# Investor Retirement > visa-405 — as in force on 2026-06-01 — F2026C00497 · Compilation No. 287 — https://www.legislation.gov.au/F2026C00497/latest/text Subclass 405—Investor Retirement 405.1—Interpretation 405.111 In this Part: designated investment means an investment in a security specified by the Minister under regulation 5.19A for this Part. Note: For appropriate regional authority, see regulation 1.03. 405.2—Primary criteria Note: The primary criteria must be satisfied by at least 1 member of a family unit. Any other member of the family unit who is an applicant for a visa of this subclass need satisfy only the secondary criteria. 405.21—Criteria to be satisfied at time of application Note 1: No criteria to be satisfied at time of application if applicant is outside Australia at that time. Note 2: The requirements for making a valid application for an Investor Retirement (Class UY) visa are set out in item 1212B of Schedule 1. 405.211 If the applicant is in Australia, the applicant: (a) must hold a substantive visa; or (b) must: (i) have held a substantive visa since last entering Australia; and (ii) satisfy Schedule 3 criteria 3002, 3004 and 3005, unless the last substantive visa held by the applicant was a Subclass 405 visa and the Minister is satisfied that the applicant is unable to satisfy those criteria because of compassionate and compelling circumstances. 405.22—Criteria to be satisfied at time of decision 405.221 The family unit of the applicant does not include: (a) if the applicant has a spouse or de facto partner—any other person dependent on the applicant or the applicant’s spouse or de facto partner; or (b) if the applicant does not have a spouse or de facto partner—any person dependent on the applicant. 405.222 If the applicant has previously been in Australia, the applicant satisfies special return criteria 5001 and 5002. 405.223 If the applicant is in Australia, the applicant has complied substantially with the conditions (the previous visa conditions) that apply or applied to the last of any substantive visas held by the applicant, and to any subsequent bridging visa, unless: (a) if condition 8303 was a previous visa condition—the applicant has complied substantially with that condition; and (b) either: (i) the applicant holds a Subclass 405 visa; or (ii) the last substantive visa held by the applicant was a Subclass 405 visa; and (c) the Minister is satisfied that the applicant was unable to comply substantially with the previous visa conditions (other than condition 8303) because of compassionate and compelling circumstances. 405.224 If the applicant is a Foreign Affairs student or a Foreign Affairs recipient, the applicant has the support of the Foreign Minister for the grant of the visa. 405.225 The Minister may waive the requirement of clause 405.224 if the Minister is satisfied that, in the particular case, waiver is justified by: (a) compelling circumstances that affect the interests of Australia; or (b) compassionate or compelling circumstances that affect the interests of an Australian citizen, an Australian permanent resident or an eligible New Zealand citizen. 405.226 The Minister is satisfied that the applicant intends to comply with any conditions subject to which the visa is granted. 405.227 (1) This clause applies to an applicant other than an applicant to whom clause 405.228 applies. (2) If the appropriate regional authority that sponsors the applicant indicates that the applicant and his or her spouse or de facto partner (if any) intend to live in a part of Australia the postcode of which was specified, at the time of application, in the instrument in writing for item 6A1001 of Schedule 6A or item 6D101 of Schedule 6D: (a) the net value of the applicant’s assets, or (if the applicant has a spouse or de facto partner) the combined net value of the assets of the applicant and of his or her spouse or de facto partner, that are available for transfer, and capable of being transferred, to Australia is at least AUD500 000; and (b) the applicant has access to, or (if the applicant has a spouse or de facto partner) the applicant and his or her spouse or de facto partner collectively have access to, an annual net income of at least AUD50 000; and (c) the applicant has made a designated investment of an amount of at least AUD500 000, in the applicant’s name or in the names of the applicant and his or her spouse or de facto partner, in the State or Territory in which the appropriate regional authority that sponsors the applicant is located. (3) If the appropriate regional authority that sponsors the applicant indicates that the applicant and his or her spouse or de facto partner (if any) do not intend to live in a part of Australia the postcode of which was specified, at the time of application, in the instrument in writing for item 6A1001 of Schedule 6A or item 6D101 of Schedule 6D: (a) the net value of the applicant’s assets, or (if the applicant has a spouse or de facto partner) the combined net value of the assets of the applicant and of his or her spouse or de facto partner, that are available for transfer, and capable of being transferred, to Australia is at least AUD750 000; and (b) the applicant has access to, or (if the applicant has a spouse or de facto partner) the applicant and his or her spouse or de facto partner collectively have access to, an annual net income of at least AUD65 000; and (c) the applicant has made a designated investment of an amount of at least AUD750 000, in the applicant’s name or in the names of the applicant and his or her spouse or de facto partner, in the State or Territory in which the appropriate regional authority that sponsors the applicant is located. (4) The Minister is satisfied that the resources required to satisfy subclause (2) or (3) (being the assets mentioned in paragraph (2)(a) or (3)(a), any assets from which the annual income is derived and any rights to the income, and the assets by which the designated investment is funded): (a) are legally owned and lawfully acquired by: (i) the applicant; or (ii) the applicant’s spouse or de facto partner; or (iii) the applicant and his or her spouse or de facto partner together; and (b) other than resources relating to inheritance, or to the applicant’s, the spouse’s or the de facto partner’s superannuation or pension—have been held by any combination of: (i) the applicant; and (ii) the applicant’s spouse or de facto partner; and (iii) the applicant and his or her spouse or de facto partner together; throughout the 2 years immediately before the application for an Investor Retirement (Class UY) visa is made. (5) The Minister is satisfied that the applicant and his or her spouse or de facto partner (if any) have adequate arrangements for health insurance for the period of: (a) the applicant’s intended stay in Australia as the holder of a Subclass 405 visa; and (b) if the applicant has a spouse or de facto partner—the spouse’s or de facto partner’s intended stay in Australia as the holder of a Subclass 405 visa. (6) The applicant satisfies public interest criteria 4001, 4002, 4003, 4004, 4005, 4010, 4013, 4014, 4019, 4020 and 4021. (7) The applicant’s spouse or de facto partner (if any) satisfies: (a) public interest criteria 4001, 4002, 4003, 4004, 4005, 4010, 4013, 4014 and 4020; and (b) if the applicant’s spouse or de facto partner had turned 18 at the time of application—public interest criterion 4019. 405.228 (1) This clause applies to an applicant if: (a) the applicant is the holder of a Subclass 405 visa; or (b) the last substantive visa held by the applicant since last entering Australia was a Subclass 405 visa. (2) If the appropriate regional authority that sponsors the applicant indicates that the applicant and his or her spouse or de facto partner (if any) intend to live in a part of Australia the postcode of which was specified, at the time of application, in the instrument in writing for item 6A1001 of Schedule 6A or item 6D101 of Schedule 6D: (a) the applicant has access to, or (if the applicant has a spouse or de facto partner) the applicant and his or her spouse or de facto partner collectively have access to, an annual net income of at least AUD50 000; and (b) the applicant has made and maintained a designated investment of an amount of at least AUD250 000, in the applicant’s name or in the names of the applicant and his or her spouse or de facto partner, in the State or Territory in which the appropriate regional authority that sponsors the applicant is located; unless the applicant is in Australia and the Minister is satisfied that the applicant is unable to satisfy paragraph (a) or (b), or both, because of compassionate and compelling circumstances. (3) If the appropriate regional authority that sponsors the applicant indicates that the applicant and his or her spouse or de facto partner (if any) do not intend to live in a part of Australia the postcode of which was specified, at the time of application, in the instrument in writing for item 6A1001 of Schedule 6A or item 6D101 of Schedule 6D: (a) the applicant has access to, or (if the applicant has a spouse or de facto partner) the applicant and his or her spouse or de facto partner collectively have access to, an annual net income of at least AUD65 000; and (b) the applicant has made and maintained a designated investment of an amount of at least AUD500 000, in the applicant’s name or in the names of the applicant and his or her spouse or de facto partner, in the State or Territory in which the appropriate regional authority that sponsors the applicant is located; unless the applicant is in Australia and the Minister is satisfied that the applicant is unable to satisfy paragraph (a) or (b), or both, because of compassionate and compelling circumstances. (4) The Minister is satisfied that the resources (if any) required to satisfy subclause (2) or (3) (being any assets from which the annual income is derived and any rights to the income, and the assets by which the designated investment is funded) are legally owned and lawfully acquired by: (a) the applicant; or (b) the applicant’s spouse or de facto partner; or (c) the applicant and his or her spouse or de facto partner together. (5) The Minister is satisfied that the applicant and his or her spouse or de facto partner (if any): (a) have had adequate arrangements for health insurance for the period of: (i) the applicant’s stay in Australia as the holder of a Subclass 405 visa; and (ii) if the applicant has a spouse or de facto partner—the spouse’s or de facto partner’s stay in Australia as the holder of a Subclass 405 visa; unless the applicant is in Australia and the Minister is satisfied that the applicant is unable to satisfy this paragraph because of compassionate and compelling circumstances; and (b) have adequate arrangements for health insurance for the period of: (i) the applicant’s intended stay in Australia as the holder of a Subclass 405 visa; and (ii) if the applicant has a spouse or de facto partner—the spouse’s or de facto partner’s intended stay in Australia as the holder of a Subclass 405 visa. (6) The applicant satisfies public interest criteria 4001, 4002, 4003, 4004, 4013, 4014, 4019, 4020 and 4021. (6A) The applicant’s spouse or de facto partner (if any) satisfies: (a) public interest criteria 4001, 4002, 4003, 4004, 4013, 4014 and 4020; and (b) if the applicant’s spouse or de facto partner had turned 18 at the time of application—public interest criterion 4019. (7) The applicant and the applicant’s spouse or de facto partner (if any) are free from tuberculosis. (8) The applicant and the applicant’s spouse or de facto partner (if any) are free from a disease or condition that is, or may result in the applicant or the applicant’s spouse or de facto partner being, a threat to public health in Australia or a danger to the Australian community. (9) If the applicant is a person from whom a Medical Officer of the Commonwealth has requested a signed undertaking to present himself or herself to a health authority in the State or Territory of intended residence in Australia for a follow-up medical assessment—the applicant has provided such an undertaking. 405.3—Secondary criteria Note: These criteria must be satisfied by any applicant who is a member of the family unit of a person who satisfies the primary criteria. 405.31—Criteria to be satisfied at time of application 405.311 The applicant is the spouse or de facto partner of a person who satisfies the primary criteria for the grant of a Subclass 405 visa. 405.312 If the applicant is outside Australia and the application is made separately from that of the applicant’s spouse or de facto partner: (a) the spouse or de facto partner is, or is expected soon to be, in Australia; and (b) the applicant intends to stay temporarily in Australia with the spouse or de facto partner. 405.32—Criteria to be satisfied at time of decision 405.321 The applicant continues to be the spouse or de facto partner of a person who, having satisfied the primary criteria, is the holder of a Subclass 405 visa. 405.322 The applicant continues to satisfy the criteria in clause 405.312. 405.323 The family unit of the applicant does not include any person (other than the applicant’s spouse or de facto partner) dependent on the applicant or the applicant’s spouse or de facto partner. 405.324 If the applicant has previously been in Australia, the applicant satisfies special return criteria 5001 and 5002. 405.325 If the applicant is in Australia, the applicant has complied substantially with the conditions (the previous visa conditions) that apply or applied to the last of any substantive visas held by the applicant, and to any subsequent bridging visa, unless: (a) if condition 8303 was a previous visa condition—the applicant has complied substantially with that condition; and (b) either: (i) the applicant holds a Subclass 405 visa; or (ii) the last substantive visa held by the applicant was a Subclass 405 visa; and (c) the Minister is satisfied that the applicant was unable to comply substantially with the previous visa conditions (other than condition 8303) because of compassionate and compelling circumstances. 405.326 If the applicant is a Foreign Affairs student or a Foreign Affairs recipient, the applicant has the support of the Foreign Minister for the grant of the visa. 405.327 The Minister may waive the requirement of clause 405.326 if the Minister is satisfied that, in the particular case, waiver is justified by: (a) compelling circumstances that affect the interests of Australia; or (b) compassionate or compelling circumstances that affect the interests of an Australian citizen, an Australian permanent resident or an eligible New Zealand citizen. 405.328 The Minister is satisfied that the applicant intends to comply with any conditions subject to which the visa is granted. 405.329 (1) This clause applies to an applicant other than an applicant to whom clause 405.330 applies. (2) The Minister is satisfied that the applicant has adequate arrangements for health insurance for the period of the applicant’s intended stay in Australia as the holder of a Subclass 405 visa. (3) The applicant: (a) satisfies public interest criteria 4001, 4002, 4003, 4004, 4005, 4010, 4013, 4014, 4020 and 4021; and (b) if the applicant had turned 18 at the time of application—satisfies public interest criterion 4019. 405.330 (1) This clause applies to an applicant if: (a) the applicant is the holder of a Subclass 405 visa; or (b) the last substantive visa held by the applicant since last entering Australia was a Subclass 405 visa. (2) The Minister is satisfied that the applicant has had adequate arrangements for health insurance for the period of the applicant’s stay in Australia as the holder of a Subclass 405 visa, unless: (a) the applicant is in Australia; and (b) the Minister is satisfied that the applicant is unable to satisfy this subclause because of compassionate and compelling circumstances. (2A) The Minister is satisfied that the applicant has adequate arrangements for health insurance for the period of the applicant’s intended stay in Australia as the holder of a Subclass 405 visa. (3) The applicant: (a) satisfies public interest criteria 4001, 4002, 4003, 4004, 4013, 4014, 4020 and 4021; and (b) if the applicant had turned 18 at the time of application—satisfies public interest criterion 4019. (4) The applicant is free from tuberculosis. (5) The applicant is free from a disease or condition that is, or may result in the applicant being, a threat to public health in Australia or a danger to the Australian community. (6) If the applicant is a person from whom a Medical Officer of the Commonwealth has requested a signed undertaking to present himself or herself to a health authority in the State or Territory of intended residence in Australia for a follow-up medical assessment—the applicant has provided such an undertaking. 405.4—Circumstances applicable to grant 405.411 The applicant may be in or outside Australia at the time of grant, but not in immigration clearance. 405.5—When visa is in effect 405.511 Temporary visa permitting the holder to travel to, enter and remain in Australia until a date specified by the Minister. 405.6—Conditions 405.611 Conditions 8104, 8501 and 8516 must be imposed. 405.612 Any 1 or more of conditions 8301, 8303, 8502, 8522, 8525 and 8526 may be imposed.