A Retirement visa is a temporary entry visa. It does not lead to permanent residency in Australia or to Australian citizenship.
If you are over the age of 55, have no dependants (other than a spouse), and are able to be self-supporting in Australia without cost to Australia’s social and welfare services, you may apply for a Retirement visa (subclass 410) in order to spend some retirement years in Australia.
You can apply for a Retirement visa (subclass 410 – Temporary) if you:
- are 55 years of age or older,
- have no dependent family members other than your spouse,
- have sufficient capital for transfer to Australia,
- are of good health and character,
- have comprehensive health insurance, and
- understand that you will not be covered by Medicare (Australia’s national health cover) or entitled to Australian social security benefits.
Sponsorship or nomination is not required.
Retirement visa (subclass 410 – Temporary) regulations now allow visa holders to undertake up to 20 hours of work each week.
If your application is approved you will be allowed to come to Australia, initially for 4 years. Once in Australia, after the initial 4 year period, you can apply for a further stay.
Regulations currently provide for further stays of two years at a time.
How much money must I have to show I have sufficient resources to be self supporting?
- For an applicant with non dependent children (as settled Permanent Residents or citizens) in Australia, the applicant must have initial resources available for transfer to Australia of $800,000, or resources available of $315,000 AND pension rights or investment capital or both generating annual income of not less than $50,000
- For an applicant with NO children in Australia, the applicant must have initial resources available for transfer to Australia of $870,000, or resources available of $350,000 AND pension rights or investment capital or both generating annual income of not less than $52,000
- Applicant and spouse must not take full time employment in Australia
- From 1 January 2004, first time subclass 410 temporary Retirement visa applicants (not second or subsequent subclass 410 temporary Retirement visa applicants) will be required to meet higher financial thresholds, updated in line with inflation.
- The increased financial requirements will need to be met for the initial application only and not at time of second or subsequent visa application.