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Applications for the Australian retirement visa will no longer be accepted after 30 June 2005, said Len Holt, President of the Migration Institute of Australia.
Under the current Australian Retirement visa scheme, UK nationals over 55 are eligible to live in Australia for a period of two years. Visa holder status is re-examined every two years on a roll-over basis. The retirement visa is set to be replaced by the Regional Investor visa, although requirements for the new visa have yet to be clarified. The new system should come into effect 1 July 2005.
Those applicants who are already on a Retirement Visa (class 410) or who submit their applications before June 30 will be treated differently, although the Department of Immigration have yet to confirm exactly what that means.
The basic requirements for an Australian subclass 410 Retirement visa are:
- a base capital (Asset) level of AUD $870,000, or
- a base capital (Asset) level of AUD $800,000, (if you have a Non-Dependant child living permanently in Australia), or
- a base capital (Asset) level of AUD $350,000 plus pensions and or other capital (Asset) for investment that can provide an annual income of AUD $52,000 per year. (This figure covers joint husband and wife applications), or
- a base capital (Asset) level of AUD $315,000 plus pensions and or other capital (asset) for investment that can provide an annual income of AUD $50,000 (if you have a Non-Dependant Child living permanently in Australia)
- Additionally, applicants must have no intention of working full-time, they must have no dependent children or any other dependent family members, they must be of good health and character, and they must have adequate health insurance.
