Australia has long been a desirable destination for retirees seeking a high quality of life, stable economic conditions, and beautiful landscapes. The Australian Investor Retirement Visa (Subclass 405) was designed to attract self-funded retirees who wish to live in the country without relying on government support. However, as of 2018, this visa is no longer open to new applicants. That said, existing visa holders can still renew their visas under certain conditions.
For those considering retirement in Australia, this guide explores alternative visa options, eligibility requirements, application steps, and relevant financial commitments.
Understanding the Australian Investor Retirement Visa (Subclass 405)
The Investor Retirement Visa (Subclass 405) was a temporary visa that allowed self-funded retirees to live in Australia. Unlike other visas, it did not lead to permanent residency or citizenship.
Key Features of the Investor Retirement Visa:
-
It was available to individuals aged 55 and above.
-
Applicants could not have dependents other than a spouse.
-
A minimum investment in Australia was required.
-
The visa was granted for four years and could be renewed if conditions were met.
-
It did not provide a direct pathway to permanent residency or citizenship.
Since this visa is closed to new applicants, individuals seeking retirement options in Australia must explore alternative visa pathways.
Alternative Retirement Visa Options for Australia
Since the Investor Retirement Visa is no longer available to new applicants, retirees looking to live in Australia should consider the following visa options:
1. Parent Visa (Subclass 103)
The Parent Visa (Subclass 103) allows retirees to live permanently in Australia if they have a child who is an Australian citizen, permanent resident, or eligible New Zealand citizen.
Key Requirements:
-
Must be the biological, adoptive, or step-parent of an eligible sponsor.
-
Meet the balance-of-family test (at least half of your children must live in Australia).
-
Have a suitable Assurance of Support (AOS) to cover financial costs.
📌 Processing Time: Can take several years due to high demand.
2. Contributory Parent Visa (Subclass 143 & 173)
For retirees who want a faster pathway to permanent residency, the Contributory Parent Visa is an option.
-
Subclass 143: Permanent visa (requires a higher financial contribution).
-
Subclass 173: Temporary visa that allows holders to transition to Subclass 143 later.
Key Requirements:
-
Must meet the balance-of-family test.
-
Have a child sponsor in Australia.
-
Pay a significant financial contribution (around AUD $45,000 per person).
📌 Processing Time: 2-4 years, faster than the standard Parent Visa.
3. Investor Visa (Subclass 188 & 891) – Best for Wealthy Retirees
If you have substantial assets and wish to invest in Australia, the Investor Visa (Subclass 188) could be a viable alternative.
Key Requirements:
-
Investment of at least AUD $2.5 million in Australian businesses or government bonds.
-
Must be under 55 years of age (some states allow exceptions).
-
Must reside in Australia for a minimum period.
After meeting the investment and residency requirements, you may qualify for a permanent Business Investor Visa (Subclass 891).
📌 Best for: Retirees with significant wealth who want investment opportunities in Australia.
4. Temporary Visitor Visa (Subclass 600)
If you are looking for short-term stays in Australia, the Visitor Visa (Subclass 600) allows retirees to stay for up to 12 months at a time.
Key Requirements:
-
Proof of sufficient funds to support your stay.
-
Evidence of strong ties to your home country (to ensure you won’t overstay).
-
Health insurance coverage for the duration of your stay.
📌 Best for: Retirees who want to live in Australia temporarily but don’t need a permanent visa.
How to Apply for a Retirement Visa in Australia
Step 1: Choose the Right Visa Category
Since the Investor Retirement Visa is no longer available, retirees must choose between:
-
Parent Visa (Subclass 103 or 143)
-
Investor Visa (Subclass 188)
-
Visitor Visa (Subclass 600)
Each visa has specific eligibility criteria, processing times, and financial requirements.
Step 2: Meet Financial and Health Requirements
Retirees must prove they can support themselves financially without relying on Australian government benefits.
Common financial requirements include:
-
Proof of pension, savings, or assets.
-
Minimum investment for investor visas.
-
Health insurance coverage for the duration of your stay.
Additionally, applicants may need to pass a health examination and provide a police clearance certificate.
Step 3: Submit an Expression of Interest (EOI) (For Investor Visas)
For the Investor Visa (Subclass 188), applicants must first submit an Expression of Interest (EOI) through the SkillSelect system.
EOI includes:
-
Personal details.
-
Investment background.
-
Net assets.
-
Business history (if applicable).
Once selected, the Australian government will invite you to apply for the visa.
Step 4: Lodge Your Visa Application
Applications for parent and investor visas must be submitted online through the Department of Home Affairs website:
🔗 https://immi.homeaffairs.gov.au
Ensure you have:
✅ A valid passport.
✅ Financial statements showing your assets.
✅ Proof of investment (for Investor Visas).
✅ Health insurance coverage.
Step 5: Pay the Visa Fees
Australian visas require non-refundable fees. Examples include:
-
Parent Visa (Subclass 143): AUD $47,755 per applicant.
-
Investor Visa (Subclass 188): AUD $6,270 (main applicant).
-
Visitor Visa (Subclass 600): AUD $150.
Processing times vary depending on the visa type.
Advantages of Retiring in Australia
Retiring in Australia offers numerous benefits, including:
✅ High Quality of Life – World-class healthcare, beautiful landscapes, and excellent infrastructure.
✅ Stable Economy – Safe investment opportunities for retirees with significant wealth.
✅ Access to Healthcare – Private health insurance options for retirees.
✅ Cultural Diversity – A welcoming environment with vibrant multicultural communities.
However, retirees should carefully plan their finances and ensure they meet visa requirements before making the move.
Frequently Asked Questions
1. Can I still apply for the Investor Retirement Visa?
No, this visa is closed to new applicants, but existing holders can renew it.
2. What is the best visa option for retirees?
The Parent Visa (Subclass 143) or Investor Visa (Subclass 188) are the best long-term options.
3. Can I retire in Australia without permanent residency?
Yes, using a Visitor Visa (Subclass 600), but you will need to renew it periodically.
4. Is there a retirement visa for self-funded retirees?
Currently, no direct retirement visa exists, but investors and parents of Australians have options.
5. How long does it take to process a parent visa?
It can take several years, so consider the Contributory Parent Visa (Subclass 143) for faster processing.
Conclusion
While the Investor Retirement Visa (Subclass 405) is no longer available, there are still several visa pathways for retirees seeking to live in Australia. Parent visas, investor visas, and visitor visas offer different options depending on financial resources and family ties.
It is essential to understand visa requirements, meet financial obligations, and ensure proper health coverage before applying. For personalized guidance, consult a registered migration agent or visit the official Department of Home Affairs website.
📌 Helpful Links:
🔗 Australian Immigration & Visas: https://immi.homeaffairs.gov.au
🔗 Parent Visa Information: https://immi.homeaffairs.gov.au/parent-visa
🔗 Investor Visa Requirements: https://immi.homeaffairs.gov.au/investor-visa