Do you already have a subclass 405 Investor Retirement or subclass 410 Retirement Visa for Australia? Instead of applying for a new visa every four to five years, what if you can gain permanent residency in Australia? This is no longer a dream, thanks to the latest changes in Migration Australia rules that came into effect on November 17, 2018.
The Australian authorities now provide a pathway to permanent residency for holders of these visa classes, subject to their meeting all legal and medical requirements. The Department of Home Affairs has indicated that 405 Investor Retirement and 410 Retirement Visas will no longer be issued to new applicants, which means that there would be a pathway to permanent residence for existing visa holders.
Those who have 405 Investor Retirement and 410 Retirement visas can now apply for Australian Permanent Residence through subclass 103 Parent and Subclass 143 Contributory Parent Visas. The best part is that there is no sponsorship requirement for meeting the Balance of Family Test.
While the Parent Visa is processed, a Bridging Visa will be issued which will allow the applicant to remain in Australia. All applicants must have access to private health insurance at all times. In case the Parent Visa is refused, 405 Investor Retirement and 410 Retirement visa holders can still apply for a new 405 Investor Retirement and 410 Retirement visa to stay for a further period in Australia.
Note that applicants for these Parent Visas have to meet strict health criteria, including an assessment by the Medical Officer of the Commonwealth to certify that they do not have a medical condition which would result in significant costs to the Australian community and Government. If you are still weighing your chances of getting permanent residency in Australia, now is the time to act.