Migrating with Old Money
The Australian Government has just announced a new Investor Retirement visa effective from 1 July 2005. The visa offers a way for retired business and professional persons with significant assets to live and invest their money in Australia so long as they will be at no cost to the Australian taxpayer. There will be concessions for people who are willing to live in regional Australia. The main conditions are:
* Primary applicant must be at least 55 years of age
* Must be no other dependants except a spouse
* Must be sufficient assets to ensure self support in Australia
* Maintain private health insurance for the duration of their visa
* Limited work rights of no more than 20 hours a week
* Initial and further stay period of 4 years.
More information is available from the Immigration Department at http://www.immi.gov.au/legislation/amendments/lc01072005_22.htm If you are offshore and want more info on regional Australia check our links at http://www.findem.com.au/resources/displayResourcesArticle.php?id=82
With house prices falling in Australia and about to turn off a boom in the UK this is likely to appeal to retiring UK boomers with offspirng down-under. Over the year to March quarter UK house prices rose 5.5% compared to 16.9% in the previous year. In Australia the year to March 2005 was -2.3% and previous year 15.9%.
Posted Wednesday, 29 June 2005
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