retirement visa and funds

[hays]

Hi,
im wondering if anyone can help me!

What is the age that you can retire to oz from the UK and how much do you have to have in funds??

If anybody knows, i'd apreciate some advice, my aunt has been trying to get out there for a while and still no joy on the sponsorship front. She's decided to wait a few years, sell her house and try for a retirement visa.
thanks
hays

[Abi&Dan]

Ooh not heard of this - can't find it on the DIAC website - though this could be handy for a friend of Dan's who is over age. Any news would be interesting.

Ta x

[Abi&Dan]

Investor Retirement (Subclass 405)

Sorry, I'm a fool - I tried actually searching this time rather than random clicks!!

Above is an interesting page saying you must be 55+ and have at least $750k capital plus $65k income. It's also temporary for 4 years and must be re-applied for each four years.

It doesn't sound ideal - but hope it helps x

[hays]

ahhhh, thanks very much! They will have more than the $750k from the house sale but i dont think the pension is over $65k a year. I'll let her know thou, maybe they can sell the house and invest it somewhere to give extra as an income, not sure....

also do you know what the difference is between 'the state or territory in which you have been sponsored' and 'regional australia' ....there's a big difference financially and im blonde.

"You must be able to make a designated investment of A$750,000 in your name (or your name and your spouse's name), in the State or Territory in which you have been sponsored.
Exception: If you intend to live in regional Australia you must make a designated investment of A$500,000."

[Gollywobbler]

Hi Hays

Abi&Dan has found the right visa - the subclass 405 Investor Retirement visa.

However, you only need $1m in total and an income of $50K pa for "regional" Australia. The higher figure of $1.5m plus $65K income is only neededfor the "non-regional" areas.

I've a feeling that NSW does not participate in this visa at all, but all the other States do.

Whereabouts would your Aunt want to move to?

By the way, of the $1m $500K has to be deposited in some sort of Goverment bond (but the yield is said to be good.) The remaining $500K can be used to buy a house, for example.

It is NOT a cheap option but the theory is that these are the sorts of levels of capital and income that one needs in order to be able to live in Oz without any sort of State help at all.

If that is not feasible for your Aunt, why doesn't she settle for some long visits to Oz instead during her retirement? She couldn't do 50/50 bwteen the UK and Oz every year, but she could still have some pretty good holidays out there once she has retired. Please see here:

Tourist Visa (Subclass 676)

Best wishes

Gill

[hays]

oh flip! $1m sounds like alot doesnt it! i worked it out to be approx £442k so unless we have a huge property crash in the south east she should be ok on that side but its the $65k a year that may be tricky.
She is hoping to head to perth, but she also really liked the sunshine coast. She doesnt want to do the 50/50 thing, i suggested that as well as she says as she gets older she doesnt want the long flights. its always an option though, as sometimes we have to take what we can get!
thanks for the advice, you are the font of all knowledge! what you dont know, isnt worth knowing!
Thanks again Gill
hays x

[Gollywobbler]

Hi Hays

$50K a year, chooks, not $65K. Certainly round Perth, the most unlikely areas are considered to be "regional", hence the lower capital and income figures. There is no reason why your Aunt's UK occuational and State Pensions shouldn't count towards her income in Oz, either.

Cheers

Gill

[Birdiesinoz]

Hi

This link will take you to the areas classed as 'regional areas' for this visa.

Regional Australia/Low Population Growth Metropolitan Areas - Workers - Visas & Immigration

also, the interest that you obtain from investment that you make with the $500k (if regional) or $750k if not, can be counted towards the annual income requirement of $65k or $50k.

Kind regards

Cheryl

[hays]

I'll let her know. It doesnt sound half as bad as i first thought.
Thanks for all the advice and info
hays