From 17 November 2018, holders of Retirement (subclass 410) and Investor Retirement (subclass 405) Visas will have a pathway to Australian permanent residency.
Introduced over 35 years ago, these visas were designed for retirees over the age of 55 who had a set income and wanted to retire in Australia. However, the visas were only temporary and – until now – did not lead to PR.
Applications for both of these retirement subclasses have now closed, but there are still thousands of people living in Australia who hold Retirement and Investor Retirement Visas.
Pathway to PR
The Government announced the PR pathway for retirees earlier this year. If you’re on a Retirement and Investor Visa or a Retirement Visa, you’ll have three options:
- Apply for a Parent Visa (subclass 103)
- Apply for a Contributory Parent Visa (subclass 143)
- Remain on your current temporary visa
One crucial difference between those applying via this new pathway, and normal Parent Visa applicants, is that you won’t have to meet the balance of family test. This is great news because meeting the balance of family test is a real stumbling block for many people.Under this new retiree visa PR pathway, there’s also no Assurance of Support (Aos) as required for other parent visa applicants.
These are huge concessions, so it makes sense to snap this offer up if you’re eligible.
For many people who fall into this category, obtaining Australian permanent residency status will increase their access to free/affordable healthcare and other Government-funded services. It may also be beneficial in the purchase of real estate and from a tax saving perspective. Additionally, it paves the way to one day apply for citizenship.
How to apply
If you think you’re eligible for the retiree visa PR pathway and want to speak with a Registered Migration Agent, you can contact True Blue Migration Services for a free assessment.
Depending on which parent visa you apply for, and when you obtained your current visa, you may need to continue paying health insurance premiums until your new visa is granted and also meet health, character and other requirements.
Additionally, if you’re currently living outside of Australia, you may need to return in order to apply.
One important thing to remember is that you won’t be eligible for this visa pathway if you held another substantive visa after your 410 or 405.
If you do apply via this pathway, you will go onto a Bridging Visa A when your 410 or 405 visa expires. This bridging visa allows you to remain in Australia whilst your application is processing.
For more information on the retiree pathway to permanent residency, get in touch with us today.