Investor Retirement visa (subclass 405)

Features

This temporary visa is for self-funded retirees who have no dependents and want to live in Australia during their retirement years.

Eligibility

You must:

  • be 55 years or older
  • have no dependents (other than a partner)
  • have an income of AUD 65 000 per year (or AUD 50 000 if you wish to live in a regional area)
  • have a designated investment of AUD 750 000 in Australia (or AUD 500 000 if you wish to live in a regional area).

This is the only retirement visa. If you are not eligible for this visa, you might be eligible for a parent visa.

Length of stay

Four years

Cost

From AUD
330

Global processing times

Unavailable due to low volume of applications.

Learn about...​

The process

Processing time

75 per cent of applications processed90 per cent of applications processed
Unavailable due to low volume of applications.Unavailable due to low volume of applications.

Last updated 18 August 2017 (for month ending ​31 July 2017)

Processing times vary.

For more information read Global visa and citizenship processing times

Eligibility

Age

You must be 55 years of age or older. Your partner can be any age.

Family

You and your partner must not have dependent children or other dependent family members.

Sponsor

You must be sponsored by an Australian state or territory government agency (other than the Australian Capital Territory). Further information can be found on their websites.

Health

You must meet certain health requirements. The results of your health examinations are generally valid for 12 months.

This applies to you and any dependent family members included in the application.

You are able to organise your health examinations upfront before lodging a visa application.

Character

You must meet certain character requirements. If you are 16 years of age or older, you must be prepared to provide a police certificate from each country you have lived in for 12 months or more, during the past 10 years, since you turned 16 years of age. Do not arrange for police certificates until we ask you to.

Debts to the Australian government

You must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this visa can be granted.

Assets

You must have assets (or if you have a partner, your combined assets) valued at least AUD750 000.

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 (or if you have a partner, your combined assets) valued at least AUD500 000.

See: Regional Australia/Low Population Growth Metropolitan Areas

All assets listed must be held for two years before lodging your application, unless they are related to superannuation, pension and/or inheritance. If you are intending to sell assets for your move to Australia, we recommend that you wait until after your visa is granted. If you need to sell assets to meet visa requirements, you should carefully consider whether you will be able to finance your ongoing stay in Australia. The assets are in addition to the funds required to make the designated investment.

This asset test only applies to new Investor Retirement visa (subclass 405) applications. If you choose to reapply for your visa you do not need to meet the assets test again.

Income

You (or combined with your partner) must have access to a minimum net income of AUD65 000 per year.

If you intend to live in regional Australia you (or combined with your partner) must have access to a minimum net income of AUD50 000 per year.

This income test applies each time you apply for an Investor Retirement visa (subclass 405). If you choose to reapply for your visa you will need to show that your net income still meets this requirement.

Designated Investment

You must have made a designated investment of at least AUD750 000 in your name (or in the names of you and your partner), in the state or territory in which you have been sponsored. The funds for the designated investment are in addition to your asset requirements.

If you intend to live in regional Australia you must have made a designated investment of at least AUD500 000 in your name (or in the name of you and your partner) in the state or territory in which you have been sponsored.

A designated investment must be maintained for the duration of the Investor Retirement visa (subclass 405). The amount of the designated investment decreases by AUD250 000 the first time you reapply for the visa and then remains constant thereafter. If you reapply for your Investor Retirement visa (subclass 405) a designated investment of AUD500 000 must be made and maintained. If you live in regional Australia a designated investment of AUD250 000 must be maintained.

Health insurance

You must have evidence that you and your partner 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
  • provide coverage that is at least equivalent to Medicare (including coverage of 85 per cent of costs for hospital, emergency, and general practitioner services)
  • provide coverage for pharmaceuticals.

It is preferable that the policy is with an Australian insurer; however alternative arrangements that meet the above requirements can be accepted. Alternative arrangements, with an overseas insurer, will need 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.

Provide biometrics

You might be asked to provide biometrics (a scientific form of identification) as part of the application. Countries and visa subclasses included in the biometrics program has more information.

Compelling and Compassionate

On 1 July 2017, the Department introduced amendments to the Migration Regulations 1994 to provide alternative requirements for Investor Retirement (subclass 405) visa applicants, in Australia, applying for a further subclass 405 visa, but cannot meet certain visa criteria.  Compelling and compassionate circumstances may be considered by the Department in cases where an applicant is suffering from hardship due to ailments associated with ageing or difficulties following the death of a partner.

After you have lodged your application for a further subclass 405, the Department will give you an opportunity to provide additional information if you cannot meet certain visa criteria.

The visa

What you can do

This is a temporary visa. It allows you to:

  • work in Australia for up to 40 hours per fortnight
  • travel to and remain in Australia for four years from the date the visa is granted – after that time you will need another visa
  • have your partner (who has also been granted this visa) accompany you to Australia.

Cost

From AUD 330

There is a second visa application charge payable prior to the grant of the Investor Retirement visa (subclass 405). This charge 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).

    You might have to pay additional costs for:
  • additional applicant 18 and over
  • additional applicant under 18
Other costs

You may have to pay other costs, such as: health assessments, police certificates, other certificates or tests. You are responsible for making the necessary arrangements.

Use the Visa pricing estimator to estimate the cost of your application.

Visa pricing estimator

Visa holders

Workers rights

Workers in Australia – including visa holders with permission to work – have rights under Australian workplace law.

The Fair Work Ombudsman’s Pay and Conditions Tool (PACT) provides information on pay rates, shift calculations, leave arrangements and notice and redundancy entitlements.

See also: Workplace rights for all visa holders working in Australia

This information is for people who have already been granted an Investor Retirement visa (subclass 405). It explains your rights and obligations.

You can use Visa Entitlement Verification Online (VEVO) for free to check your visa details and entitlements.

What this visa lets you do

This is a temporary visa. It allows you to:

  • work in Australia for up to 40 hours per fortnight
  • travel to and remain in Australia for four years from the date the visa is granted – after that time you will need another visa
  • have your partner (who has also been granted this visa) accompany you to Australia.

Your obligations

You and your family must comply with all visa conditions and Australian laws.

Arrival conditions

You must enter Australia before the date given to you in your visa grant notification.

Report changes in circumstances

Tell us if your circumstances change. You can use the following forms:

  • Form 929 Change of address and/or passport details (86 KB PDF) — if you move to a new address or change your passport
  • Form 1022 Notification of changes in circumstances (77 KB PDF) — if there are other changes in your circumstances.

Follow these steps

  1. Before you apply

    Your passport

    Usually, you and your partner need to have valid passports to be granted this visa.

    If you plan to get a new passport, you should do this before applying for your visa. If you get a new passport after you have lodged your application, give the details of your new passport to one of our offices.

  2. Gather documents

    Documents

    Prepare your documents

    You need to provide documents to prove the claims you make in your application.

    Some documents could take some time to obtain. You should have all the required documents ready when you lodge your application to reduce any delays in processing.

  3. Apply

    Lodge your application

    You must complete the following application form:

    • Form 1383 - Application for temporary visa retirees (275 KB PDF).

    You also need to complete and lodge Form 1249 - State/Territory sponsorship: Investor Retirement visa (76 KB PDF) with the state or territory in which you wish to be sponsored (other than the Australian Capital Territory). The relevant state or territory government agency will sign and stamp the form and return it to you if they agree to sponsor you. Once the completed sponsorship form is returned to you it should be lodged along with your application form.

    Applying in Australia

    Make a Designated Investment

    As part of the application process you will need to make a designated investment. The following steps outline the process for making a designated investment:

    1. As well as applying to the state or territory government agency for sponsorship you should contact the treasury corporation, in that state or 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. At the initial inquiry stage, the treasury corporation can only indicate the likely rate of return on a proposed investment. The actual rate of return on your investment will be set when you deposit your funds in the designated investment. Interest rates change regularly and may differ between state and territory treasury corporations.
    2. When your application has been processed and other requirements have been met, we will ask you (and your partner, if any) to complete relevant health and character checks. Prospective applicants should not undergo medicals until advised by us.
    3. When your health and character checks have been finalised, we will advise you to lodge the designated investment with the treasury corporation in the state or territory in which you have been sponsored. The advice will also include a Form 1031 Declaration: Designated Investment (54 KB PDF), which will have been completed by us and will need to be sent with your investment application. The individual treasury corporations will be able to provide you advice on the procedures to transfer your funds for the designated investment. The funds cannot be withdrawn for the length of your visa except under exceptional circumstances.
    4. When you have submitted evidence that the designated investment has been made, we will advise you in writing to pay the second application charge.

    More informatiion

    Please refer to preparing your application, for information on:

    • certifying and translating documents into English
    • communicating with us
    • using a migration agent
    • authorising another person to receive information from us
    • receiving assistance with your application.
  4. After you apply

    Wait for a decision

    After you have lodged your application and documents, we will acknowledge that we have received your information.

    We have visa processing times for each visa.

    Your application could take longer if you need character or health checks (including x-rays), if you need to provide more information, or if your application is incomplete.

    Outside Australia:

    If you apply for this visa from outside Australia, do not make arrangements to travel to Australia until you are advised in writing that you have been granted a visa. Wait for a decision from us before you leave your job, sell your home or book your travel.

    In Australia:

    If you apply for this visa in Australia, you could be eligible for a Bridging visa that allows you to stay in the country lawfully while your application is processed. If you are given a Bridging visa A, you can apply for a Bridging visa B (BVB) to travel outside Australia while you wait for a decision.

    Provide more information

    You can provide more information to us, in writing, at any time until a decision is made on the application. If you want to correct information you provided, you can use:

    • Form 1023 - Notification of incorrect answer(s) (99 KB PDF).

    We could also ask you for more information and will have to respond by a set date. After that date, we can make a decision about your application using the information that we have.

    If another person gives us information that could result in you being refused a visa, we will generally give you the opportunity to comment on the information.

    Visa decision

    If the visa is granted, we will send you a letter or email to tell you:

    • when you can use the visa
    • the visa grant number
    • any conditions attached to the visa.

    You will not have a visa label placed in your passport.

    The letter we send you will also tell you the date you must enter Australia.

    If the visa is not granted, we will send you a letter or email to tell you:

    • why the visa was not granted
    • your review rights (if any)
    • the time limit for applying for a review (if applicable).

Tell us of changes

Changes to your circumstances

Tell us if your circumstances change. You can use the following forms:

  • Form 929 - Change of address and/or passport details (86 KB PDF) — if you move to a new address or change your passport
  • Form 1022 - Notification of changes in circumstances (77 KB PDF) — if there are other changes in your circumstances.

Withdrawing your visa application

You can withdraw the application at any time before we make a decision about it. To do this, send us a letter or email to ask for the withdrawal. Your request must include your full name, date of birth, and either your file reference number, client ID, or a Transaction Reference Number.

Applicants who are 18 years of age or older must sign the letter of withdrawal or send a separate email.

Estimate the cost of your visa

* Price will be displayed in Australian dollars unless changed.
The following Visa Pricing Estimator requires you to answer the questions as accurately as possible to provide you with an estimate for lodging a visa application. The estimator might not include the second instalment of the visa application charge which is payable for some visas. Please note this is an estimate for a visa application, if you have already lodged your application and you want to change/add applicants please refer to the Visa Pricing Table. The Department of Immigration and Border Protection Visa Pricing Estimator will give you an estimate of the charges you may need to pay to lodge a visa application. This is paid after you have made your application but before the visa can be granted. Read the department's full disclaimer. The Commonwealth of Australia does not guarantee the accuracy, currency or completeness of any material in the Visa Pricing Estimator.