This temporary visa is for self-funded retirees who want to live in Australia during their retirement years.
The visa is a 4 year temporary visa but can be renewed into perpetuity if you continue to meet the eligibility criteria for the visa.
If it a useful visa for people over 55 who are not eligible for a business visa or any other visa, as besides a Parent Visa, there are not many visa options for those aged 55 or over.
The visa will allow you to live in Australia on a temporary basis and work in Australia for up to 40 hours per fortnight.
To be eligible for this visa, you must:
1 be 55 or older;
2 have no dependant children or any other dependant family members (other than your partner, if any);be sponsored by an Australian state / territory government;
3 if you plan to live in non-regional Australia (in NSW, this includes Sydney, Newcastle, the Central Coast and Wollongong), have assets of at least AUD$ 750 000 capable of transfer to Australia. If you plan to live in regional Australia, you must AUD$500 000 in assets live in non-regional Australia;
4 make a “Designated Investment” (see below) of AUD$750 000 if you plan to live in non-regional Australia, and AUD$500 000 if you plan to live in regional Australia;
5 or you partner must, or you and your partner combined must, have access to a minimum net income of AUD$65 000 per year if you intend to live in non-regional Australia, or AUD$50 000 per year if you intend to live in regional Australia (e.g. pensions, returns on financial products);
6 have evidence that you and your partner hold an adequate health insurance package for the period of your intended stay in Australia; and
7 meet health and character checks.
The funds you own must be invested in a designed investment (e.g. government bonds) in the state or territory which has sponsored you. Your designated investment must be maintained for the duration of your Investor Retirement Visa.
The amount of the designated investment decreases by AUD$250 000 the first time you reapply for the visa and then remains constant thereafter.
For example, if you apply to live in:
1 non-regional Australia, you must make a designated investment of AUD$750 000, and then if you reapply for your Investor Retirement visa, a designated investment of AUD$500 000 must be made and maintained;
2 regional Australia, you must make a designated investment of AUD$500 000, and then if you reapply for your Investor Retirement visa, a designated investment of AUD$250 000 must be made and maintained.
All future applications after you first designated investment will remain at this amount (i.e. AUD 500 000 for non-regional investments, and AUD 250 000 for regional investments).
We offer all our prospective clients an initial meeting, during which we will thoroughly explain the law surrounding this visa to you and inform you of the process moving forward.
To organize a initial consultation with us, please contact one of our experienced immigration lawyers on (02) 9590 3987.