Self-funded retirees who have no dependants and want to reside in Australia during their retirement years can apply for an Investor Retirement visa (Subclass 405). This is only a temporary visa and will not lead to getting permanent residency or citizenship in Australia. However, for as long as you qualify, you can keep applying for subsequent Investor Retirement visas.
If you are over 55 years old, have no dependants other than a partner (who can be of any age), and can support yourself while making a significant long term financial investment in Australia, you might be eligible for this visa.
This visa will allow you to:
- Work in Australia for up to 20 hours per week
- Travel in and out of Australia any number of times as long as your visa is valid
- Live in Australia for four years per visa
- Have your partner accompany you to Australia
Am I eligible?
In order to qualify for an Investor Retirement visa, there are certain criteria that you must meet:
- Be 55 years of age or older
- Be sponsored by an Australia state or territory government agency (other than the Australian Capital Territory)
- Have no dependent children or other dependent family members, aside from a partner
- Have assets valued at least AU$750,000, that are legally owned and capable of being transferred to Australia (note: if you intend to live in regional Australia, you must have assets valued at least AU$500,000) These assets are required to meet your initial settlement and ongoing living costs in Australia.
- Have access to a minimum net income of AU$65,000 (for example, pension rights). This value drops to AU$50,000 if you intend to live in regional Australia
- Be able to make a designated investment of AU$750,000 in your name (or your name and your partner’s name) in the state or territory in which you have been sponsored. Again, this value drops to AU$500,000 if you intend to live in regional Australia
- Have evidence that you, and your partner (if applicable), have an adequate health insurance package for the period during which you intend to stay in Australia
- Have no intention of working full-time in Australia
- Be of good health and character
How do I apply?
The first step of your application should be gaining sponsorship from the state/territory government agency in which you intend to live while in Australia. For that, you will need to submit the application form and other required documents to the appropriate authority.
After successfully applying for sponsorship, you must complete and lodge your application for the actual visa. You will be required to pay an application fee at the time of lodgement.
What happens next?
Your application will be processed, and if all requirements have been met, the DIAC’s Perth Business Centre will ask you and your partner (if applicable) to complete the relevant health and character checks.
The final step will be to make the designated investment. You will be advised in writing by the Perth Business Centre to lodge your investment with the appropriate sponsoring state or territory Treasury Corporation.
You will also receive a form 1031 Declaration: Designated Investment, which will have been completed by the administrating department. This form must be submitted with your investment, according to the instructions provided to you by the Treasury Corporation. Please note that investment funds must be in Australian dollars, and must be deposited in your name or your name and your partner’s name.
The stock issuing authority will acknowledge receipt of your funds by letter or certificate. At the same time they will notify the Perth Business Centre by submitting part 3 of the form 1031.
Finally, you will be required to pay a second application charge before receiving a final decision on your visa application. If your visa is not approved, you will be informed of the reasons and notified if the decision is eligible for review by the Migration Review Tribunal.