Australia’s Investor Retirement Visa
If you want to retire in Australia and do not have any family ties there you will have to apply for a Investor Retirement Visa. This visa is not for permanent residency but only a temporary entry visa. It will allow you to live in Australia if you are 55 years or older, have no other dependant than your spouse, meet the income requirements and are able to make a significant long term financial investment in Australia.
This means that you have minimum assets available to transfer to Australia of:
A. $500,000 if you intend to live in a regional/low growth area of Australia; OR
B.$750,000 if you intend to live in a high growth area of Australia
and have a minimum net income stream of:
A.$50,000 annually if you intend to live in regional/low growth area of Australia
B.$65,000 annually if you intend to live in a high growth area of Australia
Furthermore you must be able to make a minimum designated investment of:
A.$500,000 if you intend to live in a regional/low growth area of Australia; OR
B.$750,000 if you intend to live in a high growth area of Australia
You must hold all these assets for two years before applying, unless the assets are part of an inheritance, superannuation or pension rights.
Normal health and character checks are required on initial application and streamlined procedures on subsequent applications.
If the visa is granted you are allowed to work in Australia for up to 20 hours per week, travel to and remain in Australia for four years from the date the visa is granted and have your partner (with the same granted visa) accompany you to Australia. After the four years expire you will have to apply for a new visa. You can renew the visa as often as you wish.
Subsequent visa applications will carry the same annual income requirements but the amounts for investment in treasury bonds are $250,000 if settling in a regional area or $500,000 if settling in a non-regional area.
The Investor Retirement Visa doesn’t entitle you to Australia’s Medicare, so you will have to apply for private medical coverage for the duration of your visa.
Australia and the UK have a double taxation agreement and as you have to pay taxes in Australia a credit will be given in Australia for any tax paid on your pension in the UK. For any other countries please talk to a lawyer to understand what you have to do.
Conclusion
I hope you enjoyed this article: Australia’s Investor Retirement Visa. If you have any questions regarding moving to Australia, please contact our office. Here are a few articles I hope you will enjoy on Australia!
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