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 Stellwho are experienced in this area of law. They are located atLevel 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 situation.
Yandell Wright Stell Lawyers is a result oriented firm as distinct from a procedurally-oriented firm. The result is achieving your goals as quickly and efficiently as possible and to your best advantage. Our firm through its professionals and support team supply legal services in the following areas of law: *Property law including conveyancing, property development and planning matters. *Commercial dispute resolution and litigation. *Immigration law including all visa applications. *Banking and finance law. *Intellectual property law including trade marks, copyright, designs and patents.*Telecommunications and information technology law. *Insolvency and bankruptcy law. *Corporate, commercial and business law matters. *Family law. We are centrally located in Macquarie Street, Sydney from where we are able to deliver first class results and personal service to all our clients.