Would you like to retire in Australia?
Australia has a number of visa options for people wishing to spend their retirement in Australia. Nevile & Co Commercial Lawyers and Migration Agents can offer you assistance in obtaining the right visa.
The Retirement Investment Visa
The retirement investor visa is a 4 year temporary visa and may be renewed as many times as you like. This visa gives you the opportunity to live and work (no more than 20 hours per week) in Australia, buy property and sit for countless hours on the beach!
To meet the requirements of this visa you will need to;
- Be over the age of 55
- Have no dependants (other than spouse)
- Be able to be self supporting and have an annual retirement income of no less than AUD $50,000
- A net worth of at least AUD $1,000,000.00
- The amount of net worth and retirement income depends on the area in which you wish to live in. Regional areas will require you to have AUD $500,000.00 value in assets plus an additional AUD $ 500,000.00 to invest in Australian government bonds (the current interest rate for Government Bonds is 5.25%) and
- an annual retirement income of AUD $50,000.00.
If you settle in a Metropolitan area you will require AUD $750,000.00 in assets and AUD $750,000.00 for investing, and AUD $65,000.00 annual retirement income.
This visa is a 4 year temporary visa which is renewable any number of times, this visa does not lead to permanent residency. After your initial 4 years your investment requirement decreases to AUD $250,000.00 for regional areas and AUD $500,000.00 for metropolitan areas.
What areas of Australia are classed as regional? Regional areas are defined by the Migration Regulations and are listed by postcode.
You and your spouse will be required to undertake health & character tests, and maintain private health Insurance. For private health insurance we recommend Australian Unity.
Retiring on a Parent Visa
Australia has two types of Parent Visas;
The Standard Parent Visa
This visa is designed for parents to join their children here in Australia. This visa will require you to meet the balance of family test. The balance of family test requires you to have at least half or more than half of your children living in Australia.
You will also need to meet health and character requirements. The standard parent visa may be applied for offshore or while you are in Australia. The main pitfall with this visa is a 10 to 15 year waiting list.
During the waiting period you will not be able to work or collect social security payments. If you do not come from a country that has a reciprocal health arrangement you will not be able to access Medicare.
The Contributory Parent Visa
The Contributory Parent Visa is designed for those who wish to fast track their application by contributing to the costs of future health and living expenses. This visa is capped and if a place is available you will issued a two year temporary visa. After two years on the temporary visa you will be able to pay the more substantial charges and obtain your permanent residence.
Essentially the application charges will amount to approximately AUD 30,000.00 per applicant. This application charge does not include health and character testing or Nevile & Co fees.
You and your spouse will be required to undertake health & character tests, and maintain private health Insurance. For private health insurance we recommend Australian Unity. | 
