Retirement Visa

MyVisa Nilesh Nandan - Immigration Lawyer

Are You Looking To Retire In Australia?

This retirement visa article contains the information you need to apply for the Investor Retirement Visa [subclass 405].

First of all, it is important to know that the Investor Retirement Visa [subclass 405] is a temporary visa and it is typically valid for 4 years. Also, it does not lead to Australian Permanent Residency and Australian Citizenship.

Since there is no limit to reapplying for the visa you may apply for the visa again, given you meet the requirements.

However, to apply for the visa you need to meet certain requirements. And if you meet the requirements for the visa grant, you will have rights and obligations that are described in Section 2.

*Note: You do not need to satisfy the below requirements if you are outside Australia at the time of the application. In that case, you just need to make a valid application i.e. fill out the correct form (Form 1383 and Form 1249) and pay the correct fee.

On the other hand, if you are in Australia at the time of application, you must be a holder of a substantive visa or must have held a substantive visa since last arrival to Australia in order to apply for the visa.

In the end, you must fulfil all the requirements at the time of decision for grant of visa.

Section 1: What are the requirements?

1. Age:

You must be at least 55 years old and your partner can be of any age.

2. Family:

You and your partner must not have dependent children or other dependent family members.

3. Sponsor:

You must be sponsored by an Australian state or territory other than the Australian Capital Territory (ACT). But if you intend to live in regional Australia, you must be sponsored by ‘appropriate regional authority’. These are the following,

State or TerritoryDepartments and Authorities

 

New South Wales

 

Department of State and Regional Development

 

VictoriaDepartment of Innovation, Industry and Regional Development

 

QueenslandDepartment of Employment, Economic Development and Innovation

 

Western Australia

 

Small Business Development Corporation
South Australia                     

 

Department of Trade and Economic Development

 

Tasmania

 

Department of Economic Development, Tourism and the Arts

 

Northern Territory

 

Department of Business and Employment

 

Australian Capital Territory

 

ACT Chief Minister’s Department

 

4. Medical and Character Check:

All applicants must meet Australian Health Standards. Meeting the requirement generally depends on what passport you hold, where you have lived and the type of visa you applied for.

Also, you must provide a police clearance certificate from each country you have lived in for 12 months or more during the last 10 years.

5. Debts to the Australian Government:

You must have no outstanding debts to the Australian government or the debts must have been paid before receiving the visa grant.

6. Assets: 

You/you and your partner must have assets (combined or solely) valued at AUD $750,000; 

  • If you intend to live in regional Australia you must have assets valued at AUD $500,000;
  • The assets must be legally owned and lawfully acquired;
  • The assets must be available for transfer to Australia;
  • All listed assets must be held for 2 years before lodgement unless they are connected to superannuation, pension and/or inheritance; and
  • You do not need to fulfill the assets requirement again before re-applying for the visa.

7. Income: 

  • You (or combined with partner) must have access to net-income of AUD $65,000 per year or $50,000 per year if you intend to live in regional Australia; and
  • You need to fulfill the income requirement again before re-applying for the visa.

8. Designated Investment and Health Insurance:

You must make a designated investment of at least AUD $750,000 in your name (or combined with partner) in the state or territory that sponsors you or investment of AUD $500,000 if you intend to live in regional Australia in the state or territory that sponsors you;  

  • The investment must be maintained throughout the duration of the visa;
  • The amount of the designated investment to be made and maintained will decrease by AUD $250,000 the first time you decide to reapply for the visa and remain constant afterwards; and
  • The designated investment requirement is in addition to the income and assets requirement described above.

Your health insurance:

  • Must provide coverage for pharmaceuticals; and
  • Coverage should be the same as Medicare i.e. 85% of costs for hospital, emergency and GP services.

*Note: Preferably from Australian Insurer because overseas insurer will need to be examined and may lead to processing delays.

 

Biometrics must also be provided.

Cost of visa: AUD $325 (without partner), AUD $405 (with partner).

Source: Read More

Section 2: Important information for retirement visa holders [Know your rights!]

  1. If you were in Australia at the time of the application, you must be in Australia at the time of the grant;
  2. If you were outside Australia at the time of the application, you must be outside Australia at the time of the grant;
  3. You have a right to work in Australia up-to 40 hours every two weeks;
  4. You can travel in and out of Australia for the duration of the visa;
  5. Have your partner join you in Australia;
  6. If outside Australia when granted visa, you must enter Australia before the date given to you in your grant notice; and
  7. You must report changes in circumstances to the DIBP.

Not sure whether this is the right option for you? I’ll call you back. Leave your call back details here. Or click on the ‘Book now’ link below to discuss your options in detail with our immigration specialists.