retiring to Oz

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Australia Expat Forum for Expats Living in Australia Have you moved to Australia from another country? Are you thinking about making Australia your new home? Want to meet others like you and discuss immigration, property, sport, socialising, food, cars, insurance, laws, taxes and anything related to Australia?

retiring to Oz


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Old 2nd February 2011, 01:59 PM
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Has anyone advice or comments about the amount of cash required in the bank before applying to retire and live in aus please ?

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Old 2nd February 2011, 03:25 PM
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Do you have any family in Australia? If so there are two visas available one costs around $1000aud and takes 15+ years to get, the other costs $40,000AUD and takes 2 years.

To be eligible for a retirement visa without family you need to meet these conditions:

Age
You must be 55 years of age or older. Your partner (if any) can be any age.

Endorsement
You must be endorsed by an Australian state or territory government agency (other than the Australian Capital Territory).

Family
You must have no dependent children or other dependent family members other than a partner.

If you are married or in a de facto relationship, your partner must have no dependent children or other dependent family members.

Assets
You must have assets valued at least AUD750 000. These assets will enable you (or you and your partner) to meet initial settlement and ongoing costs of living in Australia.

The assets must be:

* legally owned and lawfully acquired by you (or you and your partner)
* capable of and available for, transfer to Australia

Exception: If you intend to live in regional Australia you must have assets valued at least AUD500 000.
See: Regional Australia/Low Population Growth Metropolitan Areas

Note: You must have held all of the assets listed above for 2 years prior to you lodging your application, unless the assets are related to superannuation and/or inheritance. If you are intending to sell assets to enable transfer of funds to Australia, then please note that they should not be sold until you are advised to do so by your immigration case officer. The assets are in addition to the funds required to make the designated investment.

Income
You (or you and your partner combined) must have access to a minimum net income of AUD65 000 (for example, pension rights).

Exception: If you intend to live in regional Australia you must have access to a minimum income of AUD50 000.

Designated Investment
You must be able to make a designated investment of AUD750 000 in your name (or your name and your partner's name), in the state or territory in which you have been endorsed.

Exception: If you intend to live in regional Australia you must make a designated investment of AUD500 000.

Note: The funds used to make the designated investment are in addition to the assets requirement.

Health insurance
You must have evidence that you, and your partner (if any), hold an adequate health insurance package for the period of your intended stay in Australia.

For health insurance to be considered adequate, it must:

* be fully comprehensive

or

* provide coverage that is at least equivalent to Medicare (including coverage of 85 per cent of costs for hospital, emergency, and general practitioner services) and
* provide coverage for pharmaceuticals.

It is preferable that the health insurance be with an Australian insurer, however alternative arrangements that meet the above requirements can be accepted. Alternative arrangements with an overseas insurer will require individual detailed examination of the insurance policy and may result in processing delays.

If you do not maintain adequate health insurance it may result in the refusal of future visa applications.

Working in Australia
You must have no intention of working full-time in Australia (you, and your partner if applicable, will only be allowed to work up to 20 hours per week while in Australia.)

Health examination
You and your family must meet health requirements for you to enter Australia. You will require an examination from a doctor, and possibly a chest x-ray and further medical tests.
See: Information form 1163i Health requirement for temporary entry to Australia ( 54KB PDF file)

Character
You and your family must be of good character for you to enter Australia.
See: Character Requirement

Investor Retirement (Subclass 405)

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My attempt at blogging Defacto Partner visa application & move to Oz :: http://www.gotmyvisa.co.uk
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Old 2nd February 2011, 05:07 PM
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Many thanks Zultan for the reply to my post.
Dorsetgirl

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