Yes, Subclass 186 is a permanent residency (PR) visa. It allows visa holders to live and work in Australia without any time restrictions. After receiving this visa, you are considered a permanent resident of Australia. This means you can work for your employer on a long-term basis, access Australia’s public healthcare system (Medicare), and include eligible family members. After meeting residency and other requirements, you may also become eligible to apply for Australian citizenship in the future.