• Tweet
• Sharebar

• Tweet

For foreign nationals who are 55 years old and above who want to retire in Australia, there are two visa options available. The Investor Retirement Visa or Subclass 405 is a temporary Australia visa for retirees who are able to make a significant, long-term financial investment in Australia. Retirement Visa or Subclass 410 is only available to people who already hold this visa and want to do a rollover.

The Investor Retirement Visa is for self-funded retirees who have no dependents, other than a partner and who want to spend their retirement years in Australia. This visa for Australia allows the holder to live in Australia for up to four years, work in the country for up to 20 hours per week, travel in and out of Australia within the visa validity period and be accompanied by a partner of any age to Australia.

To be eligible for this Australian visa, the applicant must be sponsored by an Australian state, territory or government agency (except the Australian Capital Territory).

Additionally, it has strict requirements when it comes to financial capability. Applicant for this Australia visa type must have assets valued at least AUD $750,000 or at least AUD $500,000 if the applicant plans to live in the regional areas of Australia. This amount should cover for the initial settlement of the visa applicant and his or her partner, as well as their cost of living. Furthermore, these assets must be legally owned and lawfully acquired. It should have been held for at least 2 years prior to application for this Australian visa except if acquired as part of an inheritance or superannuation. The assets must also be capable of and available for transfer to Australia.

Still in the area of finance, income is also a consideration. The Australian visa applicant and his or her partner must have access to a minimum net income of AUD $65,000 or AUD $50,000 for those intending to live in the regional areas. Pension rights could be one sample of an eligible income source.

Finally, the applicant must also be able to make a designated investment of AUD $750,000 in his or her name or partner’s name in the state or territory in which he or she has been sponsored. For regional Australia, the required designated investment is AUD $500,000. The funds for this investment must not include the assets requirement yet.

The Retirement Visa, on the other hand, is no longer available for first-time applicants. It is only applicable to new partners of existing or former Retirement visa holders. It is also for former Retirement Visa holders and their partners who have not yet been granted other substantive visa. Substantive Australian visas include visitor visas and electronic travel authorities.

Recent changes to this Australia visa indicate that Retirement Visa holders may apply for a visa which is valid for 10 years and will not have restrictions on the number of hours they may work.

Once granted, this Australia visa will allow the holder to work and study in Australia. Visa holders may also leave and re-enter Australia at anytime. It is important to note that this is a temporary Australian entry visa and will not lead to permanent residency.

About National Visas:

Let your situation professionally assessed. Consult with us, please do not hesitate to contact us via telephone, video chat, email, fax or in person. You can discuss subjects such as Australian immigration, visas, lifestyle, employment and general settlement hints and tips relevant to your personal circumstances.

Want to know more? Visit us at NationalVisas.Com.Au and let us guide you on your Australian Visa. Take our FREE Online assessment now.