suenmike

OK bottom line - we have read and scoured the official website for the financial requirements to be able to retire to oz, but do you actually have to have millions in the bank I can understand one needs to be self financing but is it that expensive to live there?

Grayling

For a start you need a bond of around $750000 and an annual income of around $65000 to get a retirement visa (not sure of the exact current amounts). Then you need to find somewhere to live.

If you can afford that then you do not really need to worry about the cost of living

suenmike

WoooooooooooooooW are you all that rich

Pomster

Most people are probably not- but they come here when they meet age requirements and have a skill in demand so that they can be good taxpayers for 20+ years before they retire.

Grayling

Here are the requirements

http://www.immi.gov.au/visitors/reti...ligibility.htm

koalakim

Just looked up the link and they've changed it since the last time I looked (possible back up in case PR's weren't granted). You can now retire to NSW which a few years back they stopped retirement visas. You can now work up to 20 hours a week which you might have to if they are sitting on $750k of your money!

So, they want you to go with $750k in cash to settle in plus another $750k to invest in the bond...ouch, if I've read that right. So when do you get the bond back? It's an awful lot just to forget about.

I think if I had that money I'd have a small place in the UK and then come here for long holidays over the winter.

renth

Don't you also need expensive medical insurance too?

[edit] Read Grayling's link - yes you do [/edit]

Grayling

I think that if you have that much money to spare there are lots of places where you could retire and live in some style

dfjordan

For example, Chile! There is no tax on foreign pensions, if you do have any other income, the tax rates are pretty low. Because the country is so long, you can choose to live in any climate you want ( apart from tropical). Housing is great as are prices . If you´re into malls , their malls are far superior to those you´ll find in the UK; English is widely spoken etc etc

renth

Good call, Chile looks nice, people are great (providing you don't talk politics and they hold opposing views).

brissybee

No, but we can't afford to leave.

verystormy

Chile is a great place. Loved my time there. Also love Peru. Great expat lifestyle.

renth

I lived there for 7 years!

verystormy

What did you think? I love Lima. A lot hate it, but i find it vibrant and full of life. My wife is Peruvian.

The BEST food in the world and any one who is in London next year should get a table at Ceviche, a new place that will open early next year with the first pico bar in Europe.

pomtastic

The current trend, here in Perth, is that expats who are retired or retiring are all heading back to Blighty or Europe. Money goes alot further there regarding health care, medication, cost of living and housing.

Perth is very difficult to get around if you can't drive due to health issues as the City is car based. Public transport is non existent unless you need to go to a railway station and it's not advisable to wait for a bus in the soaring heat if you are a pensioner. Forget cabs.