Retirement Visa Australia

Investor Retirement visa (subclass 405)

Features

This temporary visa is for self-funded retirees who have no dependents and want to live in Australia during their retirement years.

Requirements

You might be able to get this visa if you:

· are 55 years or older

· have no dependents (other than a partner, if any)

· meet income requirements

· are able to make a significant long term financial investment in Australia.

· You might be eligible for this visa if you meet:

· the age requirements

· sponsorship requirements

· family requirements

· income and investment requirements

· health and character requirements.

Age

You must be 55 years of age or older. Your partner can be any age.

Sponsorship

You must be sponsored by an Australian state or territory government agency (other than the Australian Capital Territory. Further information can be found on their websites.

· Australian Capital Territory

· New South Wales

· Northern Territory

· Queensland

· South Australia

· Tasmania

· Victoria

· Western Australia.

Family

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

Assets

You must have assets (or if you have a partner, your combined assets) valued at least AUD750 000.

The assets must be:

· legally owned and lawfully acquired by you (or you and your partner)

· capable of and available for, transfer to Australia.

Exception: If you intend to live in regional Australia you must have assets (or if you have a partner, your combined assets) valued at least AUD500 000.

All assets listed must be held for two years before lodging your application, unless they are related to superannuation, pension and/or inheritance. If you are intending to sell assets for your move to Australia, we recommend that you wait until after your visa is granted. If you need to sell assets to meet visa requirements, you should carefully consider whether you will be able to finance your ongoing stay in Australia. The assets are in addition to the funds required to make the designated investment.

This asset test only applies to new Investor Retirement visa (subclass 405) applications. If you choose to reapply for your visa you do not need to meet the assets test again.

Income

You (or combined with your partner) must have access to a minimum net income of AUD65 000 per year.

If you intend to live in regional Australia you (or combined with your partner) must have access to a minimum net income of AUD50 000 per year.

This income test applies each time you apply for an Investor Retirement visa (subclass 405). If you choose to reapply for your visa you will need to show that your net income still meets this requirement.

Designated Investment

You must have made a designated investment of at least AUD750 000 in your name (or in the names of you and your partner), in the state or territory in which you have been sponsored. The funds for the designated investment are in addition to your asset requirements.

If you intend to live in regional Australia you must have made a designated investment of at least AUD500 000 in your name (or in the name of you and your partner) in the state or territory in which you have been sponsored.

A designated investment must be maintained for the duration of the Investor Retirement visa (subclass 405). The amount of the designated investment decreases by AUD250 000 the first time you reapply for the visa and then remains constant thereafter. If you reapply for your Investor Retirement visa (subclass 405) a designated investment of AUD500 000 must be made and maintained. If you live in regional Australia a designated investment of AUD250 000 must be maintained.

Health insurance

You must have evidence that you and your partner hold an adequate health insurance package for the period of your intended stay in Australia.

For health insurance to be considered adequate, it must:

· be fully comprehensive

· provide coverage that is at least equivalent to Medicare (including coverage of 85 per cent of costs for hospital, emergency, and general practitioner services)

· provide coverage for pharmaceuticals.

It is preferable that the policy is with an Australian insurer; however alternative arrangements that meet the above requirements can be accepted. Alternative arrangements, with an overseas insurer, will need individual detailed examination of the insurance policy and may result in processing delays.

If you do not maintain adequate health insurance it may result in the refusal of future visa applications.

Health requirements

You must meet certain health requirements. The results of your health examinations are generally valid for 12 months.

This applies to you and any dependent family members included in the application.

You are able to organise your health examinations upfront before lodging a visa application.

Character requirements

You must meet certain character requirements. If you are 16 years of age or older, you must be prepared to provide a police certificate from each country you have lived in for 12 months or more, during the past 10 years, since you turned 16 years of age. Do not arrange for police certificates until we ask you to.

Debts to the Australian Government

You must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this visa can be granted.

Provide biometrics

You might be asked to provide biometrics (a scientific form of identification) as part of the application. Countries and visa subclasses included in the biometrics program has more information.