Hi all,
Just after some advice for my parents who are considering applying for the 405 Visa. They are both in their 60's and meet the financial requirements to apply, although they would be required to sell one of their houses to release the capital to make the designated investment. Our question is how long does the DIMA give you to make the investment. They have just put the house on the market but do they have to have a buyer in place before they can start the application process?
We have read on the application form that it states not to sell any assets until requested to do so, but can not find any advice on how much time you are allowed to raise the investment capital.
Any help or advice would be truely appreciated.
Many thanks

Have a chat with my colleague John Sylvester - John handles most of our client subclass 405 visa applications: T 023 80 30 2525 (Southampton).

Best regards.

When DIAC ask you to make the designated investment, they also ask you to provide proof of using your previously identified assets to fund the investment.

DIAC ask you to do this near the end of the process, after they are satisfied with your financial data and personal data, and after your health and police checks.

The standard time frame is that you must make the investment within 49 days of receiving the DIAC letter.

The DIAC letter then says "Within 28 days of making your designated investment you must provide evidence of having liquidated those assets listed above. Documentation may include evidence of the sale of assets, transfer of funds or other forms.

Your cooperation with these timeframes will allow sufficient time to finalise assessment of your visa application and if your visa is granted, allow sufficient time to finalise arrangements for yourself and your spouse to travel to Australia.

Please note that if the required documentary evidence is not provided to this office as requested above, your ability to meet visa requirements will be re-assessed and among other things, you and your spouse may be required to undergo new health and character checks."

Note that they actually specify your assets in the letter, which is why they ask you not to dispose of any assets until they tell you to do so. In my own case I was dealing with 'liquid' assets in the form of cash on deposit, and I had to provide an audit trail showing the stages from moving cash from various accounts up to the actual transfer to the State Treasury.

Hope this helps in your planning.

This message has been edited. Last edited by: Howard Snow,