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  1. #1
    Join Date
    May 2004

    Default Temporary Investor Retirement Visa - Australia

    The Australian Government has announced the introduction of a Temporary Investor Retirement Visa from 1 July 2005. The temporary visa will not lead to permanent residency in Australia or to Australian citizenship but does allow eligible retirees to spend some of their retirement years in Australia. The visa has incentives to entice people to settle in regional and/or low population growth areas.

    To apply for an Investor Retirement Visa the principal applicant must:

    be 55 years or older;
    have no dependants (other than a spouse); and
    be able to be self-supporting in Australia without cost to Australia's social and welfare services systems;
    hold private medical coverage for the duration of their stay in Australia;
    be sponsored by a State or Territory government agency;
    make an investment with the sponsoring State or Territory government treasury corporation.

    Information provided by applicants regarding their intended place of residence in Australia will determine the amount required by them for settlement, annual income and designated investment to meet the financial requirement for the grant of an Investor Retirement visa.

    This visa could be particularly useful for self-funded retirees who wish to maintain a presence in Australia for family purposes. One of the big changes with the new Visa is the emphasis on living in regional areas. Regional areas which the Australian government are seeking to attract overseas retirees to areas that include Mandurah, Kalgoorlie Albany and Geraldton in Western Australia, Victor Harbor, Robe and all other areas in the wine growing state of South Australia, and areas in Victoria such as Apollo Bay, parts of the Bass Coast, the Gippsland Lakes and Murray River areas, Queensland’s Sunshine Coast towns of Buderim and Bribie Island, the New South Wales towns of Ballina, Evans Head and Port Macquarie, and many other regions in Victoria, Tasmania and the Northern Territory.

    Possibly an idea New Zealand could take up ....


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