1514078 (Migration)

This matter concerned an application for an Investor Retirement (Class UY) visa, brought before the Tribunal by the applicant, Ms. Christa Stueckler. The central dispute revolved around whether Ms. Stueckler satisfied the financial requirements stipulated by clause 405.228 of the Migration Regulations 1994, specifically concerning annual net income and designated investment amounts. The applicant had previously been granted a Subclass 405 visa, which was her last substantive visa held since entering Australia, thus triggering the application of clause 405.228.

The primary legal issue before the Tribunal was to determine if Ms. Stueckler had access to the required annual net income of at least AUD65,000 and had made and maintained a designated investment of at least AUD500,000, as prescribed by clause 405.228(3) given her intention to reside in a non-regional area. Additionally, the Tribunal was required to consider whether the resources used to satisfy these financial criteria were legally owned and lawfully acquired by the applicant, as mandated by clause 405.228(4).

The Tribunal reasoned that the applicant had provided sufficient evidence to satisfy clause 405.228(3)(a). This evidence included a guaranteed annuity of $60,000 per annum and interest from bank accounts, which collectively exceeded the AUD65,000 threshold. The Tribunal accepted that interest earned on a secured, future designated investment could be considered for assessment, aligning with departmental policy. Furthermore, the Tribunal found that the assets generating this income were legally owned and lawfully acquired by the applicant, having been held for a significant period and passing to her upon her husband's death, with supporting documentation provided.

Consequently, the Tribunal remitted the application to the Department for reconsideration, with a direction that the applicant met the criteria under clause 405.228(3)(a) and (4) for a Subclass 405 visa. The Tribunal also advised the applicant to comply promptly with any further requests for evidence from the Department.