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New Visa Assists States and Territories to Sponsor Retirees to Regional Australia
Published on: Fri, 01 Jul 2005 12:00:00 GMT
Under a new visa class to come into effect today, State and Territory governments will be able to sponsor self-funded retirees to invest and live in Australia, the Minister for Immigration and Multicultural and Indigenous Affairs, Senator Amanda Vanstone, said.
‘The Australian lifestyle is the envy of the world and this Government initiative offers excellent rewards to those willing to put in the effort to achieve their goals,’ Senator Vanstone said.
The Investor Retirement visa, developed in consultation with State and Territory governments, offers a pathway for retired business and professional persons with significant assets to live and invest their money in Australia.
To be eligible for the new Investor Retirement visa, the main applicant must:
Have State or Territory government sponsorship
Make an investment in a government treasury bond in that State or Territory
Be at least 55 years of age and there must be no other dependants except a spouse
Have sufficient assets to ensure they can support themselves in Australia, and
Maintain private health insurance for the duration of their visa.
The initial visa will be valid for a stay period of 4 years, and will allow limited work rights of no more than 20 hours per week.
At the end of this initial stay period, applicants can apply for another 4 year visa. The criteria to be met for subsequent applications will be easier than those at the initial stage. Despite being a temporary visa, there is very little to prevent self-funded retirees from spending the rest of their lives in Australia.
‘As of today, the current Retirement visa (subclass 410) will be closed to all new applicants. Those retirees currently holding a 410 visa will not be affected by this change. They will be able to apply to ‘rollover’ their current visa for as long as they wish to do so,’ Senator Vanstone said.
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