Retiring to Australia
Retiring to Australia was once a relatively simple affair and the appeal of Australia to those looking for somewhere to enjoy their retirement is hugely evident.
Most regions in Australia offer a wonderful outdoors climate for most of the year. As a country it’s generally safe and with a stable political environment and because Australia has, in more recent decades been built on the principles of inbound migration it goes without saying that many people looking at retiring to Australia have friends and / or family that have emigrated either temporarily or on Permanent Residency visas.
Arrange a free consultation with one of our Australian visa specialists to discuss retiring to Australia. We guarantee to answer any and all questions you may have, confirm your eligibility (or not).
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For those retiring to Australia from the UK, US and Canada then there are the obvious language benefits and even for those retiring to Australia from Asia, Latin America and Africa it’s as culturally diverse as any other continent on earth.
Specific Visa requirements for retiring to Australia
The requirements for retiring to Australia are much stricter than they used to be even a decade ago. Australia is a financial powerhouse of the southern hemisphere and great care is taken to protect, grow and develop the economy further. As such, Immigration is now firmly tailored towards those who can make a very real, significant and immediate impact, fill certain skills shortages and generally adapt to the Australian way of life without being too much of a burden on the fragile benefits system or the leading healthcare program that’s been established over the years.
Unfortunately those considering retiring to Australia bring none of these immediate advantages so the requirements are strict and uncompromising. The strict rules around retiring to Australia actually act like a filter. If you’re serious about retiring to Australia, have the will and the means to support yourself, are able to make an investment and cover yourself with private medical insurance then it’s very possible we’ll be able to successfully arrange your retirement to Australia.
If you’re seriously considering retiring to Australia then you’re going to be looking at the Investor retirement subclass; a temporary residence program that can eventually lead to Permanent Residency status. Don’t be too put off by the word ‘temporary’ it’s only temporary in terms of immigration jargon. What it actually means for those retiring to Australia is that the first visa lasts for four years and during this time you’ll be able to enter and leave Australia as much as you like without the need for any further visas. If you want to use your visa to retire to Australia full time i.e. live there for the full four years then that’s fine too.
What happens after the first four years of retiring to Australia?
As we’ve detailed above the first Australian investor / retirement visa you’re allocated lasts up to four years and as the expiry date approaches we’ll need to start the process of applying for a second four year visa enabling you to continue your retirement in Australia. We’ll need to ensure and prove to the state and Department of Immigration and Border Protection that you’ve met the investor retirement visa requirements and conducted yourselves as decent, upstanding members of the community (i.e. no nefarious or criminal activities).
What happens after the first or second four years of retiring to Australia?
There is no technical limit to the amount of times we can apply for consecutive investment retirement visas in Australia enabling you to live out the rest of your retirement to Australia in peace and security. You’ll never though become a permanent resident or Citizen, yet given the strict qualification criteria for the investor retirement subclass it’s unlikely you’ll ever have any physical or financial need to have Australian Permanent Residency or Citizenship status.
Requirements for retiring to Australia
-Be aged 55 or older when you start the retirement to Australia process
Secure state sponsorship or nomination – don’t worry the retiring to Australia team at Lets Go Global will be able to successfully handle this on your behalf.
-If you’re under 45 and wondering how old is too old for Australia check our Australia Age Guide
-Have no dependent children or other dependent family members other than your spouse or long term partner retiring to Australia with you.
-A further key requirement for retiring to Australia is that you have minimum assets of $500k AUD for moving to a regional area or $750k AUD if you intent to retire to Australia and live in a metropolitan area.
Additionally, further finance specific requirements need to be satisfied before your retiring to Australia plan can be firmly set into motion.
-You’ll need to prove that these assets have been held for at least two years prior to any application except in the case of inheritance or pension.
In addition to the Designated Investment above you will also need to prove a minimum net income stream of
$50k AUD for living in a regional area
$65k AUD for retiring to a metropolitan area in Australia
Am I covered by the Australian Healthcare System if I’m retiring to Australia?
No, you’ll need to prove that you have Private heath insurance that meets the Dept. of Health requirements covering your whole stay in Australia.
Am I able to work full time if I’m retiring to Australia?
No, you’ll need to declare that you and your spouse have no intention of working full time during your Australian retirement. You will be able to work part time though, up to a maximum of 20 hours per week.
Other key points to note with Retiring to Australia requirements
You are your spouse will need to be of good character and be in general good health. Remember, do not dispose of any assets or liquidate any investments unless instructed to by your allocated Australian Immigration case officer at the dept of immigration. Once your case officer is happy that you meet the requirements they will let you know!
Are there any other options for Retiring to Australia?
Retiring to Australia on the Contributory Parent Visa could be an option providing you pass the Balance of Family Test. Put simply, if 50% of your combined children reside permanent in Australia you may be eligible to apply for the Contributory or Non-Contributory Parent Visa class.
Balance of Family Test Examples
You have one adult child and they live in Australia: Pass
You have two adult children and one lives in Australia: Pass
You have three adult children and one lives in Australia: Fail
You pass the balance of family test but your spouse does not: Fail
You fail the balance test but your family are estranged: Still Fail
Most parent visas take anywhere between two and thirty (yes, you read that right) years to be approved.
Its a sad fact that the non-contributory parent visas (subclass 103 and 804), i.e. the cheapest ones in terms of fees have the longest wait of around 18 to 30 years. Contributory Visas (subclasses 143, 173, 864 and 884) have vastly increased financial caveats applied although are processed in around one to two years.
Contributory Parent Visa subclasses:
143 & 864 have Permanent Residency status
173 & 884 are two year temporary residency status
Can’t wait 18 to 30 years for retiring to Australia!?
The most efficient solution (providing you pass the balance of family test) is to take the Contributory Parent Visa route through to Permanent Residency status decided in around one to two years from point of application.
To qualify for the Contributory route you’ll need to ‘contribute’ between $44k AUD and $55K AUD per parent.
In addition to this contribution visa fees are $10k AUD for the main applicant and $4k AUD for the secondary applicant (for the non contributory route these are $3.9K AUD for the main applicant and $2k AUD for the spouse).
Over and above this you’ll be expected to provide an assurance of support bond at $10K AUD for the main applicant and $4k AUD for the spouse although for the non-contributory route these are reduced to $5k AUD and $2k AUD respectively.
Why does the Non-Contributory Visa take so long?
Simple. There are over 40,000 applications pending and a maximum allocation of 1500 per year. The Contributory route has 7175 allocations per year and a timeframe of between one and two years.
What does the future hold for those planning on retiring to Australia?
Retiring to Australia may be set to become just a little bit easier if your children are already living in Australia on Permanent Residency Status. The potential new parent visa is currently being debated in Parliament and, if approved should be adopted onto the statute books as early as November 2017.
The new parent visa could last up to 10 years although have no route to Permanent residency status or Citizenship.
As many as 15,000 people each year could be allowed to pay up to $20k AUD to bring their parents to Australia. The financial burden for healthcare would rest with the sponsoring permanent residents which would ease the burden on the Australian healthcare system. The children would also need to act as financial guarantor to the parents in cas of financial hardship or increased medical costs not covered by insurance.
Under the new retiring to Australia scheme applicants could apply for a three year visa costing $5k AUD, a five year visa for $10k AUD and with the opportunity of a single renewal for another five years at the same price level.
In the same way as existing visas parents would not be allowed to work although the expectation is that parents will be able to assist in family roles such as childcare which could in turn see reduced pressure on Australian childcare facilities. Grandparents could, for example, be available to care for their grandchildren whilst their parents work.
Ten years will be the limit though, and no extensions will be granted after this time.
Lets Go! Global have been successfully assisting clients in retiring to Australia for many years and look forward to receiving your free online visa assessment.
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Lets Go! Global. Retiring to Australia Experts.
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