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Guest joannaplus4

Balance of Family Test Not Met - Alternatives?

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Guest joannaplus4

hi there,

new to this forum and would like some expert advice from Gill. My mother does not meet the family balance test. I'm i right in thinking that the only alternative for her permently to live in oz would be the retirement investors visa (i know this would be for a period of 4 years). mum could most probably meet the $500,000, which i think i'm right in assuming would be ok as we would be on the sunshine coast (hubby is an ozzie, kids have citizenship, and i'm currently in the process of applying for a spouse visa). with the $500,000 do they invest the money on your behalf and then when the visa is up you get it back? feeling totally thick when reading the eligibility etc... any info or help Gill would be great

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Guest Gollywobbler
hi there,

new to this forum and would like some expert advice from Gill. My mother does not meet the family balance test. I'm i right in thinking that the only alternative for her permently to live in oz would be the retirement investors visa (i know this would be for a period of 4 years). mum could most probably meet the $500,000, which i think i'm right in assuming would be ok as we would be on the sunshine coast (hubby is an ozzie, kids have citizenship, and i'm currently in the process of applying for a spouse visa). with the $500,000 do they invest the money on your behalf and then when the visa is up you get it back? feeling totally thick when reading the eligibility etc... any info or help Gill would be great

 

 

Hi Joannaplus4

 

Welcome to Poms in Oz. I have moved your post to a thread of its own in the hope that some exitsing holders of Investor Retiement visa will see it.

 

You are asking about the subclass 405 Investor Retirement Visa, which is here:

 

Investor Retirement (Subclass 405)

 

The first thing to note is that Mum would need not less than AUD 1 million in capital and income of not less than AUD $50,000 a year. This is because the applicant needs to make a Designated Investment of AUD 500K in addtion to being able to take another $500K in assets into Oz.

 

This being so, can Mum still afford an Investor Retirement visa, please?

 

If she can't, how old is Mum and does she have a job? If so, what is her job? There might be other possibiliies for her instead.

 

Cheers

 

Gill

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Hi Joanna,

 

Most families in your situation have to come up a plan - investor retirement isn't a very satisfactory option long term - and generally part of the plan involves sorting out the balance of family by bringing over another sibling or in some situations you might be able to prove that she meets the requirements of other visa categories. I'm sure Gill is happy to help, she's been helpful already.

 

Cheers,

 

George Lombard


George Lombard LLB(Hons) Fellow of the Migration Institute of Australia

MARN 9601056 george[at]austimmigration[dot]com[dot]au

www.austimmigration.com.au

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Guest joannaplus4

No mum is retired. And she could of met the $500,000 but not $1,000,000. We definately would not meet the family balance as I have 2 siblings very established in the UK with older children. Is there any alternatives other than the tourist visa?

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