Retirement Visa Financial Changes
 

To all potential retirees.

We have just been advised a few moments ago that the rates for the 410 Retirement Visa have been increased.

As of January 1, 2004.

Without settled children

Assets of A$870,000

or Assets of A$350,000 and A$52,000 per annum of income

With settled children

Assets of A$800,000

or Assets of A$315,000 and A$50,000.

Our opinion is that this shows clear intent of DIMIA to move this visa forward. A new Visa for Retirees is due out 01/11/04.

Financials and Health Insurance appear to have caused Australia concern for a while. These financial changes provide a clear signal to those who have been advised that the old targets do not have to be proven, i.e. pre-existing 410's must now show capability of ability to support ones life in Australia. Indeed they need to take heed of the changes and ensure that they prepare for their new lives with healthy planning in line with the vagaries of the Australian financial system, i.e. Brits who have planned a pre-departure tax minimised income in Australia will surely benefit.

www.miplc.co.uk