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The retirement visa in Sydney, Australia, also known as the Investor Retirement Visa (subclass 405), is designed for self-funded retirees who have no dependents and want to live in Australia during retirement. Retirement visas allow you to invest a significant amount of money in Australian state or territory bonds and have access to sufficient net income to live without working. However, since 2018, Australia has ceased accepting new applications for this visa, making this a complex field of law.
You may need a lawyer to understand the exact legal requirements to keep your retirement visa valid and to renew it. Legal help may also be required if you need to appeal a decision of level of investment or to negotiate any other difficulties with the Australian Department of Home Affairs. Additionally, if you are considering transferring your retirement visa to a permanent residence, a lawyer can be instrumental.
The retiree should invest a significant amount of money in Australian state or territory bonds and should show sufficient assets to generate income to support themselves. Sydney law stipulates that individuals should not work more than 40 hours during a two-week period. This visa has a four-year validity and can be renewed if the visa holder continues to meet the criteria. However, as aforementioned, the visa is currently suspended to new applicants.
1. Can I work on a retirement visa?As per Sydney law, retiree visa holders cannot work more than 40 hours in a two-week period.
2. Can the retirement visa be transferred to a permanent visa?While it is not a direct pathway to permanent residence, there may be options to switch to another type of visa. A lawyer can provide expertise on this.
3. Can I renew my retirement visa?Yes, but you should meet the criteria. Renewal fees may apply.
4. Can I take up Australian citizenship with a retirement visa?No, the retirement visa does not lead to Australian citizenship.
5. Can I include family members in my visa application?No, retirement visas do not allow for family members to be included in your application.
The official website of the Australian Department of Home Affairs and the Law Council of Australia are important resources. Legal aid agencies in Sydney such as The Legal Aid Commission of New South Wales and community legal centres can also be helpful.
If you need legal assistance for retirement visa law in Sydney, contact a registered migration lawyer who is experienced in retirement visa law. They can provide a thorough legal analysis of your situation and guide you through the complex visa system. Before appointing any lawyer, be sure to check their qualifications and experience, ask about their fees, and seek a consultation to discuss your case.
