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The retirement visa in Australia, formally known as the Investor Retirement (subclass 405) visa, is designed for retirees and their partners who wish to spend some of their retirement years in Australia. It allows you to stay in Australia for four years. If eligible, you can then apply for further stay as a visitor. To qualify for a Retirement Visa, applicants must be 55 years or older, have no dependants (excluding a partner), and be able to show that they are self-supported. However, this visa does not lead to permanent residence in Australia. The regulations around this visa category are complex and often changing, which is why legal advice could be advantageous. Carlton, as a part of Melbourne city, follows the same federal immigration laws as the rest of Australia.
Understanding and navigating through the complex Australian immigration laws can be challenging. You may require a lawyer in situations such as ensuring the correctness of your application and interpret legal jargon. A lawyer can also help you abide by the regulations of your visa and remain lawful during your stay in Australia. Additionally, they can assist you with any visa renewal processes, in understanding your financial investment requirements, and if your circumstances change.
As the Retirement Visa falls under the purview of federal immigration law, the local laws in Carlton do not differ from the rest of Australia. There are specific financial criteria that a retiree must meet which includes making a designated investment in Australia of at least AUD 750 000 and having a net income stream of at least AUD 65 000, these amounts increase for those wishing to stay in major cities like Melbourne. Each application is unique and is assessed on a case-to-case basis.
Designated investments for retirement visa include bonds, securities, and other eligible investment types that are approved by the Australian government. The specifics can be clarified by a lawyer or a financial advisor.
No, the Retirement Visa does not lead to permanent residency. You can, however, keep renewing this visa every four years.
Generally, you cannot have dependents if you are applying for a Retirement Visa. The only exception is your partner, who can be included in the application.
You and your partner are allowed to work up to 40 hours per fortnight on this visa.
Yes, you must have an adequate health insurance cover from an Australian provider for the duration of your stay.
The Australian Home Affairs website is a useful resource for the most updated and accurate information on visas including the Retirement Visa. Another important body is the Immigration Advice & Rights Centre Inc. (IARC) which provides free immigration advice and assistance to disadvantaged people.
If you require legal assistance for your Retirement Visa, you should begin by finding a law firm or an immigration lawyer with experience in retirement visa regulations. It would be beneficial to prepare a list of questions and gather all relevant documents before your consultation. Always remember to check the credentials and reviews of the legal professional or firm before engagement.
