This temporary visa is for self-funded retirees who have no dependents and want to live in Australia during their retirement years.
The Investor Retirement visa (subclass 405) allows you to live in Australia if you:
- are 55 years or older
- have no dependents (other than a partner, if any)
- meet income requirements
- are able to make a significant long term financial investment in Australia.
GENERAL REQUIREMENTS FOR RETIREMENT VISA
1. Eligibility
You might be eligible for this visa if you meet:
- the age requirements
- sponsorship requirements
- family requirements
- income and investment requirements
- health and character requirements.
2. Assets
You must have assets (or if you have a partner, your combined assets) valued at least AUD750 000.
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 (or if you have a partner, your combined assets) valued at least AUD500 000.
3. Health Insurance
You must have evidence that you and your partner 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
- provide coverage that is at least equivalent to Medicare (including coverage of 85 per cent of costs for hospital, emergency, and general practitioner services)
- provide coverage for pharmaceuticals.
It is preferable that the policy is with an Australian insurer; however alternative arrangements that meet the above requirements can be accepted. Alternative arrangements, with an overseas insurer, will need 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.
4. Health requirements
- You must meet certain health requirements. The results of your health examinations are generally valid for 12 months.
- This applies to you and any dependent family members included in the application.
- You are able to organise your health examinations upfront before lodging a visa application.
5. Character requirements
You must meet certain character requirements. If you are 16 years of age or older, you must be prepared to provide a police certificate from each country you have lived in for 12 months or more, during the past 10 years, since you turned 16 years of age.