Live the Laid-back Life in Australia

Mae Lynn Paulino

The new temporary investor retirement Visa (subclass 405) commenced on 1 July 2005. The proposed visa targets retired business and professional people with significant assets who are seeking to spend some of their retirement years in Australia and who will benefit Australia through major investment. The visa will require holders to be financially self-sufficient so that their presence in Australia will be at no cost to the Australian taxpayer.

The investor retirement Visa is being introduced following the consultations with the State and Territory Governments. The Visa provides incentives to encourage persons to settle in regional/low growth areas in those States and Territories that offer sponsorship.

In agreement with State and Territory Governments, a two-tiered approach has been developed which will require applicants to nominate at time of sponsorship whether they intend to settle in a regional/low growth or a non-regional/non-low growth area. The definition of regional and low growth that will be used for the Investor retirement Visa will be the same as that used for the Skilled Independent Regional (SIR) Visa. Their place of intended settlement will determine the level of funds required to satisfy the financial criterion. In line with the two-tier approach, reduced thresholds will apply for the required Designated Investment (DI), establishment costs and income stream for those intending to live in regional or low growth areas.

More specifically, the Visa will have the following characteristics:

* for the first or initial Visa application, main applicant would be 55 years or older (spouse could be under 55 years of age)  * each applicant to have limited work rights of 20 hours per week, to allow Visa holders to pursue activities such as volunteer work or investment management without breaching Visa conditions  * each applicant to meet full migration health and character criteria for the first or initial Visa only and to satisfy streamlined health and character for further Visa applications  * each applicant must have no dependants other than a spouse; and initial maximum period of stay would be 4 years, renewable if applicant continues to meet criteria, for an additional 4 years

The investor retirement Visa will replace the current temporary retirement Visa (subclass 410), although people currently holding a temporary retirement Visa will continue to be able to make an application for a temporary retirement Visa.

[National Visas] (link: http://www.nationalvisas.com.a)
E-mail: webmaster@nationalvisas.com.au
Address: 3/118 Church Street
Hawthorn, Victoria
Australia 3122
Phone: +61(0) 3 9697 4922
Fax: +61 (0) 3 9815 1544