New legislation due to commence on 17 November 2018 will now provide a pathway to permanent residence for Investor Retirement and Retirement visa holders in Australia.
Previously, there was no pathway to permanent residence for Investor Retirement and Retirement visa holders. To remain in Australia they would need to re-apply for these temporary visas every 4 to 5 years and meet the relevant criteria in each application; this included the requirement to provide updated supporting evidence, pay a new set of visa applications fees and for the Investor Retirement Visa, reinvest significant sums of money into government bonds.
From 17 November 2018, Investor Retirement and Retirement visa holders will have the opportunity to apply for Australian permanent residence through the subclass 103 Parent and subclass 143 Contributory Parent visas. Furthermore, there will be no requirement for sponsorship or meeting the Balance of Family test.
In doing this, applicants will also have access to a Bridging Visa which will allow them to remain in Australia whilst the Parent visa is being processed.
To give yourself a very good chance of success, seek expert advice and guidance from The Visa Centre. Call us or drop in for a free consultation.