Explore Australia Retirement Visa | Requirements and Cost

Australia is a highly developed country with fresh air, a high-quality lifestyle, a better education system, advanced healthcare systems, and a high-income economy. On top of that, the breathtaking natural landscapes, combined with beautiful coastal areas, create an irresistible allure for individuals thinking of spending the golden years of their lives in a lovely location.

So, are you also planning to retire in Australia or want to live your retirement life in the natural environment and beautiful coastal areas? If so, you need to be aware of some details, from eligibility criteria to the application process on your Australian retirement visa. Therefore, get ready to embark on a journey where you can explore everything about the Australia Retirement visa.

What is Australia Retirement Visa?

If you want to retire in Australia, you can apply for one of the following retirement visa Australia;

1. Australia Retirement Visa (subclass 410)​​​

Australia Retirement visa subclass 410 is suitable for international retirees who want to live in Australia with their spouses throughout their retirement years. It is a temporary visa and does not grant permanent residency. 

Australia retirement visa does not apply to

• First-time visa applicants other than spouses of current Retirement Visa holders
• Former holders of Retirement Visas who have not had any other substantive visa since they last entered Australia. 
• Holders of former Retirement Visa subclass 410 and their spouses cannot reapply for this visa if they have been given any other substantive visa, such as Visitor visas or Electronic Travel Authorities.

2. Investor Retirement Visa (subclass 405)

This is a temporary retirement visa in Australia and is applicable for those who want to spend their retirement life in Australia and are self-funded. This visa is valid for four years, and after that, you have to renew it. You can work 40 hours per fortnight with an Investor retirement visa Australia. Moreover, you can also bring your partner who has been granted this visa.

Key Requirements for Investor Retirement Visa

Here are the key requirements you need to fulfill before applying for an investor retirement visa;

• Age: You must be 55 or older to apply for an investor retirement visa.
• Family Members: You must not have any dependent family members or children.
• Health Insurance: You should possess proof that a sufficient health insurance plan covers you and your partner for your intended stay in Australia.
• Designated Investment: You must have at least AUD$ 750,000 in your bank account for non-regional Australia. However, to live in non-regional Australia, one must have assets of at least AUD$500,000.
• Health and Character Checks: Ensure you have health and character certificates from a registered institution.

Available Pathways for Retirement in Australia

You can access the pathway to retirement in Australia through a parent visa or a contributory parent visa. Understanding the essential requirements of each pathway for retirees thinking about spending their retirement years in Australia is important.

1. Through Contributory Parent visa (subclass 143)

The Contributory Parent Visa offers an accelerated pathway for parents wishing to reunite with their children in Australia. Though it involves a higher financial commitment, this option significantly reduces the processing time as compared to the regular Parent Visa. This visa subclass allows you to become a permanent resident in Australia. Moreover, the Government prioritizes candidates who apply under a contributory parent visa, making it an attractive choice for retirees. 

2. Through Parent Visa (Subclass 103)

This visa applies to those parents who want to join their children living in Australia as permanent residents. In sum, as a retired traveler, you might have got a chance to live in Australia as a permanent resident through the Australian permanent residency program. The processing time for this visa is longer than the contributory parent visa. To qualify for a parent visa, candidates must fulfill one of these requirements,

• Having a kid who is a permanent resident in Australia.
• Having a kid who is an Australian citizen.
• Having an eligible New Zealand citizen sponsoring the application.

Why Should You Choose Australia for Retirement?

There are various reasons for considering Australia as a retirement destination, ranging from its enchanting natural beauty to a well-developed infrastructure that supports a comfortable lifestyle. As we delve into these compelling reasons, it becomes evident that retiring in Australia is not just about changing location but a significant choice to embrace a retirement full of enjoyment, tranquility and innovation. Let’s explore these reasons that make Australia a top-notch place for retirement. 

1. Medical care

Australia offers one of the world’s top healthcare systems. The Australian Government guarantees that all of its citizens and permanent residents have access to advanced facilities and healthcare services. 

2. Quality of life

Various countries envy Australia as it excels in terms of quality of life. Australia is the perfect place to live, from weather to beautiful landscapes, high-standard quality of life to the health care system, work-life balance to higher income.  

3. Economy

Australia’s economy has grown steadily and successfully during the past fifty years. With an exceptionally low unemployment rate and a large middle-class population, the nation has sustained a healthy economy.

4. Nature

Some of the most breathtaking scenery you have ever seen is present in Australia. Wildlife habitats, tropical rainforests, deserts, rivers, mountains, and marine settings are incredibly diverse areas you may visit and explore nationwide.

5. Security and Safety

Australia is among the safest countries in the world, at number sixteen on the safety and security index. It has relatively low crime rates but a high prevalence of natural hazards. 

6. Vibrant Food Culture

Multiculturalism has influenced Australian food culture, making it a vibrant food scene. It is the home to several modern, distinctive restaurants with distinctive cuisine.

Australian Retirement Visa Cost

Most individuals may find living in Australia a little pricey, but you can pay for your expenses if you have enough funds. According to the ASFA Retirement Standard Explainer, a couple would require $690,000 in super, or $595,000 for a single individual, to live well in retirement. Generally, $930 a month will cover all your costs (not including rent) for heating, water, electricity, and other utilities. It is important to understand and plan the living costs and expenses to acquire the benefits of an Australian retirement visa fully, ensuring financial preparedness for an enjoyable retirement in the country.

What is the Application Process for Australia Retirement Visa?

The Investor Retirement Visa application process includes the following steps:

• Expression of Interest (EOI): Submit an EOI in order to show interest in the visa.
• Invitation to Apply: Those who successfully complete the EOI will be invited to submit a formal application for a visa.
• File the Application: Applicants must fill out the visa application and send it in with the necessary documents.
• Character and Health Checks: All applicants must submit to a character and health evaluation.
• Visa Grant: Upon approval of the application, the Department of Home Affairs gives the Australia retirement visa to retirees, enabling them to reside in Australia for retirement.

Final Thoughts

Everyone dreams of retiring in Australia, and the Australia Retirement Visa offers self-funded retirees a pathway to turn their dreams into reality. They can start a new chapter in a country that provides an excellent quality of life, beautiful natural scenery, and a friendly community. 

So, if you have decided to move to Australia and are searching for professional help to assist you in the visa application process, look no further than The Migration. We have MARA-certified agents in Australia who offer authentic and seamless visa-related services. Book a consultation now, and let us help you move to your dream destination.

FAQs

Can retirees access government healthcare services in Australia?

Yes, Retirees can enjoy Government healthcare facilities while residing in Australia. Medicare is a public healthcare system that offers a wide range of health facilities, including medical treatment and medicines, at affordable prices.

Is there any age limit to immigrate to Australia?

No, there is no specified age limit to immigrate to Australia. However, if you are under 45, your chances of getting an Australian visa are higher. Once you hit 45, you can only obtain a few permanent visas. This mainly applies to many skill-based permanent visas.

What is the cheapest place to retire in Australia in 2024?

Tasmania is one of the cheapest places to live or retire in Australia. It is famous for its stunning scenery, affordable housing, and inexpensive living costs. However, if you want to enjoy a milder climate, you can choose Adelaide. It is also the cheapest and easiest state to get PR in Australia.