia, particularly in the longer term. The assets are in addition to the funds required to make the designated investment.
You (or you and your partner combined) must have access to a minimum net income of AUD65 000 (for example, pension rights).
Exception: If you intend to live in regional Australia you must have access to a minimum income of AUD50 000.
You must be able to make a designated investment of AUD750 000 in your name (or your name and your partner’s name), in the state or territory in which you have been sponsored.
Exception: If you intend to live in regional Australia you must make a designated investment of AUD500 000.
Note: The funds used to make the designated investment are in addition to the assets requirement.
You must have evidence that you, and your partner (if any), hold an adequate health insurance package for the period of your intended stay in Australia.
For health insurance to be considered adequate, it must:
- be fully comprehensive or
- provide coverage that is at least equivalent to Medicare (including coverage of 85 per cent of costs for hospital, emergency, and general practitioner services) and
- provide coverage for pharmaceuticals.
It is preferable that the health insurance be with an Australian insurer, however alternative arrangements that meet the above requirements can be accepted. Alternative arrangements with an overseas insurer will require individual detailed examination of the insurance policy and may result in processing delays.
If you do not maintain adequate health insurance it may result in the refusal of future visa applications.
Working in Australia
You must have no intention of working full-time in Australia (you, and your partner if applicable, will only be allowed to work up to 40 hours per fortnight while in Australia.)
You and your family must meet health requirements for you to enter Australia. You will require an examination from a doctor, a chest x-ray and possibly further medical tests.
You and your family must be of good character for you to enter Australia.
Applying for a further Investor Retirement visa
You may apply for one or more further Investor Retirement visas if you meet the following requirements.
- travelled for three months or more to a country where tuberculosis is a medium or high risk,
- had exposure to other public health risk conditions even if you have not travelled outside Australia.
If tuberculosis or a public health risk condition is identified, medical treatment rather than visa refusal will be the likely outcome.
- You and your partner are of good character. You must be of good character to enter Australia. Investor Retirement visa renewal applicants will be required to lodge an up to date Australian Federal Police clearance. They are also required to lodge a renewed Overseas Police clearance from each country where applicants have spent for a cumulative period of 12 months or more in the last 10 years.
- You have maintained the Designated Investment associated with your previous Investor Retirement visa for the period of that investment.
Australian Values Statement
If you are aged 18 years or over, you must declare that you will respect Australian values and obey the laws of Australia. For this visa, the values statement is included in the general declaration section of the application form. When you sign the application form it means you will also be signing the values statement. You will not be required to have read the Life in Australia book, but may do so if you wish.
You are also encouraged to gain an understanding of Australia, its people and their way of life, before applying for this visa.
Conditions and obligations for holders of visa subclass 405
If you are granted this visa you must:
- maintain your designated investment
- hold an adequate health insurance package for the period of your intended stay in Australia
- not work for more than 40 hours per fortnight while you are in Australia.