Date: 2005-08-01

Investor Retirement Visa


The Personal Investor Magazine has covered the new changes to the Investor Retirement Visa and has sourced further details from Migration Matters' Rechelle Grimson.

Visit the following site and subscribe to view the full story: http://personalinvestor.com.au/stories1/20050801/contents.aspx

Further details of the new visa are outlined below:

The Australian Government has announced the introduction of a Temporary Investor Retirement Visa from 1 July 2005. The temporary visa will not lead to permanent residency in Australia or to Australian citizenship. It does allow eligible retirees to spend some of their retirement years in Australia. The visa has incentives to entice people to settle in regional and/or low population growth areas.

To apply for an Investor Retirement Visa the principal applicant must:

* be 55 years or older;

* have no dependants (other than a spouse); and

* be able to be self-supporting in Australia without cost to Australia's social and
welfare services systems;

* hold private medical coverage for the duration of their stay in Australia;

* be sponsored by a State or Territory government agency;

* make an investment with the sponsoring State or Territory government treasury
corporation.

Information provided by applicants regarding their intended place of residence in Australia will determine the amount required by them for settlement, annual income and designated investment to meet the financial requirement for the grant of an Investor Retirement visa.

This visa will be particularly useful for self-funded retirees who wish to maintain a presence in Australia for family purposes. It also offers self-funded retirees the security of maintaining their home country’s citizenship whilst offering the ability to travel in their retirement.

Author and researcher of ‘Where To Retire In Australia’ Jill Weeks says that many older people from overseas are very interested in spending some of their post work years in Australia. ‘We receive many enquiries about good retirement locations around Australia’, with enquiries coming from countries including the UK, USA and many Asian countries’ Jill said. Typically people want to seek sun and lifestyle with many people travelling extensively in Australia.

One of the big changes with the new Visa is the emphasis on living in regional areas.

Regional areas that the Australian government are seeking to attract overseas retirees to areas that include Mandurah, Albany and Geraldton in Western Australia, Victor Harbor, Robe and all other areas in the wine growing state of South Australia, Queensland’s Sunshine Coast towns of Buderim, Noosa and Bribie Island, the New South Wales towns of Ballina, Evans Head and Port Macquarie, and many other regions in Victoria, Tasmania and the Northern Territory.

‘It is essential that retirees research regional areas before moving. Their research checklist should include medical facilities, recreation and culture, weather patterns and access to broadband internet and other communication issues’, said Jill Weeks.

Contact
Cathrine Burnett

Cathrine@migrationmatters.com

Jill Weeks, Lifestyle Matters,
Author and Researcher ‘Where To Retire In Australia’
Email: jill.weeks@where2retire.com.au