Getting an Australian Retirement Visa



Australia is a great place to spend your retirement years. It has efficient health services, modern facilities and a number of leisure attractions that will make your stay worthwhile. With an Australian Retirement Visa, you can enjoy up to four years of retirement in the country.

Heads up

Before you go and apply for a retirement visa, however, it’s important for you to note that this type of Australian visa does not lead to a permanent residence in the country or to an Australian citizenship for that matter. It only allows you to stay travel to and from the country easily for the duration of the visa’s validity which is four years.

The Australian Retirement Visa does not entitle you to Medicare coverage under the Australian National Health cover. You are also ineligible for social security benefits in the country. As such, you will need to provide private medical coverage during your stay in Australia.

Visa options

There are two types of retirement visas offered by the Australian government. The first one is the Australian Investor Retirement Visa (subclass 405) and the second one is the Retirement visa (subclass 410).

First time retirement visa applicants will only be eligible for the Investor Retirement Visa. Should you need to extend your stay for another four years, you can go ahead and apply for Subclass 410 Retirement Visa while you’re in Australia or before your current visa expires.

Eligibility requirements

For you to be able to apply for an Investor Retirement Visa or an Australian Retirement Visa, you need to fulfill the following criteria.

  • You have to be at least 55 years of age at the time of the application
  • You don’t have dependents other than your spouse, if applicable.
  • You have to be self-supporting in Australia.

Process

For you to be granted an Australian Retirement Visa, a State or Territory government agency has to sponsor you. You will need to lodge a designated investment with the said agency’s treasury corporation. Designated investments vary depending on where in Australia you would like to stay. The government agency for that state will provide you with all the pertinent information as soon as you make inquiries with them.

Aside from the designated investment, you will need to provide proof of annual income source in order to meet the financial requirements set for the Investor Retirement Visa.

How it works

As soon as your Australian Retirement Visa is granted, you will be allowed the ability for multiple entry into the country for four years. During this time, you can choose to stay in Australia or you can just move in and out of the country as needed. Before the four-year period lapses, you will need to apply for an extension of four more years in case you want to stay longer in the country. The retirement visa application will be subject to particular criteria that you will need to accomplish. You can keep on renewing your retirement visa indefinitely as there is no maximum period for holding a consecutive retirement visa.

Looking to settle in Australia for your retirement?

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