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The New Investor Retirement Visa
The requirements for the new Investor Retirement visas are:
You have to be 55 years of age or older;Your are sponsored by an Australian State or Territory Government Agency;You have no dependent children or other dependent family members other than your spouse;You must be married, or in a defacto relationship. If you are in a defacto relationship your partner must have no dependent children or other dependent family members;
You are required to have minimum assets which are lawfully acquired by yourself or yourself and your spouse which can be transferred to Australia in the following amounts: -
Australian $500,000.00 if you have indicated to the State or Territory Government Agency sponsoring you that you intend to live in a regional/low growth area of Australia; orAustralian $750,000.00 if you have indicated to your State or Territory Government Agency that you do not intend to live in a regional/low growth area of Australia.You must ensure you have a minimum net income stream such as a pension that can be accessed for yourself or yourself and your spouse of Australian $50,000.00 annually if you are going to reside in a regional/low growth area of Australia; orAustralian $65,000.00 annually if you do not intend to live in a regional/low growth area of Australia;You are also required to make a minimum designated investment of: -Australian $500,000.00 in your name or your and your spouses name if you have indicated to your State or Territory Government Agency sponsoring you that you intend to live in a regional/low growth area of Australia;Australian $750,000.00 if you have indicated to your State or Territory Government Agency that you do not intend to live in a regional/low growth area of Australia.You must prove that you have held all the assets above for two years prior to lodging your application unless those assets are related to Superannuation and or inheritance;You must take out Private Health Insurance that meets Australian requirements during the period of your intended stay in Australia;You must have no intention of working full-time in Australia. There is provision for the Applicant and their spouse if applicable to be allowed to work up to 20 hours per week whilst in Australia;You are required to be of good health and character. It is interesting to note that New South Wales has indicated that it does not wish to participate in this scheme and this type of visa is not open to anyone who wishes to reside in New South Wales. The Government has put in place transitional provisions for those people who already hold an Investor Visa under the former scheme. The new Visa is granted for a period of 4 years initially and the Applicant is able to apply for a further stay of 4 years, if you apply before your initial visa expires. There is no maximum period for which you can remain in Australia as the holder of consecutive Investment Retirement Visa's. The conditions for renewal are slightly less onerous than the initial application. The Regional Australia/low population growth Metropolitan areas include: -In Queensland everywhere except the greater Brisbane area and the Gold coast;In Victoria, everywhere except the Melbourne Metropolitan area;In Western Australia, everywhere expect Perth and surrounding areas;In South Australia, Tasmania and the Northern Territory, the whole State qualifies. This Visa is designed for people who have significant assets and who may not qualify for other visas such as Parent or Family reunion visas. It provides a very attractive option to continue to reside in Australia as long as you continue to satisfy the relevant conditions in the Country. Glenn Ferguson is a Partner at Ferguson Cannon Lawyers in Queensland and a Registered Migration Agent No. 0105779.
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