Retirement Visas are for retirees who are 55 years of age and over who want to spend their retirement years in Australia.

Investment Retirement Visa (Temporary Residence Visa)

On 1 July 2005, the Investor Retirement visa came into effect. This visa offers a pathway for retired business and professional persons with significant assets to live and invest their money in Australia, whose presence will be at no cost to the taxpayer.

This temporary visa has been developed in consultation with State and Territory governments and replaces the previous retirement visa (subclass 410) which can now no longer be applied for unless the applicant is already the holder of a 410 visa.

The Investor Retirement visa will confer only temporary residence in Australia and will not lead to permanent residency.

It will require sponsorship from a State or Territory government in Australia, in addition to an investment to be made in that sponsoring State or Territory government Treasury Bond.

The requirements are:

• The primary applicant must be at least 55 years of age and there must be no other dependants except a spouse;
• There must be sufficient assets to ensure self support in Australia;
• Maintenance of private health insurance as acceptable to the Minister for the duration of their visa;
• Limited work rights of no more than 20 hours a week; and
• Initial and further stay period of 4 years.

To ensure that people who apply for an Investor Retirement visa are fully self-supporting, the financial requirements for initial visa grant will be:

• An initial Government Lodgement Fee of AU$235 (per application, not per person); plus;
• A second visa application charge of $10,625 per person; plus
• Assets (or combined assets if the applicant has a spouse) capable of and available for transfer to establish themselves in Australia independently to the net value of A$500,000 if settling in a regional area or A$750,000 if settling in a non-regional area; plus
• Net annual income stream based on capital for investment, pension rights or both pension rights and capital for investment of A$50,000 if settling in a regional area or A$65,000 if settling in a non-regional area; plus
• A set amount for investment in a State/Territory government treasury bond with the sponsoring State/Territory government of A$500,000 if settling in a regional area or A$750,000 if settling in a non-regional area.

Applicants must also meet health and character requirements and we provide you with advice and forms outlining how to obtain these.

To ensure that people who are in Australia on an Investor Retirement visa continue to be fully self supporting the financial requirements for subsequent visa applications will be:

• A second visa application charge of $10,625 per person; plus
• Net annual income stream based on capital for investment, pension rights or both pension rights and capital for investment of A$50,000 if settling in a regional area or A$65,000 if settling in a non-regional area; plus
• A set amount for investment in a State/Territory government treasury bond with the sponsoring State/Territory government of A$250,000 if settling in a regional area or A$500,000 if settling in a non-regional area.

Renewal of an existing 410 Retirement Visa

Only existing holders of Subclass 410 Retirement visas can apply for this visa. The Retirement visa is a 10 year, temporary residence visa with full work rights.

In addition, you can maintain investments in Australia. You can purchase a residential property without restrictions of having to purchase a 'new' house or land package.

As a condition of the visa, you must maintain private Health Insurance as you will not be entitled to claim any Medicare or Government-subsidised health benefits.

There are no requirements for applicants to undergo medical testing for the renewal of this visa, but character checks are required.