Retirement Visa Class – An Overview

made the move to australia

Just because you may be over the age of 45 does not necessarily mean your chances of moving down under are lost for ever.

There are a number of Retirement Visa Classes available for those entering your golden years who still have a yearning to move down under.

Below we present the main options available to you:

INVESTOR RETIREMENT VISA (Temporary) – sub class 405

Who can apply: Anyone who is 55 years of age or over. If a couple, one partner only has to be 55

What it entitles you to:. Four years temporary residence in Australia with limited work rights of 20 hours per week. Further applications can be made.

Terms & Conditions: Applicants can have no Dependants other than a spouse and must have full private medical/hospital insurance at all times. State/territory government sponsorship is required and the following charges apply :

– A second visa charge of $8,000 per person

– Assets of $500,000 if settling in a regional area of Australia, or $750,000 if settling in a non-regional area, to establish themselves.

– Funds for investment in a 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.

– Net annual income stream from investments, pensions, etc. of $50,000 p.a. if settling in a regional area or $65,000 p.a. if settling in a non-regional area.

Subsequent visa applications will carry the same second application charge and annual income requirements but the amounts for investment in treasury bonds are $250,000 if settling in a regional area or $500,000 if settling in a non-regional area.

Further Information: Normal health and character checks are required on initial application and streamlined procedures on subsequent applications. Limited work rights will allow for voluntary work or investment management activities.

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5 Comments
  1. Gari, Isle of Man 8 years ago

    I wanted to re-locate in 2000 when the tariff was capital A$ 650k and A$40k income per annum.

    Those numbers are not easy for most who haven’t won the lottery and in addition one has to have cover for all tablets, treatments and care as Medicare may not be used.

    I gave up the idea when I worked out that Aussie taxes are pretty steep (up to 48%) and my IOM tax limit is 20%. Interest receipts suffer normally only 10% non-resident withholding tax. Income from New Zealand is only taxed at AOL non-resident tax of 2%.

    We also so not have capital gains or inheritance taxes in the IOM so the long journey is worth it

    Thus the decision to stay up here and hybernate during the northern hemispere winter to save gas and electricity costs. Luckily, we rarely get minus temps in the IOM and can switch everything off.

    Most of my flights have been with Malaysian and just great apart from the first leg of 13hrs to Kuala Lumpur.

    Popular nowadays is Emerites as it flies no stretch exceeding 8hrs.

    Trust this of interest to the “over 45’s”

    Gari

  2. Brian Divers 10 years ago

    We are going to Australia next month on a contributory parents visa and have had not problem, took just over the year unlike Roger. We read in the Daily Mail several months ago that if you were of retirement age then you do not pay income tax on your pensions. Nobody will clarify this. Can you help. Thanks Brian

    • Author
      Mark 8 years ago

      Brian, i think if you transferred your pension over in one lump sum when you make the initial move you could afford paying some taxes but other than that I’m not sure.

      I recommend a post in our Money Matters forum where we have a couple of experts who may be able to help.

      Regards

      Mark

  3. Author
    Mark 10 years ago

    Thanks for the feedback Roger, much appreciated, I’ll update as appropriate :)

  4. Roger Meade 10 years ago

    Just a note that the info on the Contributory Parents visa is a little misleading as it says there is no waiting list. The latest information is that if you apply you are unlikely to get your visa in less than 13 months or more.
    We applied in Oct. 2006 and other than an acknowledgement have not had a single word.
    I think this is a poor show by the Aussie Gov. considering the fees you pay …now up To A$ 31.555 from July.

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