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· Retirement Visa
Retirement visas are available for applicants who meet financial requirements and who would like to retire in Australia. The visa is initially granted for a period of four years and can then be extended every two years, provided the financial and other criteria continue to be met. The primary applicant for a retirement visa must have reached 55 years of age and have no dependents. A spouse or de-facto spouse can be included as a secondary applicant and can be less than 55 years of age.

If the visa applicant is the parent of an Australian citizen or an Australian permanent resident or an eligible New Zealand citizen he/she must have financial means of at least AUS$600,000 for transfer to Australia or AUS$180,000 if he/she also has pension rights or investments which provide a net income of at least AUS$42,000 per year. Capital and income requirements in applications from married or de-facto couples are the same as for individual applicants.

If the applicant is not the parent of an Australian citizen or an Australian permanent resident or an eligible New Zealand citizen he/she must have financial means of at least AUS$650,000 for transfer to Australia or AUS$200,000 if he/she also has pension rights or investments which provide a net income of at least AUS$45,000 per year. Capital and income requirements in applications from married or de-facto couples are the same as for individual applicants.

 Retirees and their spouses have limited work rights (20 hours per week), but no right to Medicare, the public health cover in Australia. An applicant for a retirement visa must show evidence of private health insurance to the Department of Immigration and Multicultural and Indigenous Affairs. Retirees are not entitled to social security or welfare benefits in Australia. Purchase of residential real estate is possible subject to approval from the Foreign Investment Review Board in Australia.

An applicant may apply for a retirement visa from within Australia or outside Australia. If an application is made in Australia, the applicant must hold a substantive visa of an acceptable kind to the Department of Immigration and Multicultural and Indigenous Affairs and the applicant must also have complied with the conditions of any previous Australian visas.

Retirement visas are multiple entry visas which allow re-entry to Australia at any time. An applicant can continue to own property and have business interests outside of Australia.

Last modified on Sunday, 31 August 2003