Australia Subclass 405 IR Visa permanently closed for fresh applications

Australia Subclass 405 IR Visa has been permanently closed by the Australian government for fresh applications. This visa no longer conforms to the economic priorities of the nation said the government. It was started by the government in 2005.

 

The Investment Retirement - IR Visa Subclass 405 permitted the visa holders to work and live in Australia for up to 4 years. The Home Affairs Department of Australia has stopped accepting fresh applications for the IR Visa from 1 June 2018.

 

The Australia Subclass 405 IR Visa permitted the visa holders to work and live in Australia along with their partner. It no longer caters to the economic priorities of the nation, said the DHA, as quoted by the SBS. The elimination of the visa was declared by the government in the 2018 Federal budget.

 

The Home Affairs Department of Australia will not accept any fresh applications for this visa made after or on June 1, 2018.  Those who already possess the visa can apply for renewal. The changes are also not applicable to applications that have already been submitted but yet to be decided.

 

Investment Retirement - IR Visa Subclass 405 permitted people above 55 years to work and live in Australia for maximum 4 years. The applicants were also required to have a designated investment of 75,000 $ in Australia and a yearly income of 65,000 $. They were also required to not to have any dependent children.

 

The IR Visa was first offered in 2005. It encouraged retirees to settle in Regional Australia that required an annual income of 50,000 $ and investment of 500,000 $. The visa’s economic benefits at the time of offering are no more relevant said the DHA.

 

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