The visa, started in 2005, allowed people to live and work in Australia for up to four years. The government says it no longer aligns with Australia's economic priorities.
The Department of Home Affairs has ceased accepting new applications for the Investor Retirement (Class UY) visa from today.
The government says the Subclass 405 (Investor Retirement) visa that allowed visa holders to live and work in Australia with their partner, no longer aligns with Australia’s economic priorities.
The closure of the visa was announced in the Federal Budget on May 8.
The Department will not accept any new applications for Investor Retirement (Class UY) visa made on or after 1 June 2018. Those already on this visa may apply to renew the visa.
The change also does not apply to applications that have already been made, but not yet decided.
This Investor Retirement visa allowed people over the age of 55 years with no dependent children and designated investment of $75,000 in Australia and an annual income of $65,000 to live and work in Australia for up to four years.
The visa, first offered in 2005, also encouraged retirees to settle in regional areas where the required investment was $500,000 and the required annual income $50,000.
The government says the economic benefits of this visa at the time when it started do not align with Australia’s current economic priorities.