A pathway to permanent residency for holders of Retirement (subclass 410) and Investor Retirement (subclass 405) visas will be introduced. A portion of the parent permanent migration places will be quarantined for retirement visa holders each year.
Retirement visa holders in Australia will be eligible to apply onshore for a permanent visa through the Parent (subclass 103) or Contributory Parent (subclass 143) visa streams.
Retirement visa holders will be exempted from some parent visa requirements that they would typically be unable to meet, such as having family in Australia. The pathway will remain open until all retirement visa holders who wish to transition to permanent residency have done so.
As part of the establishment of the pathway, the Government will close the subclass 405 visa to new applicants. The subclass 410 visa is already closed to new applicants.