New pathway to permanent residence for retirees
Permanent residence for retirees has now become easier under a new pathway introduced from 17 November 2018. Under the new pathway, retirees may be able to access permanent residence through the Parent Visa (Subclass 103) or the Contributory Parent Visa (Subclass 143) without passing a Balance of Family test.
Permanent residence for retirees – am I eligible to apply?
While Australia’s Retirement Visa (Subclass 410) and Investor Retirement Visa (Subclass 405) categories are no longer open to new applicants, if you have held either one of these visas you may now be eligible to apply for permanent residence through the Parent Visa (Subclass 103) or the Contributory Parent Visa (Subclass 143) as an overseas retiree.
Your eligibility will also depend on the date you held these visas, whether you are currently in Australia, and whether you held any other visas after holding a Retirement or Investor Retirement Visa. You will also need to meet health and character criteria and meet sponsorship, Australian family or Assurance of Support requirements.
What is the difference between the Parent Visa and the Contributory Parent Visa options for retirees?
The requirements for both visas are the same, however the costs and Government visa processing times vary. The Contributory Parent Visa (Subclass 143) has shorter processing times than the Parent Visa (Subclass 103), however the Government fees are also significantly higher.
What are the benefits of becoming a permanent resident as a retiree?
Apart from the peace of mind that comes with retiring in a country that is well known for its quality of living, once your Contributory Parent Visa (Subclass 143) or Parent Visa (Subclass 103) is granted, you will also be considered a permanent visa holder for the purposes of purchasing a property, taxation, claiming a pension and other social benefits.
Want to retire in Australia? How our migration agents can help
Immigracious can help you understand if you meet the eligibility requirements for the new pathway to permanent residence as an overseas retiree via our free visa assessment. Our migration agents can also guide you through the visa process and provide detailed advice at each step of the way. Contact Immigracious for a free visa assessment on 6263 4406 or hello@immigracious.com.au
Source:
Immigracious Migration Agents Perth
Migration Institute of Australia
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