Immigration visas for retirement in Australia

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Created on Thursday, 10 January 2013 17:45

Written by Editorial staff

If 2013 is the year you are looking to retire, then maybe you should think about doing so in the warmth of Australia.

The Department of Immigration and Citizenship offers an immigration visa - the Investor Retirement visa (Subclass 410) for self-funded retirees who don't have dependants.

It allows an applicant to come to Australia for up to four years with their partner and even work up to 40 hours a fortnight, should they wish to do so.

To be eligible for this visa, the applicant must be over 55 and their partner can be any age. They must have assets that are valued at a minimum of $750,000 AUD.

Those resources must have been owned for two years and can be accessed from within Australia.

Your combined net income should be a minimum of $65,000.

As is stipulated in the title of the visa, an applicant is required to make an investment in the state or territory that sponsors them. The value of the investment needs to be at least $750,000 but can be $500,000 if they are living in regional Australia. This amount needs to be separate to the required assets.

As with many visas, there are health, insurance and character requirements - all of which are a part of the application process.

Health insurance is defined as full coverage or comparable to Medicare whereby there is an 85 per cent cover for medical bills, hospital visits and emergency services - pharmaceuticals also have to be covered.

The health checks include a visit to a doctor and a chest x-ray - all of which is done to investigate whether an applicant has a medical condition that is harmful to the public. Further tests may need to be carried out based on what the doctor finds during the examination.

In addition to a document proving your health is up to scratch, your character must also be approved.

To be deemed as having good character, an applicant must provide a penal clearance certificate which is also known as a police certificate.

All applicants who are over the age of 18 must sign an Australian Values Statement, which stipulates the signatories intend to obey the laws of Australia and respect its customs and way of life.

The process of applying for this immigration visa first involves applying for the sponsorship of a state or territory. Should they approve, an applicant can then submit their forms for the actual visa.

When the validity of the visa comes to a close, a holder can reapply for another if they continue to meet the required criteria.