The Home Affairs Department will no longer accept new applications for an investor retirement visa submitted on or after June 1, 2018.)
As of Friday, (Department of Home Affairs), the Home Affairs Department, has no longer accepted a new category 405 investor retirement visa, (Investor Retirement Visa), according to SBS.
The 405th visa, which allows visa holders to live and work in Australia with partners, is no longer in line with Australia's economic priorities, the goverment said. The May 8 federal budget announced that goverment would close applications.
The Home Office will no longer accept new applications for an investor retirement visa submitted on or after June 1, 2018, although those who already hold a 405 visa may still apply for renewal.
In addition, the changes do not apply to applicants who have submitted their visas before June 1 but have not yet achieved results.
According to previous investor retirement visa requirements, applicants over the age of 55 who invest 75000 Australian dollars or more in Australia with an annual income of 65000 Australian dollars or more will be allowed to live in Australia for up to four years.
The visa, first issued in 2005, also encourages retirees to settle in remote areas. The minimum amount of investment in Australia is A $500000 and the minimum annual income threshold is A $50000.
Australia's goverment said the visa, which was first introduced with economic benefits, is no longer in line with Australia's economic priorities.
