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Retirement Visa

Australia immigration Retirement visa options

Australia's temporary residence program includes a category for those wanting to live in Australia in retirement.

(see below to view the new retirement visa coming into effect 1 July 2005)

A Retirement visa allows retirees to spend some of their retirement years in Australia.

The basic qualifying conditions are as follows:

  • Applicant must have turned 55 at the time of the visa decision
  • Applicant must have no dependents other than his or her spouse
  • Visa is granted for 4 years initially, and may be rolled over every 2 years thereafter in Australia
  • Health conditions must be satisfied on initial application and on the application to extend the visa
  • The main applicant must have sufficient funds and resources
  • For an applicant with non dependent children (as settled Permanent Residents or citizens) in Australia, the applicant must have initial resources available for transfer to Australia of $800,000, or resources available of $315,000 AND pension rights or investment capital or both generating annual income of not less than $50,000
  • For an applicant with NO children in Australia, the applicant must have initial resources available for transfer to Australia of $870,000, or resources available of $350,000 AND pension rights or investment capital or both generating annual income of not less than $52,000
  • Applicant and spouse must not take full time employment in Australia

Additional information:

  • From 1 January 2004, first time subclass 410 temporary Retirement visa applicants (not second or subsequent subclass 410 temporary Retirement visa applicants) will be required to meet higher financial thresholds, updated in line with inflation.

  • The increased financial requirements will need to be met for the initial application only and not at time of second or subsequent visa application.

Important Notes:

Within Australia, from 1 March 2003, as a transitional arrangement, all onshore applications (new applications and transitional visa applications) will be processed only through the department's Perth office.

A Retirement visa is a temporary entry visa. It does not lead to permanent residency in Australia or to Australian citizenship.

If you are over the age of 55, have no dependants (other than a spouse), and are able to be self-supporting in Australia without cost to Australia's social and welfare services, you may apply for a subclass 410 visa in order to spend some retirement years in Australia.

Sponsorship or nomination is not required.

From 1 March 2003, subclass 410 regulations will allow visa holders to undertake some hours of work each week. The current 8101 condition ("no work") will be replaced by the 8104 condition ("limited work rights").

The 8104 condition means that all holders of the new visa subclass 410 will be able to undertake work of up to 20 hours per week.

If your application is approved, you will be allowed to come to Australia, initially for 4 years. Once in Australia, after the initial 4 year period, you can apply for a further stay.

Regulations currently provide for further stays of two years at a time.

Update 1 November 2003:-

Retirement visa holders - Changes to the 410 (Retirement) visa regulations to provide consistency of requirements for all applicants seeking subsequent (second or more) 410 visas

  • the health criterion will become a requirement to undergo an examination for the purpose of detecting tuberculosis or other public health risks. No health condition will result in a failure against this criterion and visa holders will not be required to depart Australia; and
    the condition that applicants have maintained adequate arrangements for health insurance will apply to all.
NEW RETIREMENT VISA EFFECTIVE 1 JULY 2005

Applicants must:

- Be 55 years of age or older and have no dependent family members other than a spouse (spouses may be aged below 55);

- If the applicant wishes to move to a regional or low growth area of Australia (expected to be SA, TAS, and regional areas of VIC, NSW, QLD, or WA): 

* Have minimum assets of $500,000 available for transfer 
* Have a minimum net annual income of A$50,000 
* Make a "Designated Investment" of $500,000 for the duration of the initial 4 year visa. When applying for a renewal of the visa the amount of the Designated Investment reduces to $250,000

Where the applicant wishes to move to Sydney (and surrounding areas), Melbourne, Brisbane, or Perth, the applicant will be required to: 

* Have minimum assets of $750,000 available for transfer 
* Have a minimum net annual income of A$65,000
* Make a "Designated Investment" of $750,000 for the duration of the initial 4 year visa. When applying for a renewal of the visa the amount of the Designated Investment reduces to $500,000

There will also be a once only fee of $8,000 per person to offset possible future aged care costs (for initial visa only).

Applicants must also:

- Provide evidence that adequate health insurance has been taken out

- Have no intention of working full-time in Australia (work of up to 20 hours per week while in Australia will be permitted), and

- Be of good health and character.

How do I apply, and do I qualify for a retirement visa ?

http://www.australia-migration.com

Visa Australia, Australia Migration