Retirement visas are for retirees who are 55 years of age and over who want to spend their retirement years in Australia.
Investor Retirement visa (Temporary Residence) (subclass 405)
This temporary visa is for self-funded retirees who have no dependents and want to live in Australia during their retirement years.The visa offers a pathway for retired business and professional persons with significant assets to live and invest their money in Australia, whose presence will be at no cost to the taxpayer.
Sponsorship from a State or Territory government in Australia is required, in addition to an investment to be made in that sponsoring State or Territory government's Treasury Bond.
The Investor Retirement visa will confer only temporary residence in Australia and will not lead to permanent residency.
Applicants can apply for this visa either onshore or offshore. If they apply in Australia, they must be in Australia when the visa is granted. If they apply outside Australia, they must be outside Australia when the visa is granted.
The requirements are:
· The primary applicant must be at least 55 years of age and there must be no other dependents except a spouse
· There must be sufficient assets to ensure self support in Australia
· Maintenance of private health insurance for the duration of their visa
· Limited work rights of no more than 20 hours a week, and
· Initial and further stay period of 4 years
To ensure that people who apply for an Investor Retirement visa are fully self-supporting, there are high financial requirements including:
· An initial installment of $325 for the primary applicant and $165 for each secondary applicant
· A second visa application charge of $12,990 per person
· Assets (or combined assets if the applicant has a spouse) capable of and available for transfer to establish themselves in Australia independently to the net value of $500,000 if settling in a regional area or $750,000 if settling in a non-regional area
· Net annual income stream based on capital for investment, pension rights or both pension
rights and capital for investment of $50,000 if settling in a regional area or $65,000 if settling in a non-regional area
· A set amount for investment in a State/Territory government treasury bond with the sponsoring State/Territory government of $500,000 if settling in a regional area or $750,000 if settling in a non-regional area
Applicants should be aware that this visa is not a pathway to the grant of a permanent residence visa.