If you are over 55 years of age and do not wish to work in Australia you may apply for a Retirement Visa. Your spouse may be included in the Visa regardless of their age. No other dependents can be included in a Retirement Visa.
A Retirement Visa is a temporary Visa valid for four years. After four years, a Retirement Visa may be rolled-over every two years, usually without further medical tests.
To qualify for a Retirement Visa:
- You must be in good health
- Have no criminal record and
- You must pass a means test.
Eligibility:
The means test is the same for single persons and for couples. You will pass the means test if you can prove that you have:-
- Australian $650,000 available to invest in Australia; OR
- Australian $200,000 available to invest in Australia, plus an annual income of Austr. $45,000 (from Pensions, investments, etc.).
If you have a child who is usually resident in Australia and is an Australian Citizen, Permanent Resident or New Zealand Citizen, You receive a discount on the means test.
You will pass the means test if you can prove that you have:-
- Australian $600,000 available to invest in Australia;OR
- Australian $180,000 available to invest in Australia, plus an annual income of Austr. $42,000 (from Pensions, investments, etc.).
