Investor Retirement visa (subclass 405)

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.

You can only apply for this visa if you are:

• an existing Investor Retirement visa (subclass 405) holder; or
• a former Investor Retirement visa (subclass 405) holder who has not held another substantive visa since last entering Australia.

From AUD490.00

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 more costs for:
• additional applicant 18 and over
• additional applicant under 18

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

New South Wales
Northern Territory
Queensland
South Australia
Tasmania Victoria
Western Australia.

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. 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.

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 must show that your net income still meets this requirement.

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.

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.

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.

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 more information if you cannot meet certain visa criteria.

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.

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.

Applicant documents

You need to provide documents to support your application for this visa. We can make a decision using the information you provide when you lodge your application. It is in your interest to provide as much information as possible with your application.

Provide certified copies of original documents. Do not include original documents unless we specifically ask for them. Police certificates should be original documents. Documents not in English must be accompanied by accredited English translations.

Use this checklist to make sure your application is complete.

Forms

• Form 1383 Application for a temporary visa for retirees  (423KB PDF) Application for a temporary visa for retirees
• Form 1249 State/territory sponsorship Investor retirement visa (245KB PDF) State/territory sponsorship Investor retirement visa.

Charges

• Pay the visa application charge.

Receiving assistance

• If someone gives you advice or lodges your application for you, that person completes:
  • Form 956 Advice by a migration agent/exempt person of providing immigration assistance  (308KB PDF) (the agent or exempt person completes the form and you must sign it) .
• If you would like someone to receive correspondence from us on your behalf, that person completes:
  • Form 956A Appointment or withdrawal of an authorised recipient (the recipient completes the form and you must sign it) (301KB PDF) (the recipient completes the form and you must sign it).

Your identity

• Certified copies of the biographical pages of the current passports or travel documents of all people included in the application (these are the pages with the holder's photo and personal details and the issue/expiry dates).
• Two recent passport-sized photographs (45 mm x 35 mm) of each person included in the application.
  • These photographs should be of the head and shoulders only against a plain background.
  • Print the name of the person on the back of each photograph.

Your relationships

• Certified copies of marriage certificates or relationship registrations for you and anyone else included in your application, even if they are not joining you in Australia.
• If you are living in a de facto relationship: independent evidence that you have been in the relationship for at least 12 months (for example, joint bank account statements or billing accounts in joint names).

Your health insurance

• Evidence that you and your partner (if applicable), hold an adequate health insurance package.

Australian Values Statement

• An Australian Values Statement signed by everyone included in the application who has turned 18 at the time of the visa application.

Your assets

• A one-page summary statement outlining the assets and liabilities on a single day in the three months preceding your application. You should identify which assets are to be used to:
  • establish yourself in Australia
  • fund the designated investment
  • generate an annual income.
• Evidence of ownership and value of the assets included in your summary statement for at least two years preceding your application.

For cash assets:

• bank statements, at least two years preceding your application and on a single day in the three months preceding your application. All bank statements must have the same date of issue.

For real estate assets:

• overseas real estate
  • evidence of ownership, such as title deeds
  • evidence of value, such as valuation certificate by an accredited property valuer (valuations by real estate agents who are not accredited property valuers are generally not acceptable)
  • mortgage statements (if applicable) showing balance of amount owed.
• real estate in Australia
  • certified copy of approval letter for the purchase of real estate in Australia from the Foreign Investment Review Board (FIRB).

For business assets:

• evidence of ownership and value, including business registration certificate or licence, evidence of share of ownership (this may include evidence of purchase, share registers/company registers/share transfer documents or historical company extracts), annual returns of directors and shareholders or partnership/trust/franchise agreements
• extracts from financial statements for your business, prepared by an independent accountant to International Accounting Standards, including balance sheet, profit and loss statement and notes to the accounts. Financial statements must be provided for two of the four fiscal years prior to application.

Note: Letters from an independent accountant must be on company letterhead. Any letter prepared in plain paper will not be acceptable.

For personal or business loans:

• loan agreements, loan statements indicating amount borrowed and repayment schedule, listed in business balance sheet (if loan is to / from a business).

For stocks and bonds:

• share or bond registers, share / fixed interest securities / debentures certificates, transfer certificates, market value.

Inheritance:

• probate or will.

Superannuation:

• statement from superannuation fund managers.

Pension:

• statement from government agency/pension fund stating amount of pension received and date that pension commenced.

Other personal asset items:

• evidence of ownership and evidence of value, such as valuation certificate by an accredited valuer, for example antiques or jewellery.

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.

You must complete the following application form:

• Form 1383 Application for temporary visa retirees (423KB PDF)  - Application for temporary visa retirees.

You also need to complete and lodge Form 1249 State/Territory sponsorship: Investor Retirement visa (245KB 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

Provide all relevant documents and pay the first instalment of the visa application charge when you apply. You can pay by credit card, bank cheque or money order made payable to the Department of Home Affairs and pay the visa application charge when you apply. Your visa application should be lodged at one of the following addresses:

Sending by post

Department of Home Affairs
Specialist Temporary Entry Centre 
GPO Box 794
Hobart Tas. 7001

Lodging by courier

Department of Home Affairs   
Specialist Temporary Entry Centre 
14th Floor, 188 Collins Street 
Hobart Tas. 7001

As part of the application process you must 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 (140KB PDF) , which will have been completed by us and must 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.

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.

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.

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.

Things you need to let us know about when you have this visa include: 

• changes to your phone number, email, address or passport
• changes to your relationship status
• the birth of a child.

See how to let us know if there is a  change in your situation.