Getting an Australia retirement visa can be a little daunting, and perhaps the only thing that holds some people back from living out their dream and moving to Australia after retirement is getting over the visa requirements. However, if you understand the requirements of this stringent application, you can be on your way to the land down under in no time to live out the rest of your days ‘down under’.
In order to qualify, you must be at least 55 years of age and have no dependents – children or other family members – with the exception of your spouse.
Also, your spouse must not have any dependents, or you will not qualify. Your spouse does not have to be of the required age to qualify, as your dependent. The initial visa for which you will apply is a temporary visa, which is valid for four years, after which it can be rolled over every two years. You must be in good health and good standing, meaning no criminal records, in order to qualify. The Australian government will conduct the necessary background checks.
For a more permanent standing, the rules and regulations are stricter, and the financial requirements are higher. This leads to an Investment Australia retirement visa, for which you must have substantial assets and investment cash in order to receive permanent visa status.
First, you must be sponsored by a state or territory government within Australia, and you must have a minimum of $500,000 (Australian Dollars) in assets, assuming you indicate that you are going to live in an area or region of low growth. The requirement is higher in areas of high growth, around $750,000. If you require a second visa (for a spouse), add another $250,000 or $500,000 (high growth) respectively. For all visa applications, you must prove that you and your spouse combined are drawing a minimum amount of income – $50,000 annually if you are living in an area or region of low growth or $65,000 otherwise. Note: All figures are in Australian Dollars, which at the time of writing are valued less than the US Dollar.
This visa also provides terms stating that you be able to prove you carry a health insurance package that meets guidelines provided by the Department of Health and Aging, which means it must be comparable to Australia’s Medicare. You also have to maintain all health and character criteria that was a part of the original immigration determination upon arrival.
Despite all the financial requirements, if you are going to qualify for this visa, you and your spouse are each limited to working no more than 20 hours per week for the duration of your time in Australia. The Investment Australia retirement visa is a four-year document with guaranteed renewal every four years, assuming that you continue to meet the criteria.
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