Australia - New Retirement Visa
Under a new visa class to come into effect today, State and Territory governments will be able to sponsor self-funded retirees to invest and live in Australia... Under a new visa class to come into effect today, State and Territory governments will be able to sponsor self-funded retirees to invest and live in Australia, the Minister for Immigration and Multicultural and Indigenous Affairs, Senator Amanda Vanstone, said.‘The Australian lifestyle is the envy of the world and this Government initiative offers excellent rewards to those willing to put in the effort to achieve their goals,’ Senator Vanstone said.
The Investor Retirement visa, developed in consultation with State and Territory governments, offers a pathway for retired business and professional persons with significant assets to live and invest their money in Australia.
To be eligible for the new Investor Retirement visa, the main applicant must:
- Have State or Territory government sponsorship
- Make an investment in a government treasury bond in that State or Territory
- Be at least 55 years of age and there must be no other dependants except a spouse
- Have sufficient assets to ensure they can support themselves in Australia, and
- Maintain private health insurance for the duration of their visa.
At the end of this initial stay period, applicants can apply for another 4 year visa. The criteria to be met for subsequent applications will be easier than those at the initial stage. Despite being a temporary visa, there is very little to prevent self-funded retirees from spending the rest of their lives in Australia.
‘As of today, the current Retirement visa (subclass 410) will be closed to all new applicants. Those retirees currently holding a 410 visa will not be affected by this change. They will be able to apply to ‘rollover’ their current visa for as long as they wish to do so,’ Senator Vanstone said.
Further Information on retiring to Australia