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This type of visa might be for you if you are from overseas, 55 years or older, a self-funded retiree who have no dependants and who want to live in Australia during your retirement years.
This is a temporary visa which allows you to reside in Australia for four years. You will not be a permanent resident or citizen of Australia if you are a holder of this visa.
Example requirements of an Investor Retirement Visa
- You must be 55 years of age or older – your partner (if any) can be any age;
- You must be endorsed by an Australian state or territory government agency;
- You must not have any dependent children or other family members except your partner;
- You must have assets of at least AUD750,000 – they must be legally owned and lawfully acquired by you or you and your partner and capable or and available for, transfer to Australia. If you plan to reside in regional Australia, your assets must be at least AUD500,000. You must have held all your assets for 2 years prior to lodging your application;
- You, or you and your partner combined, must have access to a minimum net income of AUD 65,000 – if you plan to reside in regional Australia, you must have a minimum income of AUD50,000;
- You must be able to make a designated investment of AUD 750,000 in your name, or your name and your partner’s name, in the state or territory in which you have been endorsed – if you plan to reside in regional Australia, you must make a designated investment of AUD500,000. Please note that the funds used to make the designated investment are in addition to the assets requirement;
- You must have evidence that you and your partner hold a fully comprehensive adequate health insurance package for the duration of your stay in Australia;
- You must have no intention to work full time in Australia – you are only allowed to work up to 20 hours per week while in Australia;
- You and your partner must meet health requirements – you will be asked to undergo a complete medical examination (with a chest x-ray) by a Panel Doctor designated by the Department;
- You and your partner must meet character requirements – you will be asked to submit police clearances;
- You must respect Australian values and obey the laws of Australia – you will be asked to sign a declaration when you complete the application form.
How do you Apply for an Investor Retirement Visa
(These are general instructions only, please contact a Migration Agent for advice on your personal situation)
There are 3 steps in applying for an Investor Retirement Visa. Before you apply for this visa, you must gain endorsement from the regional authority in the state/territory in which you intend to reside. First, you have to complete Form 1249, State/Territory endorsement: Investor Retirement visa. Then you send this endorsement form to the appropriate state/territory authority. Once this is received, a representative will sign, stamp and send back the form to you. You then include this notification form with your application for an Investor Retirement visa.
The second step is when you prepare the application form (Form 147, Application for a Temporary Residence visa) by completing all the relevant details. You also prepare Form 1249 which you already have completed by now and pay the visa application charge which is currently approx. AUD235. There is also a second installment visa charge of approx. AUD10,625 per applicant which you will pay when you have transferred your funds. You have to provide a one page summary statement outlining your assets and liabilities on a single day in the three months preceding your application. Evidence of ownership and value of the assets included in your summary statement for at least two years preceding your application should be provided also. Your personal documents like certified copies of passport or travel documents for you and your partner (if any), four passport photos each of you and your partner, certified copies of your birth certificates, marriage certificate, divorce certificates and evidence of name change or deed poll should also be provided.
Evidence that you have adequate health insurance, police clearances, AFP National Police check must be included when you submit your Investor Retirement visa application to the Perth Business Skills Processing Centre. After you apply for an Investor Retirement visa, you may be asked to provide additional information. This should be submitted within the date that you will be given by the Department.
The third step in applying for this type of visa is making a designated investment. You have to contact the Treasury Corporation in the state or territory that is endorsing you. They will send you current information on the terms and conditions and an investment application form. They will also send you detailed instructions on how to lodge the designated investment. The Treasury Corporation will advise you of the likely rate of return on a proposed investment but the actual rate of return will be set when you deposit your funds in the designated investment.
After your application has been processed and all requirements have been met, the Department’s Perth Business Centre will ask you and your partner to complete relevant health and character checks. When they have been finalized, you will be advised in writing to lodge the designated investment with the Treasury Corporation in the state/territory which has endorsed you. They will also advise you how to transfer your funds to the designated investment. These funds should be in Australian dollars, and must be deposited in your name or your name and the name of your partner. Once they have received your funds, the stock issuing authority will send you a letter or certificate to acknowledge receipt of your funds. You then submit this evidence to the Department and they will advise you to pay the second application charge.
The Department will advise you if your application for an Investor Retirement visa is granted. If the visa is not approved, they will advise you the reasons for the refusal. They will also tell you if the decision is reviewable by the Migration Review Tribunal.
Again: These are general instructions only, please contact a Migration Agent for advice on your personal situation.
References:
http://www.afp.gov.au/what-we-do/police-checks/national-police-checks.aspx
http://www.immi.gov.au/skilled/business/162/designated-investment.htm
http://www.mrt-rrt.gov.au/default.aspx
