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Retiring to Australia

What you need to know

Many people approaching retirement consider Australia – good health systems, perfect weather, low crime, and strong community values all combine to make Australia an ideal retirement destination.

Indeed, the OECD Better Life Index recently named Australia as the happiest country in the entire world, based on factors such as civic engagement, life satisfaction and quality of health.

According to the Index, Australia has one of the strong senses of community of all developed nations.

Australia’s retirement visa is called the Investor Retirement visa (Subclass 405), and it is specifically designed for self-funded retirees who have no dependents.

To qualify for this visa you will need:

  1. to be at least 55-years-old.
  2. to possess assets with a net value exceeding $750,000, which you are legally able to transfer to Australia.
    (Ps if you are willing to live in a rural area, this figure is reduced to $500,000).
  3. to secure State or Territory sponsorship.
  4. to have access to $750,000 which you are willing to invest in the state or territory that has sponsored your visa.
    (Ps if you are willing to live in a rural area, this figure is reduced to $500,000).
  5. to have access to an annual net income of at least $65,000, and hold an adequate health insurance package.
    (Ps if you are willing to live in a rural area, this figure is reduced to $50,000).

The normal requirements relating to health and character apply.

This visa entitles you:

  1. to spend up to four years living in Australia, travelling in and out of the country as you wish. If you have a partner, they may also join you in Australia during this four year period.
  2. to work part time during your retirement, for up to 40 hours per fortnight.
  3. to apply for further Investor Retirement migration visas once the four years expires (so long as you meet the obligatory requirements).

Whilst the Investor Retirement visa is only temporary, the DIAC seem to always grant the renewal applications.

The Writer’s view is that the DIAC cannot really reject a renewal application as that would require sending retirees home – and that would cause a huge political backlash (and probably an international embarrassment).
The definitions of assets and incomes can be tricky.

Careful thought can mean the difference between satisfying the eligibility criteria, and not getting the visa.
At The Migration Place, we have over ten years of experience in helping retires enjoy this beautiful country so please contact our Principal Migration Lawyer Zeke Bentley on +617 3891 3333, or via email: zeke@themigrationplace.com.au

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