On 29 May 2018 , the Australian Commonwealth Government has advised that the 405 Investor Retiree visa option will no longer be available from 1^st June 2018.

The 405 Investor Retirement Renewal nomination remains open for existing Australian State Nominated Investor Retirees until further notification from the Commonwealth Government.

The closure of the Class UY visa, which consists of one visa subclass, the Subclass 405 (Investor Retirement) visa, was announced in the 2018-19 Federal Budget, as part of the establishment of a pathway to permanent residence for current holders of the Retirement (Temporary)(Class TQ) visas and the Class UY visa.

The Class TQ visa, which consists of one visa subclass, the Subclass 410 (Retirement) visa, is already closed to new applicants.

 The reason for the closure of the Class UY visa is that the visa no longer aligns with Australia’s economic priorities.

Please note that state Immigration Authority will be providing further communication to existing 405 visa holders when made available by the Department of Home Affairs.

For more information regarding closure of the Subclass 405 (Investor Retirement) visa and Retirement (Temporary)(Class TQ) visas and anyone with a pending application may contact our migration team at mizanur@australasiaeduconnect.com.au or visit us at www.australasiaeduconnect.com.au.

Sources:

• https://www.legislation.gov.au/Details/F2018L00674/Download
• http://migration.sa.gov.au/news-events/news-releases/2783