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Australia is a very popular destination for retirees from overseas; however, the options to do that are limited. The previously available Retirement Visa ceased in July 2005, and was replaced by the Investor Retirement Visa. It is a temporary entry visa and does not lead to permanent residence in Australia or to Australian citizenship. To apply for an Investor Retirement visa you must be 55 years or older, have no dependants other than a spouse, and be able to support yourself in Australia without any cost to Australia's social and welfare services. Under this visa you are not covered by Medicare or any other social security benefits. You will need to hold private medical insurance for the whole duration of your visa, and will be allowed to work for up to 20 hours per week.

Applicants will need to be sponsored by an Australian State or Territory (excluding NSW which does not provide sponsorship for this type of visa). Applicants must have sufficient capital to transfer to Australia, which varies depending on whether you want to live in a regional or non-regional area. More detailed information can be found on http://www.immi.gov.au/allforms/retirement/overview_invest_retire.htm. Prior to applying for the Investor Retirement Visa you are advised to consult with currency and investment experts both in Australia and in your home country. As with other visas, you will be required to undergo a medical examination as well as character clearances from countries in which you have lived.

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Information courtesy of Sue Ellson, Founder of Newcomers Network and Dina Zavrski-Makaric, Sydney Representative of Newcomers Network and Personal Coach and Counsellor of Challenging Directions.

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