When approaching retirement age, the first thing people a majority of people think about is exploring different countries. Many people put off this adventure until they retire due to the time and money it involves. Australia has implemented a new program welcoming those wishing to spend some of their retirement in their country. The Investor Retirement Visa makes it possible for retirees to spend some of their retirement years there. The program is called the Investor Retirement Visa. It is open to individuals 55 and older. The individual must be sponsored by an Australian State or Territory Government agency. The participant and their spouse must not have any dependents other than their spouse.
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Asset and Income Requirements
The participant must have assets that meet minimum income and asset requirements and be able to make a minimum investment depending on the region. In addition to the income and asset requirements, the participant must hold a private health insurance policy that meets the guidelines set forth by the Australian Department of Health and Aging.
Radvision World Investments must meet specific criteria to qualify for consideration by the program. The State and Territory Treasury Corporation must offer them. They must be primary-issue government securities with a maturity date of four years on less from the date of issuance. The investment must meet the minimum monetary requirements set forth by the Australian Government in addition to interest payable every six months. The investment must also be non-transferable and non- redeemable meaning that the security cannot be sold before the maturity date.
The Process
The process of applying and obtaining a Retirement visa is very complex, requiring much paperwork. The applicant is guided through the process and given the appropriate points of contact for each step. Once the application is approved, a visa is issued to the recipients and allows them to travel in and out of the country multiple times and is initially valid for four years. When this program was first introduced, the applicant had to reapply every four years. Once those four years expired, the applicant would then have to reapply every four years, thus having to go through the process all over again to obtain a visa for another four years if specific requirements are met. There is no maximum length of time that the participant could remain in the program as long as all criteria continue to be me, and the person’s visa remains current.
New Program
As of October 2018, those formerly holding and currently holding Subclass 405 Retirement Visas can apply for permanent Australian residency through Subclass 103 (parent visas) and Subclass 143 (Contributory Parent Visas) and could do so without having to go through the same lengthy process over again. The participant must still maintain the same level of health insurance until the permanent visa is approved. The applicant for the permanent visa must also meet specific character and other public interest criteria. The applicant cannot hold another substantive visa with the exception of a Subclass 405 or 410 during the intervening time frame.
Radvision World This program will bring a sense of relief to the many retirees would participate in the original plan as it gives a sense of certainty to those whose futures have been darkened with uncertainty due have to go through the painstaking process of reapplying every four years. This is especially helpful as those in the program advance in age and may have a decline in abilities to endure the visa application process for a variety of reasons. This also takes some of the stress off of retirees in the program so they can do their retirement knowing they have a future of certainty.
When one is ready to apply for a permanent visa through the 405 Retirement program, Accreditation Specialist Immigration Lawyers and Registered Migration Agent Glenn Ferguson AM is standing by for consultation and guidance through the process in its entirety.
Radvision World Final Word
With all of the changes taking place involving immigration, it pays to stay up-to-date on what is going on and what you as a retiree may be eligible for the either was not available to you at the time of your retirement, or any new programs that may have emerged that you didn’t know existed.
About Vandana Gupta
Vandana Gupta is an executive administrator at Radvision World Consultancy Services LLP. Experienced executive administrator with a demonstrated history of working in the human resources industry. Skilled in Customer Service, Management, Business Development, Business Strategy, and Public Speaking. Strong information technology professional with an M.com focused in Business/Commerce, General from Mahatma Jyotiba Phule (MJP) Rohilkhand University.
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