Other
Visas
Retirement Visa
A Retirement visa is
a temporary entry visa. It does not lead to permanent
residency in Australia or to Australian citizenship.
If you are over the age of 55, have no dependants (other
than a spouse), and are able to be self-supporting in
Australia without cost to Australia's social and welfare
services, you may apply for a Retirement Visa in order
to spend some retirement years in Australia.
Sponsorship or nomination
is not required.
From 1 March 2003, Retirement
Visa regulations will allow visa holders to undertake
some hours of work each week. The current 8101 condition
("no work") will be replaced by the 8104 condition
("limited work rights").
The 8104 condition means
that all holders of the new Retirement Visa will be
able to undertake work of up to 20 hours per week.
If your application is approved, you will be allowed
to come to Australia, initially for 4 years. Once in
Australia, after the initial 4 year period, you can
apply for a further stay.
Regulations currently provide for further
stays of two years at a time.
Current Retirement Visa Holders and Work Rights
To assist current Retirement
Visa holders (still subject to the 8101 "no work"
condition), a transitional visa will be available, free
of charge.
This visa will include
the new 8104 "limited work rights" condition.
It will be valid until the expiry of your current visa
and will allow you to work for up to 20 hours per week.
If a current Retirement
Visa holder applies for a transitional RetirementVisa,
the visa holder will not usually be required to attend
an interview in order to determine the validity of the
visa holder's employment intentions.
Current Retirement Visa
holders who only have a short time remaining on their
visa should -
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>> For professional assistance with your visa requirements, talk to our registered Migration Manager, Sandra Bolton.
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instead of applying
for a transitional visa - consider applying for
a new, full-term Retirement Visa (which will have limited
work rights).
Applying for a Retirement Visa?
You can apply for a Retirement visa
if you:
- are 55 years of age or older;
- have no dependent family members;
- have sufficient capital for transfer
to Australia of:
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at
least A$650,000 (or A$600,000 if you have a non-dependent
child living permanently in Australia); or |
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at least A$200,000
plus an annual income of at least A$45,000 (or
A$180,000 and an annual income of at least A$42,000
if you have a non-dependent child living permanently
in Australia);
are of good health and character; |
From 1 March 2003,
as a transitional arrangement, all onshore applications
(new applications and transitional visa applications)
will be processed only through the department's Perth
office.
Can I stay in Australia
as a retiree?
If you wish to apply
for a further stay in Australia, as a retiree, you must
lodge the completed application before the expiry of
your current visa.
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If you applied for your original
retirement visa before 1 December 1998, and you
have not held any other class of visa (other than
a bridging visa), you are an 'established applicant.'
When you apply for a further retirement visa, you
do not need to satisfy health or financial criteria,
nor are you required by law to have health insurance.
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If you applied for your original
retirement visa on or after 1 December 1998, you
will need to meet the health and financial criteria,
and provide evidence of having maintained health
insurance, when you lodge your application for a
further retirement visa.
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You will need to pay a fee and
undergo a formal assessment, including a phone interview.
If all criteria are
assessed as being met , you will be issued with a new,
full-length (usually two year) Retirement Visa with
the 8104 condition, allowing ("limited work rights").
Regulations currently
provide for further stays of two years at a time.
Can I purchase
home or property in Australia as the holder of a retiree
visa?
If you wish to purchase a home or property in Australia,
you should contact the Foreign Investment Review Board
for information and advice at: www.firb.gov.au.
Contact
us for a free assessment.
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