23 March 2005

Australian Retirement visa due to cease 1 July 2005

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Applications for the Australian Retirement visa, known as the Australian subclass 410 Retirement visa, will no longer be accepted after 30 June 2005, according to a statement made today by Len Holt, president, Migration Institute of Australia (MIA).

Under the current Australian Retirement visa scheme, UK nationals over the age of 55 are eligible to live in the country for a period of two years. Visa holder status is re-examined every two years on a roll-over basis.

‘At this point, it is still possible for UK nationals to meet the deadline, but they need to begin the application process today,’ said Chris Cook, manager, case work department, Australian Visa Bureau. ‘Anyone considering applying for the Australian subclass 410 Retirement visa needs to meet the basic requirements and fulfil the medical and police requirements too. Retirees should consider consulting a registered Australian migration agent for details and a complete understanding of the application process and timelines,’ said Cook.

The basic requirements for an Australian subclass 410 Retirement visa are:

Have a base capital (Asset) level of AUD $870,000

OR

Have a base capital (Asset) level of AUD $800,000, (if you have a NON-DEPENDANT child living permanently in Australia)

OR

Have a base capital (Asset) level of $A350,000 plus pensions and or other capital (Asset) for investment that can provide an annual income of AUD $52,000 per year. (This figure covers joint husband and wife applications)

OR

Have a base capital (Asset) level of AUD $315,000 plus pensions and or other capital (asset) for investment that can provide an annual income of AUD $50,000 (if you have a NON-DEPENDANT CHILD living permanently in Australia)

Additional criteria to be met:

Have no intention of working full-time

Have no dependent children or any other dependent family members

Be of good health and character

Hold adequate health cover

Persons who currently hold 410 visas, or those applicants who lodge prior to the cut-off date of 30 June 2005, which result in the granting of a Retirement visa, will be treated differently according to information supplied by Mr Holt. Changes coming from the Australian Department of Immigration and Multicultural and Indigenous Affairs (DIMIA) have yet to be confirmed, according to Mr Holt.

'The 410 visa is to be replaced by the Regional Investor category, but it is not clear at this point that this will come into effect on 1 July,’ Mr Holt said in a statement to MIA members. ‘There appears to be some level of resistance on the part of one or other of the State/Territory Governments,’ said Mr Holt.


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