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Retirement Visa...New Rules??

Retirement Visa...New Rules??

Old Oct 17th 2004, 12:34 am
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Default Retirement Visa...New Rules??

Does anybody know anything about new rules coming into effect regarding retirement visa's in the near future (supposedly November) ?
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Old Oct 17th 2004, 11:03 am
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Default Re: Retirement Visa...New Rules??

Originally Posted by chippy
Does anybody know anything about new rules coming into effect regarding retirement visa's in the near future (supposedly November) ?
Hi - if you do a search on here or the immigration forum, you'll find some threads on it from a few months back. Mostly speculation still, but there have been thoughts that it will involve an investment in government bonds of A$500,000!!! :scared: Don't know for how long, but at a low interest rate. It was all a bit off putting. However, it was all put on hold until after the general elections - I think Alan Colette (Go Matilda agent)was guessing it may now be introduced in Jan. I haven't heard much about it for a while so aplogies if this is out of date. The recommendation seemed to be - if you want a retirement visa, go for the 410 while it's still around!!

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Old Oct 17th 2004, 3:14 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by HugoB
Hi - if you do a search on here or the immigration forum, you'll find some threads on it from a few months back. Mostly speculation still, but there have been thoughts that it will involve an investment in government bonds of A$500,000!!! :scared: Don't know for how long, but at a low interest rate. It was all a bit off putting. However, it was all put on hold until after the general elections - I think Alan Colette (Go Matilda agent)was guessing it may now be introduced in Jan. I haven't heard much about it for a while so aplogies if this is out of date. The recommendation seemed to be - if you want a retirement visa, go for the 410 while it's still around!!

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Yeah. I've heard that the bond stays with the government until the retiree leaves, and that the visa is regionalised. This is so weird I just cannot believe it can be true. Can anyone elaborate on this?
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Old Oct 17th 2004, 3:17 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by chippy
Yeah. I've heard that the bond stays with the government until the retiree leaves, and that the visa is regionalised. This is so weird I just cannot believe it can be true. Can anyone elaborate on this?
That seems to be what DIMIA have in mind.

It's a very unattractive proposition without PR being offered and I doubt there will be many takers.

Out of interest, why are you interested in this visa (you seem to be in Australia already). Would the person concerned be eligible for a Contributory Parent visa - usually a better option?

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Old Oct 17th 2004, 3:42 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by JAJ
That seems to be what DIMIA have in mind.

It's a very unattractive proposition without PR being offered and I doubt there will be many takers.

Out of interest, why are you interested in this visa (you seem to be in Australia already). Would the person concerned be eligible for a Contributory Parent visa - usually a better option?

Jeremy
Yes, I'm a PR, but my parents are interested in retiring here.

I'm afraid I don't know what a contribuory parent visa is...??
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Old Oct 17th 2004, 3:54 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by chippy
I'm afraid I don't know what a contribuory parent visa is...??
http://www.immi.gov.au/migration/fam...ry_parents.htm

Booklet 3 (available for download from the DIMIA site) is essential reading.

Noteworthy points for contributory parent:
- you need to be in Australia for 2 years to sponsor
- parents must meet the balance of family test
- high charge to get the visa
- ten year assurance of support (two years ATO tax assessments with minimum income required)
- standard health and character criteria.

On the other hand processing time is fairly quick at the moment.

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Old Oct 17th 2004, 3:55 pm
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Default Re: Retirement Visa...New Rules??

Just looked it up. They wouldn't pass the balance of family test because I have two sisters in the UK. Do all the parent visa types apply the balance of family test?
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Old Oct 17th 2004, 3:58 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by chippy
Just looked it up. They wouldn't pass the balance of family test because I have two sisters in the UK. Do all the parent visa types apply the balance of family test?
Parent visas (contributory or not) require the balance of family test.

The only (technical) exception is if you have a temporary contributory parent visa and are looking to move to the permanent one, although usually it's best to get the permanent visa straight away.

Carer and aged dependent relative visas do not, but these have very specific rules and are very difficult to obtain. Parents cannot be sponsored as remaining relatives, so forget this option.

Do either of your sisters plan to migrate?

And your parents should get professional advice on whether they can get a retirement visa application in before the rules change. Alternatively, if they are genuinely wealthy then state sponsored business or investor migration may be a possibility, although realistically this is very hard once you turn 55. Professional advice would be essential.

Jeremy

Last edited by JAJ; Oct 17th 2004 at 4:01 pm.
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Old Oct 17th 2004, 4:04 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by JAJ
All parent visas require the balance of family test.

Carer and aged dependent relative visas do not, but these have very specific rules and are very difficult to obtain.

Do either of your sisters plan to migrate?

And your parents should get professional advice on whether they can get a retirement visa application in before the rules change.

Jeremy
One of my sisters wants to come but I'm sure she would not get in (no skills etc).

My father is concerned about getting an application in before the rules change which I think might be 1st Nov. Although he has enough money it's tied up in property in the UK. Does this count in the application as 'funds', or do you have to show hard cash as it were?

Last edited by chippy; Oct 17th 2004 at 4:12 pm.
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Old Oct 17th 2004, 4:31 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by chippy
One of my sisters wants to come but I'm sure she would not get in (no skills etc).

My father is concerned about getting an application in before the rules change which I think might be 1st Nov. Although he has enough money it's tied up in property in the UK. Does this count in the application as 'funds', or do you have to show hard cash as it were?
Chippy
I think with a time-critical issue like this, professional advice is well worth obtaining.

Regarding your sister, without skills she has little chance at the moment. If the rest of the family (ie your other sister and parents) became PRs/citizens in Australia then a remaining relative application might work as long as she was single, but you'd have to plan this carefully (especially the Assurance of Support issues) => professional advice would be a must from the outset.

Jeremy
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Old Oct 17th 2004, 10:23 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by JAJ
Chippy
I think with a time-critical issue like this, professional advice is well worth obtaining.

Regarding your sister, without skills she has little chance at the moment. If the rest of the family (ie your other sister and parents) became PRs/citizens in Australia then a remaining relative application might work as long as she was single, but you'd have to plan this carefully (especially the Assurance of Support issues) => professional advice would be a must from the outset.

Jeremy
Thanks Jeremy, you are a wealth of information.
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Old Oct 18th 2004, 12:27 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by chippy
One of my sisters wants to come but I'm sure she would not get in (no skills etc).

My father is concerned about getting an application in before the rules change which I think might be 1st Nov. Although he has enough money it's tied up in property in the UK. Does this count in the application as 'funds', or do you have to show hard cash as it were?
My folks looked in to this, being in simialr situation where they have assets tied up in property. They were advised that when they come to apply for the 410 visa, they have to have the funds 'available for transfer' to Australia, so although they wouldn't have to transfer the money immediately, it would have to be available as a liquid asset (cash in the bank etc) and they would have to show proof of that. An agent will be able to give you the specifics though!

Good luck!

HB x
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Old Oct 18th 2004, 11:14 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by HugoB
My folks looked in to this, being in simialr situation where they have assets tied up in property. They were advised that when they come to apply for the 410 visa, they have to have the funds 'available for transfer' to Australia, so although they wouldn't have to transfer the money immediately, it would have to be available as a liquid asset (cash in the bank etc) and they would have to show proof of that. An agent will be able to give you the specifics though!

Good luck!

HB x
Interesting.....I phoned up DIMIA yesterday and they said that property assets would be OK for the purposes of application.

Also, form 1044i warns that "assets should not be sold until you are advised by your immigration case officer". This in itself implies that capital assets could be used to prove financial eligibility. (I'm going round in circles with this at the moment).

Out of interest have your folks applied for this visa?
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Old Oct 19th 2004, 1:27 am
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Default Re: Retirement Visa...New Rules??

Hello chippy.

I can confirm that if your parents are planning to apply for a 410 visa through the Australian High Commission in London and are looking to the equity in their main residence to meet the financial requirements of this visa they will need to sell the property prior to visa grant.

Have a read here:
http://www.gomatilda.com/news/article.cfm?articleid=277

Best regards.



Originally Posted by chippy
Interesting.....I phoned up DIMIA yesterday and they said that property assets would be OK for the purposes of application.

Also, form 1044i warns that "assets should not be sold until you are advised by your immigration case officer". This in itself implies that capital assets could be used to prove financial eligibility. (I'm going round in circles with this at the moment).

Out of interest have your folks applied for this visa?
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Old Oct 19th 2004, 8:54 pm
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Default Re: Retirement Visa...New Rules??

Originally Posted by chippy
Interesting.....I phoned up DIMIA yesterday and they said that property assets would be OK for the purposes of application.

Also, form 1044i warns that "assets should not be sold until you are advised by your immigration case officer". This in itself implies that capital assets could be used to prove financial eligibility. (I'm going round in circles with this at the moment).

Out of interest have your folks applied for this visa?
No, they haven't. We felt a bit panicked that if they didn't apply for the 410, they wouldn't eligible for any other visa (don't meet balance of family test) and the new retirement visa sounds ridiculous if it comes in. However, we ourselves are not planning on being in Oz until next Autumn so they were a bit reluctent to put everything into theirs now, understandably. My step dad doesn't actaully want to retire for another 3 yrs either so it was all getting a bit complecated!! So we're just going to sit tight and see what developes between now and then, and in the mean time, they'll come out for holidays, and maybe look in to buying a property there through the FIRB.

By the way, my folks had very helpful advice about it all from Helen O'Hare from Go Matilda

Hope it works out for your folks!

HB x
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