Spending the golden years in Australia

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Australia is not only a great place for young travellers, but also conducive for people out of the workforce who want to enjoy the amazing offering of food, places and activities. Retirees can apply for an Investor Retirement (subclass 405) visa that allows them to settle in Australia temporarily. However, like other visas in Australia, this type of retirement visa may have confusing conditions and complex processes. The details below can shed light on the basic aspects of this visa.

Eligibility

The Investor Retirement visa is an attractive option to consider for people with enough financial resources. It allows retirees with between AU$500,000 and AU$750,000 in assets to migrate to Australia. Aside from the age condition (applicants must be at least 55 years old), the primary applicant must also be nominated by the state or territory where he or she wants to reside. It must be noted that the minimum age requirement only applies to the primary applicant, not the dependent (spouse).

One important condition attached to this visa is that the applicant must be willing to invest at least AU$500,000 (for regional area) or AU$750,000 (for state or territory) in the area of residence. There are also health and character requirements that must be fulfilled, and both the primary applicant and the partner must have no dependent children.

There are a number of other criteria that must be satisfied before the visa can be approved, including meeting the annual income requirements, which differ depending on where the applicant intends to reside. For full requirement details, applicants should consult with a migration professional.

Critical aspects

Making a designated investment may be a difficult part of the visa application, especially for applicants outside of Australia. In a nutshell, the investment must be made with the treasury corporation in the state or territory that issued the sponsorship. Applicants can hire a registered migration agent who can lodge this visa-separate application for the designated investment. Once the evidence for having the designated investment has been confirmed, the migration agent can continue with the other procedures for the 405 retirement visa.

Applicants can either be in or outside Australia when applying for this visa. But it is necessary for them to be in the same location when the visa approval is issued.

Entitlements

This temporary (four-year renewable) visa is perfect for enjoying the golden years exploring the naturally diverse regions of Australia. Partners, who are both issued the visa, can travel to and live in Australia for four years from the date of visa grant. Before the visa expires, holders must apply for a new visa in order to remain in Australia. Reapplication also comes with a lower amount for the designated investment. This visa also allows holders to work for a maximum of 40 hours per fortnight.

Would you like to know if you qualify for a Retirement Visa?
You can start the process by taking a free online assessment.

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National Visas offers Personalised Services to help you apply for a visa. National Visas has developed into a world leader in online immigration services. Our Migration Agents are registered to provide Australian immigration advice, as required by Australian law.

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