Investor Retirement Visa

Frank LanzaHow about spending your retirement in Australia! It is as close to paradise as you can get!

The Department of Immigration and Citizenship offers to those who wish to retire in Australia the Investor Retirement visa (Subclass 410). If you do not have dependants and have sufficient funds and income, then this visa if for you.

If allows an applicant to come to Australia for up to four (4) 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, whereas their partner can be any age. The applicant must have no dependent children or other dependent family members other than a partner. If married or in a de facto relationship, the partner must have no dependent children or other dependent family members.

The applicant must have assets that are valued at a minimum of $750,000 AUD (or $500,000 if they wish to retire in regional AustraliaCairns is in regional Australia!). Also the applicant must prove they have a combined yearly income with their partner of at least $65,000 (or $50,000 if the applicant intends to retire in regional Australia).

The applicant must have held all of the assets listed above for two (2) years prior to lodging the application, unless the assets are related to superannuation and/or inheritance. If the applicant intends to sell assets in relation to their move to Australia, the department recommends that they wait until after the visa is approved.

If the applicant needs to sell assets to meet the requirements of this visa, they should carefully consider whether they will be able to finance their ongoing stay in Australia, particularly in the longer term. The assets are in addition to the funds required to make the designated investment.

The applicant must make the designated 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 in addition 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. Further tests may need to be carried out based on what the doctor finds during the examination.

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 18 years old 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 of territory. Should they approve, an applicant can then submit the actual visa application.

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