1 June 2018
The closure of the Class UY visa, which consists of one visa subclass, the Subclass 405 (Investor Retirement) visa, was announced in the 2018-19 Federal Budget, as part of the establishment of a pathway to permanent residence for current holders of the Retirement (Temporary)(Class TQ) visas and the Class UY visa.
Current visa holders can apply to renew their visas, however the UY class is closed to new applicants from midnight 31 May. No more new applications are permitted starting 1 June, 2018.