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How could a 405-visa holder apply for permanent residency in Australia?

I obtained my Investor Retirement 405 visa more than three years ago. In the past, 405 visa holders were not eligible to apply for permanent residency in Australia but recently I heard that this restriction has been changed. Since this year is my fourth year of holding the 405-visa, I should apply for a visa renewal. But with the new policy, I am wondering if I can apply for permanent residency instead? If so, what requirements do I have to meet?

  • Australian Visa Options
    January 18, 2019

    If you held a 405 or 410 visa on May 8, 2018, and have not held any other visa since this date, you are eligible to apply for a 143 contributory parent visa while onshore. This is usually an offshore visa but special concessions have been made for retirees and they can now apply under this category and will be granted a bridging visa, which allows you to stay in Australia while your application is processed. You can include your partner (if he or she is also a retiree) and do not need to pass the balance of family test that usually applies to parent visa applicants. You do not need a sponsor or an assurance of support in this case. The contributory parent visa is a permanent visa, which has a total cost of $47,455 Australian dollars for the main applicant. It is paid in two installments.

  • Regis Legal
    January 15, 2019

    To be eligible for the permanent resident pathway for subclass 405 or 410 visa holders, you must have held this visa on or before May 8, 2018, and not have not held any other substantive visas other than a 410 or 405 subclass between May 8, 2018, and the date of your pathway application. You must also be in Australia to apply for this. It is a special allocation for retirees under certain visa subclasses. To find out how to apply, you are advised to consult a professional agent.