This is a four-year temporary visa for people wishing to retire in South Australia.
To be eligible, you must have substantial assets* and be willing to invest in South Australia. This visa does not lead to permanent residency however it can be renewed for additional four year terms providing the state and Department of Home Affairs requirements are met. The application process is the same for the 405 and 405 renewal.
*This visa is for applicants with net assets of at least AUD $530,000, (AUD $550,000 if you have a partner) and receive a combined annual income of at least AUD $50,000.
To apply for the 405 renewal you must be state sponsored by Immigration SA.
To meet South Australian 405 renewal sponsorship requirements you must:
- Hold a valid Investor Retirement visa (Subclass 405) previously nominated by the South Australian Government.
- Meet the Department of Home Affairs renewal criteria.
- Continue to have a commitment to South Australia as your primary residence.
- Have net assets of at least AUD $250,000 – noting this full amount will be put into State Government bonds for 4 years.
- If you are planning to renew your Investor Retirement visa (Subclass 405) and have previously been nominated by another state or territory, the South Australian Government requires that you invest AUD $500,000 into South Australian Government State Financing Authority (SAFA) bonds for the first four year visa nominated by South Australia. Subsequent renewals will see this amount reduce to AUD $250,000.
Before you apply
For the 405 Renewal you must provide documents to support your state sponsorship application, so use this checklist before you apply.
- Scanned copies of the main applicant’s photo pages of your passport
- Form 1249 – completed and signed
- A copy of a valid Investor Retirement visa (Subclass 405) previously nominated by the South Australian Government
- Copy of the SAFA bond maturation
How to apply
- Check the Department of Home Affairs visa conditions to ensure you meet the eligibility criteria
- Ensure you qualify for state sponsorship in South Australia and read the state application terms and conditions
- Submit an online application for state sponsorship to South Australia
- If approved, you will receive a stamped Form 1249 and an approval notification from the Business Migration Team at Immigration SA. Submit the Form 1249 along with your Department of Home Affairs visa application to the Hobart office in Tasmania. This visa application must be received by the correct Department of Home Affairs office, before your temporary visa expires
- As the final stage of your visa application, Department of Home Affairs will ask you to make your designated investment with the South Australian Government Financing Authority (SAFA).
SAFA Bond Investment
- The South Australian Financing Authority (SAFA) provides State Government bonds which meets the criteria for a ‘designated investment’. SAFA charges no upfront investment fees, ongoing management or account keeping fees. The amount you invest is the amount you earn interest on, and is returned to you at the maturity of your investment
- To check current interest rates and to learn more about the designated investment and how to make your investment, read the Investor Retirement information paper
- You may discuss a proposed investment with SAFA at any time. Please contact SAFA Operations on 08 8226 9420 or 08 8226 9450, or email firstname.lastname@example.org for any further information.