Australian Retirement Visa Overview
Even if you’re not from Australia, it can be a great place to settle down for the later years of your life. With great weather, friendly people, excellent healthcare, and many other benefits, there are a lot of positive motivating factors to support this decision.
If you’re interested in obtaining an Australian retirement visa, don’t hesitate to contact The Migration Place. We have an excellent record of helping retirees and future retirees successfully realize their dreams of moving to Australia. We will gladly address any problems or concerns you have, and we guarantee that we will keep you comfortable throughout the retirement visa application process.
Australian Retirement Visa Types
For those interested in retiring to Australia, there are two main options. The first is the Retirement visa subclass 410, and the other is the Investor Retirement visa subclass 405. Although they have some similarities, they are two distinctly different visas. Also, the requirements that an applicant must meet are the same for both of them, but others are different. For example, both require that an applicant be able to pass certain health and character tests, but they have different limits on the levels of income or monetary savings.
Retirement Visa Subclass 410
The purpose of the visa subclass 410 is to allow retirees and their partners to spend some of their retirement years in Australia. This Australian retirement visa can be applied for both from Australia or while overseas, but you must still be in the same location (inside or outside of the country) when it is granted. However, this visa isn’t designed to be given to first time retirement visa holders, with the exception of non-visa holding partners of those who have one. It can be granted to a current holder of the visa subclass 410, a former holder of the visa subclass 410 (as long as there hasn’t been any substantive visa in the meantime), or the partner of someone meeting those qualifications.
The visa subclass 410 grants the holder the right to live, work, and study in Australia. It is important to note, though, that this visa is not permanent, and it doesn’t lead to permanent residency or citizenship status.
Unfortunately, this visa is currently closed to new applicants, but that status may not be permanent. In case this comes as a severe disappointment to you, please don’t hesitate to contact one of our immigration experts. It’s likely that we will be able to find another appropriate visa for which you qualify.
Investor Retirement Visa Subclass 405
The visa subclass 405 is a different type of Australian retirement visa because it is designed for self-funded retirees who are interested in making investments. The basic requirements are that the holder must be over the age of 55, have no dependent relatives (with the exception of a partner), meet certain income requirements, and are able to make a long-term financial investment in Australia. Again, this retirement visa can be applied for from inside or outside of Australia, but the applicant must be in the same place when it is granted.
Additionally, this visa has slightly more restrictions than the former Australian retirement visa. The holder is allowed to work, but only for a maximum of 40 hours every fortnight. Also, it only allows the holder to travel to and stay in Australia for four years, and then it becomes necessary for the holder to get another type of visa if they wish to stay.
Another more complicated aspect of this visa is that it requires sponsorship by a government agency of an Australian state or territory. There is an approved list of agencies that can have this responsibility, and they mostly deal with economic development or business innovation.
The visa subclass 405 also has a higher limit of assets that an applicant must have. Their value must be AUD$750,000 (or AUD$500,000 if planning to live in a rural location). Moreover, these assets must be legally owned by the applicant, and they need to readily available and capable of transfer to Australia.
At The Migration Place, we can walk you through the details of the asset requirements for this Australian retirement visa, and we can help you determine if this an appropriate and wise visa for your particular situation.
- Finance Monthly – Law Awards 2017: Migration Law Firm of the Year – Australia
- Lawyer Monthly Legal Awards 2016: Migration Lawyer of the Year
- AI M&A Award 2015: Most Innovative Migration Firm Australia
For all matters concerning Australian retirement visa applications, contact the team at The Migration Place today.