RETIREMENT VISAS

Investor Retirement (Temporary) (Subclass 405)

This visa is designed for overseas self-supported retirees who are 55 or older, have no dependants, who want to reside in Australia during their retirement years and are able to make a significant long term financial investment in Australia . The visa is temporary and will not lead to Australian permanent residence or citizenship.  However, there is an option to apply for further Investor retirement visas which will allow the applicant to stay for a further four years.  Applicants must be sponsored by an Australian State or Territory government agency (other than New South Wales or Australian Capital Territory ).

Key requirements of this visa are:

1. Assets - You must have assets valued at least A$750,000 (A$500,000 if you intend to live in regional Australia ) which have been held for 2 years prior to lodgment of application. These assets will enable you (or you and your spouse) to meet initial settlement and ongoing costs of living in Australia .

2. Income - You (or you and your spouse combined) must have access to a minimum net income of A$65,000 (A$50,000 if you intend to live in regional Australia .)

3. Designated Investment - You must be able to make a designated investment of A$750,000 in your name (or your name and your spouse's name), in the State or Territory in which you have been sponsored (A$500,000 if you intend to live in regional Australia)

4. You and your spouse, if applicable, will only be able to work up to 20 hours per week while in Australia.

Retirement Visa (Subclass 410)

This visa is designed for retirees (55 and over) and their spouses (no age requirement) who have no dependants and who can be self supporting (no requirement to work to earn income).  This visa is only available to existing Retirement visa (subclass 410) holders and their spouses to rollover their current visa or former Retirement visa (subclass 410) holders and their spouses who have not held another substantive visa since their Retirement visa ceased.  The recommended visa for new or first time applicants considering spending a period of their retirement in Australia is the Investor Retirement Visa (subclass 405 - Temporary).

Key requirements of this visa are:

1. if applicant is the parent of an Australian citizen (usually resident in Australia), Australian permanent resident, or an eligible New Zealand citizen, have at least A$800,000 capital to transfer to Australia or A$315,000 if they also have pension rights and or investments which provide an income of at least A$50,000 a year. (Capital and income of both partners will be taken into account).

2. if applicant is not parent of an Australian citizen (usually resident in Australia), Australian permanent resident, or an eligible New Zealand citizen, have at least A$870,000 capital to transfer to Australia or A$350,000 if they also have pension rights and or investments which provide an income of at least A$50,000 a year. (Capital and income of both partners will be taken into account).