To gain entry under the Investor Retirement Visa ( subclass 405 - Temporary ) programme, applicants will need to meet the basic requirements listed below :
- Age - The main applicant must be 55 years of age or older when they apply, however their/your spouse can be under 55.
- Dependents - You should have no dependents other than a spouse.
- Capital - To ensure that people who apply for an Investor Retirement Visa are fully self-supporting, the financial requirements for initial visa grant are :
- A second visa application charge of $8,000 per person; plus
- Assets ( or combined assets if the applicant has a spouse ) capable of and available for transfer to establish themselves in Australia independently to the net value of A$500,000 if settling in a regional area or A$750,000 if settling in a non-regional area; plus
- Net annual income stream based on capital for investment, pension rights or both pension rights and capital for investment of A$50,000 if settling in a regional area or A$65,000 if settling in a non-regional area; plus
- A set amount for investment in a State/Territory government treasury bond with the sponsoring State/Territory government of A$500,000 if settling in a regional area or A$750,000 if settling in a non-regional area.
- Health - You are in good health, have comprehensive health insurance, and understand that you will not be covered by Medicare (Australia's national health cover) or entitled to Australian social security benefits.
- Character - You have to be judged as being of good character. If you have a substantial or serious criminal record then it is likely that you will be refused.
The visa will require sponsorship from a State or Territory government in Australia, in addition to an investment to be made in that sponsoring State or Territory government treasury bond.
The visa allows the holders to undertake up to 20 hours of work each week. |
