diff --git a/charts/hcloud-fip-controller/values.yaml b/charts/hcloud-fip-controller/values.yaml
index 3c7f767d2..c6a53eb4d 100644
--- a/charts/hcloud-fip-controller/values.yaml
+++ b/charts/hcloud-fip-controller/values.yaml
@@ -10,7 +10,7 @@ replicaCount: 3
 
 image:
   repository: cbeneke/hcloud-fip-controller
-  tag: v0.4.1
+  tag: v0.5.0
   pullPolicy: IfNotPresent
 
 imagePullSecrets: []