|The provider of this information is Willis & Bowring Solicitors & Attorneys|
A Retirement visa is for older people who want to retire in Australia, who have no dependants and who can be self-supporting.
The applicant must be 55 years of age or older and have no dependants other than a spouse. The spouse of the applicant can be under the age of 55.
For an applicant who is the parent of an Australian citizen, permanent resident or New Zealand citizen permanently resident in Australia, the applicant must have at least A$600,000 capital to transfer to Australia. If the applicant has pension rights or investments which provide an income of at least A$42,000 a year, then A$180,000 capital is required to transfer to Australia.
For an applicant who is not the parent of an Australia citizen, permanent resident or eligible New Zealand citizen, the applicant must have at least A$650,000 capital to transfer to Australia. If the applicant has pension rights or investments which provide an income of at least $45,000 a year, then A$200,000 capital is required to transfer to Australia.
Retirement visas are granted for an initial stay of four years. If the applicant wishes to remains in Australia after the initial four years, he/she can apply for a new retirement visa which, if granted, can be valid for two years at a time.
This Information Outline is
provided courtesy of Yandell Wright Stell
who are experienced in this area of law. They are located at Level
5, 139 Macquarie Street SYDNEY NSW 2000 or call them on (02) 9252-2278 if you would like more information
on this legal topic, or you wish to obtain formal advice regarding your
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