Retirement Migration FAQs
Here are some answers to commonly asked questions about retirement visas in Australia.
my partner has dependent children from a previous relationship. will this affect our ability to get a retirement visa?
In short yes, it will, because on this visa you’re not able to have any dependents other than a spouse.
can I purchase a home or property in australia as the holder of a retiree visa?
In most cases you’ll be able to buy a home or other property. However, you’ll first need to get the approval of the Foreign Investment Review Board because if you don’t you may incur a penalty.
what’s a designated investment?
Designated investments are investments that are offered by Australia state or territory treasury corporations.
They’re offered by state and territory government treasury corporations as:
- Primary-issue (new) government securities that need to last for a term of at least 4 years from when they’re purchased
- Limited to investments of a certain value that’s set by the state or territory body
- Non-transferable and non-redeemable (which means the security can’t be on-sold to another investor or sold back to the issuing authority before it reaches maturity)
Also, the state or territory government treasury corporation guarantees repayment of the principal (initial investment amount) on maturity.
what’s an adequate health insurance package?
Adequate health insurance packages need to have the following properties:
- Coverage for 12 months
- Availability in Australia (preferably an Australian provider otherwise there may be delays in processing)
- Comprehensive cover (which means being at least equivalent to Medicare, Australia’s public health system, of 85% coverage for hospitals, emergency, doctor services and pharmaceuticals)
Plus, if you’re reapplying to rollover your Investor Retirement visa then you need show that you had comprehensive health insurance during your previous Investor Retirement visa and that it’s current.
will I be able to work in australia?
Yes, but you’ll only be allowed to work a maximum of 40 hours per fortnight.
what will be my taxation obligations in australia?
If you intend to carry out paid employment while you’re living in Australia then you’ll need to register with the Australian Taxation Office (ATO) and apply for a tax file number.
The amount of tax you’ll need to pay will depend on the amount of money you earn (with higher average tax rates increasing with the more you earn).
You can talk to our finance experts if you’d like advice on managing your finances while you’re Down Under.
can my pet come to australia too?
This depends on where you’re migrating from and what type of dog or cat breed you have so contact our dedicated 24/7 helpline to find out more about the types of pets that can come here.
If your pet is able to come then you’ll need to:
- Obtain an import permit
- Ensure the animal is microchipped
- Be prepared for your furry friend to be in quarantine for 30 days
If you’ve got a more exotic pet then tighter restrictions will apply so get in touch with our dedicated 24/7 helpline to find out more.
thinking australia? see if you’re eligible
Complete our free assessment through our dedicated 24/7 helpline for a full report on your eligibility or to ask our Australian experts all of your questions.