Retirement requirements and immigration

Publish Date: Mar 02, 2011

Thinking about your retirement can be daunting, even though we are constantly reminded since the start of our careers to think about it. Did you know there are Retirement Visas for older people who want to retire in Australia? There are certain requirements that need to be satisfied, and different visa options depending on your circumstances – it is always recommended to speak to your lawyer to know which visa is suitable to you and before going through any application process.

Trying for retiring: who can apply for a retirement visa?

Retirees who are 55 years of age and over who want to spend their retirement years in Australia can apply for:

  1. Investor Retirement Visa (Subclass 405) - A temporary visa for those living overseas who are able to make a significant long-term financial investment in Australia and have no dependants, though their partner can be any age.
  2. Retirement Visa (Subclass 410) - Only available to people (and their partners) who already hold this visa and want to rollover their current visa, or whose 410 visa has ceased and they have not been granted a substantive visa.

These visas are not a pathway to a permanent visa or citizenship.

Older and wiser: what does this visa allow you to do?

Investor Retirement Visa (Subclass 405)

  • work in Australia for up to 20 hours per week;
  • unlimited travel in and out of Australia with a valid visa;
  • live in Australia for four  years;
  • have an accompanying partner to Australia.

Retirement Visa (Subclass 410)

  • leave and re-enter Australia at any time;
  • unlimited work rights allowing you to work full time while in Australia.
  • undertake study in Australia.

Revise your visa: things to know

Applications for both visas may only include a partner, and both may not have any dependants. 
Investor Retirement Visa (Subclass 405)

An endorsement by an Australian state or territory government agency (other than the Australian Capital Territory) is required.

An applicant must be able to both make a designated investment of and hold assets valued to at least AUD$750,000 (AUD$500,000 in regional Australia) in their name in the state or territory in which they are endorsed, which enables meeting initial settlement and ongoing costs of living in Australia. The assets must be legally owned and lawfully acquired by the applicant (and partner) for two years prior to lodging an application unless related to superannuation and/or inheritance, and capable of and available for, transfer to Australia. It is worthy to note that any intention to sell assets to enable transfer of funds to Australia should be in discussion with your lawyer.

The applicant must also have access to a minimum net income of AUD$65,000 (eg pension rights), AUD$50,000 if living in regional Australia. Adequate health insurance package for the period of your intended stay in Australia and a health check is also required.

Retirement Visa (Subclass 410)

Former 410 visa holders and their partners who have been granted any other substantive visa, including Visitor visas and Electronic Travel Authorities, are not eligible for this visa.
Eligibility for rollover of this visa is available if you are the partner of a recently deceased Retirement visa applicant, your visa is still valid, and you are 55 years of age or over.
An applicant must be financially self-supporting in Australian.

Tired of waiting: how long is it valid?

The Investor Retirement Visa (405) is valid for four years, with an option to apply for further visas, which allows a stay for a further four years. As long as you continue to satisfy the visa requirements, you can keep applying for subsequent Investor Retirement visas.

Current retirement visa holders (410) who successfully apply to rollover their visa will be able to stay a further ten years in Australia.

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