The Subclass 405 Investor Retirement and 410 Retirement Visa holders will get a new Australia PR route. This is through the new legislation that will become effective from 17 November 2018.
Earlier, the Subclass 405 and 410 Visa holders did not have an Australia PR route. They had to re-apply for these provisional Visas every 4 to 5 years to remain in Australia. They also had to fulfill the applicable criteria for each application. This includes offering the latest supporting evidence. They also had to pay fresh visa application fees. For the 405 Visa, they also had to reinvest large sums of cash into government bonds, as quoted by the SBS.
The Home Affairs Department had closed 405 and 410 Visas to the fresh applications in mid-2018. The Government of Australia had indicated that there would be a new Australia PR route for the Visa holders.
The Subclass 405 and 410 Visa holders will be able to apply for PR through Subclass 143 Contributory Parent and 103 Parent Visas from November 17. They will also not have sponsorship requirement or fulfilling the test for Balance of Family.
The 405 and 410 Visa holders will have access for a Bridging Visa in doing this. This will permit them to stay in Australia while the Parent Visa is under process. Private health insurance must be maintained during the period of processing.
DHA has added a clause for a safety net for those 405 and 410 Visa holders who have already been denied the Parent Visa. They will be allowed to file a new Subclass 405 Investor Retirement and 410 Retirement Visa. This will assist them in remaining in Australia.
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