Changes to migration 2005

Changes to the Legislation on 1 July

PROSPECTIVE SPOUSE VISA - SUBCLASS 831

• This visa has been repealed effective 1 July 05

What this means:

• You can no longer apply for this visa onshore (in Australia)

Investor Retirement Visa

On 1 July 2005, the Investor Retirement visa will come into effect. The Investor Retirement visa offers a pathway for retired business and professional persons with significant assets to live and invest their money in Australia, whose presence will be at no cost to the taxpayer. This temporary visa has been developed in consultation with State and Territory governments.

The legislative amendments will provide a temporary residence visa that requires support from State/Territory governments with concessions for people who are willing to live in regional Australia.

Technical details

The Investor Retirement visa will confer only temporary residence in Australia.

It will require sponsorship from a State or Territory government in Australia, in addition to an investment to be made in that sponsoring State or Territory government treasury bond.

The visa has criteria in common with the temporary Retirement visa that closes to new applicants from 1 July 2005:

• The primary applicant must be at least 55 years of age and there must be no other dependants except a spouse;
• There must be sufficient assets to ensure self support in Australia;
• Maintenance of private health insurance as acceptable to the Minister for the duration of their visa;
• Limited work rights of no more than 20 hours a week; and
• Initial and further stay period of 4 years.

To ensure that people who apply for an Investor Retirement visa are fully self-supporting, the financial requirements for initial visa grant will be:

• A second visa application charge of $8,000 per person; plus
• Assets (or combined assets if the applicant has a spouse) capable of and available for transfer to establish themselves in Australia independently to the net value of A$500,000 if settling in a regional area or A$750,000 if settling in a non-regional area; plus
• Net annual income stream based on capital for investment, pension rights or both pension rights and capital for investment of A$50,000 if settling in a regional area or A$65,000 if settling in a non-regional area; plus
• A set amount for investment in a State/Territory government treasury bond with the sponsoring State/Territory government of A$500,000 if settling in a regional area or A$750,000 if settling in a non-regional area.

To ensure that people who are in Australia on an Investor Retirement visa continue to be fully self supporting the financial requirements for subsequent visa applications will be:

• A second visa application charge of $8,000 per person; plus
• Net annual income stream based on capital for investment, pension rights or both pension rights and capital for investment of A$50,000 if settling in a regional area or A$65,000 if settling in a non-regional area; plus
• A set amount for investment in a State/Territory government treasury bond with the sponsoring State/Territory government of A$250,000 if settling in a regional area or A$500,000 if settling in a non-regional area.