Eligibility Criteria:
This visa is intended for self-funded retirees without dependents, aiming to spend their retirement in Australia.
Requirements for the Visa:
- Age: At least 55 years old.
- Dependents: No dependents are permitted.
- Sponsorship: Must be sponsored by an Australian state or territory government agency (excluding the Australian Capital Territory).
- Financial Assets: Must possess assets (or combined with a partner) valued at a minimum of AUD750,000, legally owned and readily transferable to Australia (AUD500,000 for regional Australia).
- Income: Must have access to a minimum annual net income of AUD65,000 (AUD50,000 for regional Australia), either individually or jointly with a partner.
- Designated Investment: Required to make a designated investment of at least AUD750,000 in the sponsoring state or territory, either in the applicant’s name or jointly with a partner.
- Health Insurance: Must maintain comprehensive health insurance covering the entire visa period, equivalent to Medicare and pharmaceutical coverage.
- Health and Character: Must be in good health and demonstrate good moral conduct.
