Background
On 1 July 2005 there will be substantial changes to the retirement rules and it will be more difficult for some people to apply.
Cases filed prior to 1 July will be processed under the present requirements which are described below.
If you are over 55 years of age you may apply for a Retirement Visa. Your spouse may be included in the Visa regardless of their age. No other dependants can be included in a Retirement Visa.
A Retirement Visa is a temporary Visa valid for four years. After four years, you must reapply.
You can work for up to 20 hours per week.
The 1 July 2005 changes -
Requirements
A "Two tier" system will be introduced depending on whether or not you plan to settle in regional areas of Australia --
| Requirements |
Regional areas |
Non-regional areas |
| Assets available for transfer to Australia |
A$500,000 |
A$750,000 |
PLUS.
Net annual income (pension rights or capital for investment or both) |
A$50,000 p.a. |
A$65,000 p.a. |
PLUS.
An amount for investment in a state or Territory bond |
A$500,000 |
A$750,000 |
A four year visa will be granted. Applications for further four year visas will be required to meet the following requirements -
| Requirements |
Regional areas |
Non-regional areas |
| Net annual income (pension rights or capital for investment or both) |
A$50,000 p.a. |
A$65,000 p.a. |
PLUS.
An amount for investment in a state or Teritory bond |
A$250,000 |
A$500,000 |
The pre July 1, 2005 rules:
To qualify for a Retirement Visa, you must be in good health, have no criminal record and you must pass a means test. You must show that you have:
(i) AUD870,000.00 available for transfer to Australia;
OR
(ii) AUD350,000.00 available for transfer to Australia, plus an annual income of AUD52,000.00 (from
Pensions, investments, etc).
If you have a child who is usually resident in Australia and is an Australian Citizen, Permanent Resident or New Zealand Citizen, those amounts are reduced:
(i) AUD800,000.00 available for transfer to Australia;
OR
(ii) AUD315,000.00 available for transfer to Australia, plus an annual income of AUD50,000.00 (from
Pensions, investments, etc).
What You Should Do Next
Send us a copy of your curriculum vitae (ie a resume), by fax or E-mail (E-mail is preferred) and include -
| 1. |
Your age, name and contact numbers |
| 2. |
Whether you or your spouse have any close relatives in Australia - see [ Family and sponsored ] applications. |
| 3. |
Give us a few days to evaluate your case and we will fax or E-mail you asking you to telephone me so that we can discuss your application. |
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