It was announced in the Federal budget in May this year that the Government will introduce a new pathway to permanent residency for holders of Investor Retirement (subclass 405) and Retirement (subclass 410) visas.
Commencing in the 2018/19 financial year, a portion of the planned parent permanent migration places will be set aside for retirement visa holders each year. Retirement visa holders in Australia will be eligible to apply onshore for a permanent visa through the Parent (subclass 103) or Contributory Parent (subclass 143) visa streams.
The retirement visa holders will be exempted from some parent visa requirements, such as having family in Australia.
Full details are not available as yet but should be prior to 1 July 2018.
It is understood that the pathway will remain open until all retirement visa holders who wish to transition to permanent residency have done so.
As a result of this new pathway the subclass 405 visa to new applicants is now closed. The subclass 410 visa was already closed to new applicants.
This is good news for the 405 and 410 visa holders in Australia who have been looking for a mechanism to give them permanent residency for many years.
The consequence for existing parent visa applicants is that it will no doubt increase delays in the granting of their visas. Interestingly parents of children in Australia who currently satisfy the balance of family test will be placed be lower in the visa processing queue than those who may have no other family in Australia.
If you would like more information regarding the pathway to permanent residency for Investor Retirement visas (subclass 405) and Retirement visas (subclass 410), please contact our team of Immigration Lawyers and Registered Migration Agents. Our team will assist you with any questions you may have and are accessible via phone, email or skype. Alternatively, you can book in a migration consultation with our Registered Migration Agents in either of our offices (Sunshine Coast and Brisbane).