The much-anticipated details of the pathway to permanent residency for holders or former holders of Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) which was announced earlier this year in the Federal Government budget has been announced.
The Migration Amendment (Pathway to Permanent Residence for Retirees) Regulations 2018 commenced on 25 October 2018.
Holders or former holders of Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visas now have access to permanent residency through Subclass 103 (Parent) visa or a Subclass 143 (Contributory Parent) visa, without having to meet the requirement of the balance of family test.
All applicants must 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 Subclass 103 (Parent) visa or a Subclass 143 (Contributory Parent) visas.
You will not qualify for this visa if you have held another substantive visa other than a Subclass 405 or 410 in the intervening period.
This announcement will bring relief to the many Retirement visa holders who have had uncertainty surrounding their future.
We are currently processing many client’s applications towards a permanent visa.