Spend the retirement years in Australia with the help of retirement visa
The Australia retirement visa is applicable for the individuals who are retired and wish to spend some of their peaceful retirement time in Australia. There are two visa options available for the retirees known as the Investor Retirement Visa (or Subclass 405) and Retirement visa (or Subclass 410). The Investor retirement visa is for the new applicants who are self-funded retirees having no dependents other than partner and capable of making long term financial investments in Australia. On the contrary the Australia retirement visa is suitable for the individuals who already have the valid existing retirement visa and wish to rollover their current visa status for extended stay.
Eligibility and validity of Australia retirement visa:
If the applicant is applying retirement visa for the first time then he or she is eligible only for the Investor retirement visa. In case if the applicant wants to extend the current visa for further stay, the subclass 410 Australia retirement visa is the ultimate option. It is a temporary visa with no option to get the permanent residency or citizenship and offers no social security & Medicare benefits from the government.
- The basic criteria of eligibility are that the applicant should be 55 years old or above, self supporting, no dependents other than spouse and do not hold any substantive visa at the time of the application.
- Along with the health and character requirement checks, the visa applicant has to show the evidence of maintaining health insurance during his/her stay in Australia.
- Due to the enhancements in the Australia retirement visa policies in the year 2009, the visa holders are now entitled to apply for a visa which is valid for 10 years and do not have any restrictions on the working hours.
- As soon as the Australia retirement visa is granted the person is allowed for multiple entries to move in or out of the country as needed and is free to undertake any work or study within the validity period.
- The retirement visa can be renewed indefinitely as there is no maximum period of limit for holding a consecutive retirement visa.
Australia Retirement Visa Process:
The Australia retirement visa follows very rigid rules with regards to the financial capabilities of the visa applicants.
- To be qualified for the retirement visa, applicant must be sponsored by the state, territory or any government agency (except the Australian Capital Territory).
- In order to meet the financial requirements the applicant has to produce the proof of annual source of income and must show assets valued at least AUD $750,000 or AUD $500,000 if he or she likes to live in the regional areas.
- Moreover, the Australia retirement visa applicant or his or her partner has to lodge a designated amount of investment of AUD $750,000 if sponsored by the state or territory agency or AUD $500,000 for regional.