As the baby boomers start to consider retirement, they are looking to
destinations at home and abroad. No longer are they content to stay in
the same state where they lived working and raising children. With more
disposable income than generations before, many soon-to-be retirees are seeking
a warm climate and a lower cost-of-living, mixed with a little adventure.
For many, Australia fits the bill, with its excellent bargains, top-notch
health care and breathtaking scenery.
It may seem far away, but with the internet today, a computer and a
modem connects you to the rest of the world. All of Australia's major
cities are within an hour or two by plane. The infrastructure is sound,
and the government is stable. There are plenty of bank and loan services
in Australia so you will never be lost in that department. There is
shopping, cable TV and plentiful recreation. You'll also find an abundance
of space, lots of social clubs to join if you choose and “livability" not
found in other places. The Australian people are warm and generous, and a
nice perk is that they adore North Americans! The Gold Coast in
particular, located on the southeast coast of Queensland, attracts thousands of
retirees as it offers warm temperatures and plenty to do and see.
Clean, fresh, green, not crowded and reminiscent of a time when things
cost less, the pace of life was slower, and people seemed friendlier to one
another. And for American English speakers it will much easier to learn
speaking Australian English than any other foreign language!
Climate
Australia is roughly the size of the continental United States and has
a variety of climates, but it has no snow! It is a coastal country,
thanks to the dryness of much of its interior, with most of its population
living within 20km of the coast between southern Queensland and Adelaide.
This vast continent boasts a sunny climate and its people have a healthy love
of the outdoors.
In South Australia, Adelaide enjoys a Mediterranean climate with warm
summers and cool winters. In Mebourne, located in the state of Victoria,
the climate is cool but without snow. Temperatures range from 40 degrees
to 55 degrees in the winter and from 70 degrees to 90 degrees in the
summer. In Sydney, located on the southeast end of the continent, the
weather is humid but with a temperate climate.
Cost of Living
In general, the cost-of-living in Australia is half of what it is in
the U.S. The American dollar today buys twice as much as it does in the
States, and there are terrific opportunities for buying real estate and
investing in the Australian stock market. And even from Australia,
trading on the New York Stock Exchange is made possible by the internet.
Housing to fit all budgets can be found here. As with most
countries, housing in the major cities is generally expensive (Sydney is the
priciest city for real estate), but once you are outside the large urban areas,
accommodations can be had at reasonable prices. The cities which
frequently appear as offering a low cost of living comparative to the quality
of life on offer are Adelaide, Brisbane and Melbourne.
Most new homes are made of brick and built to the same standards as
U.S. homes. Currently, mortgage rates are about 5%. And if you sell
your home here, you will not pay any capital gains tax!
Healthcare
Life expectancy in Australia is high and the health and social care
facilities on offer are of a very good quality. However, retirees should always
bear in mind the fact that they will not be entitled to any government or
medical benefits during their retirement in Australia and will need
to secure their own fully-comprehensive insurance policy from an Australian
company.
Infrastructure
Australia has a highly developed and sophisticated infrastructure and
the standard of communications, transportation and public services on offer
here is on par to that available in other developed nations.
Investor Retirement Visas to Australia
While the Cost of Living in Australia is
reasonable for the retirees, getting there might not be so affordable for some
baby boomers, who dreams about relocating to Australia for retirement.
The Investor Retirement Visa Program enables
people over 55 years of age who are able to support themselves financially to
spend some retirement years in Australia. The Investor Retirement visa provides
you with the opportunity to work part-time and enjoy a relaxed and rewarding
lifestyle in Australia.
To be eligible for an Investor Retirement
visa, you must be over 55 years of age, be sponsored by an Australian State or
Territory and have no dependent family members (other than your spouse).
You must have sufficient assets to enable you to be financially
self-sufficient in Australia, without relying on the public healthcare system
or social security benefits. In fact, you must agree to take out comprehensive
health insurance with an Australian company to cover any medical costs.
Who is eligible?
The Investor Retirement visa gives temporary residence in Australia. It
requires 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 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.
Financial
requirements
To ensure that people who apply for an Investor Retirement visa are
fully self-supporting, the financial requirements are:
- for the
initial and all subsequent visa applications, payment of a second visa
application charge of $8,700 per person per visa application to offset the
possible cost of some applicants accessing aged care/nursing home services
at a future time (not refundable, regardless of whether care is utilized
during the life of the visa);
- for the
initial and all subsequent visa applications main applicant to be
sponsored by a State/Territory Government with sponsorship being
maintained for the entire period of the applicant's stay in Australia;
- for the
initial and all subsequent visa applications, main applicant to make a
minimum designated investment (DI) (depending on whether they nominate a
regional/low growth area or a non-regional/non-low growth area)in a State
or Territory Treasury bond of:
- A$750,000 for the initial visa, if the main
applicant has indicated to the State or Territory Government sponsor that
they are going to live in a non-regional or non-low growth area; or
- A$500,000 for the initial visa, if the
main applicant has indicated to the State or Territory Government sponsor
that they are going to live in a regional or low growth area; or
- A$500,000 for a second or further visa, if the
main applicant has indicated to the State or Territory Government sponsor
that they are going to live in a non-regional or non-low growth area; or
- A$250,000 for a second or further visa, if the main applicant has indicated to the State or Territory Government sponsor that they are going to live in a regional or low growth area;
In addition to
the DI, and for grant of the initial visa only, main applicant to provide
evidence of assets that can be used to establish a lifestyle in Australia, with
those assets allowed to be combined with those of the spouse, of a minimum of:
- A$750,000 if
the main applicant has indicated to the State or Territory Government
sponsor that they are going to live in a non-regional or non-low growth
area; or
- A$500,000 if the main applicant has indicated to the State or Territory Government sponsor that they are going to live in a regional or low growth area;
For the initial
and all subsequent visa applications:
The main applicant to provide evidence of an annual income stream, with
that income stream allowed to be combined with income stream of their spouse,
of a minimum of;
- $65,000 if
the main applicant has indicated to the State or Territory Government
sponsor that they will live in a non-regional or non-low growth area; or
- $50,000 if the main applicant has indicated to the State or Territory Government sponsor that they will live in a regional or low growth area.
Sources and Additional
Information:
