Given that Australia is a world-known tourist destination, many people decide to spend some time there doing what they love – enjoying life. International travelers that end up living in Australia for a long period of time and still want to continue staying here are generally considered “permanent residents”. That being said, permanent residents of Australia can apply for something known as a “retirement visa”.
A retirement visa in Australia to travel and live indefinitely is possible. You can apply for an Australian retirement visa under the new age limit criteria and enjoy the weather, lifestyle, and the warm hospitality of Australians.
As the name suggests, the visa is intended to encourage retirees to relocate to Australia. It is available to those who want to reside permanently in Australia and meet certain eligibility criteria. The visa is not employer-sponsored and can be considered by both citizens of the UK and other foreign nationals. At age 65, beneficiaries of this visa are eligible for permanent residence in Australia.
Retirement Visa For Australia
It is known that Australians enjoy high-quality life, and many people covet this kind of lifestyle. Australia is a highly developed country with a high-income economy, fresh air, and low levels of pollution. Add to that natural landscapes and beautiful scenery to make Australia an even more perfect place to live and retire.
Australia offers two visas for foreigners who wish to retire in the country. You can retire in Australia if you are a holder of one of the following visas before 8 May 2018:
- Investor Retirement visa (subclass 405). This is a temporary visa for self-funded retirees who have no dependents and want to move to Australia to spend their retirement years. An Investor Retirement Visa is issued for a period of four years and allows you to work for 40 hours per fortnight.
- Retirement Visa (subclass 410). This type of visa is designed for foreign retirees and their partners who wish to spend their retirement years in Australia. The Retirement Visa is temporary and does not lead to permanent residency.
IMPORTANT: At the time, both the Investor Visa and the Retirement Visa are not available for new applicants other than existing holders.
How Can I Retire in Australia?
There is an alternative way for holders of the Investor Visa (subclass 405) and Retirement Visa (subclass 410) to reside permanently in Australia. If you had one of the visas mentioned above before May 2018, you are eligible to apply for the Pathway.
The Pathway was introduced in 2018 and is designed to provide eligible Retirement and Investor Retirement visa holders with the opportunity to get permanent residency in Australia.
NOTE: Only holders of the Retirement and Investor visas are eligible to apply for the Pathway.
How Can I Access the Pathway to Retire in Australia?
There are two ways you can access the Pathway:
- Parent visa (subclass 103). The parent visa is a permanent visa that grants its holder indefinite residency in Australia.
- Contributory Parent visa (subclass 143). This type of visa allows you to move and live in Australia as a permanent resident.
NOTE: Retirees applying for this type of visa are not obliged to meet the requirements for a family test and assurance of support sponsor.
What Are The Eligibility Criteria for Retirement in Australia?
To be eligible to apply for the visas that allow retirement in Australia, you must meet the following criteria:
- You must be 55 years of age or older (applicable for primary applicants).
- You must not have dependents (children or other family members).
- You must be of good character.
- You must be in good health conditions.
How Much Does it Cost to Retire in Australia?
Life in Australia might be a little expensive for most people, but living costs will not be a problem if you have enough savings. Generally, a monthly amount of $930 will be enough to cover your expenses, such as electricity, water, heating, etc., without including rent.
Here is a presentation of the average living costs in Australia:
|ACCOMMODATION (rent)||Monthly Cost|
|Apartment (1 bedroom) in City Center||$1270|
|Apartment (1 bedroom) Outside of Center||$960|
|Apartment (3 bedrooms) in City Center||$2155|
|Apartment (3 bedrooms) Outside of Center||$1570|
|ACCOMMODATION||PRICE per m2|
|Price for purchasing an apartment in City Centre||$5310|
|Price for purchasing an apartment Outside of Centre||$3730|
|UTILITIES||MONTHLY COSTS (85m2)|
|Electricity, Water, Heating, Cooling, Garbage||$140|
Healthcare in Australia
Healthcare in Australia is one of the best in the world run by all levels of Australian government – federal, state and territory, and local. The country provides safe and affordable healthcare to its citizens and legal residents.
Healthcare is funded through the public Medicare program and delivered by regulated public and private healthcare providers. All Australian citizens and permanent residents have access to fully covered healthcare in public hospitals, but individuals may purchase health insurance to cover services offered in the private sector.
Medicare is a healthcare insurance scheme operated by the nation’s social security department, Services Australia. Citizens and permanent residents of Australia access most healthcare services through Medicare.
Medicare is a single-payer universal healthcare scheme that provides additional coverage for specific groups.
Health insurance in Australia is optional and covers the cost of treatment as a private patient in a hospital. When choosing private health insurance, it is recommended to go with companies that offer you a medical plan with international coverage.
Why Should I Retire in Australia?
Here is why you should choose Australia for your retirement.
- Healthcare. Australia has one of the best healthcare systems in the world. The country makes sure to offer access to healthcare services and modern facilities to all its citizens and permanent residents.
- Life-quality. Australia is a country that excels when it comes to life quality, and many countries envy this. Starting from high-quality healthcare, food, weather, work-life balance, and higher wages, everything in Australia makes it a perfect place to live.
- Economy. Australia has experienced continuous and successful growth in its economy for the last 50 years. The country has what you call “a healthy economy,” with the vast majority of the population being middle-class and an extremely low rate of unemployment.
- Safety and security. The country is ranked 16th when it comes to safety and security, making it one of the safest countries in the world to move in permanently. The crime rates in Australia are generally low, and the most common dangers are natural ones.
- Nature. Australia has some of the most beautiful landscapes you have ever seen. The country offers many places to see and explore with incredible diversity, including wildlife habitats, tropical rainforests, deserts, rivers, mountains, and marine environments.
- Cuisine. Being a multicultural country has affected not only the life dynamic but also the cuisine. Australia has an exciting cosmopolitan cuisine with impacts from Thai and Japanese to Mediterranean cuisine. The country is home to several luxurious and unique restaurants and unique food chains.
What Are The Best Places for Retirees in Australia?
Considering some key factors for a comfortable retirement, such as healthcare, affordability, easy access, and comfortability, we have listed some of the best places to spend your retirement years in Australia.
St Helens, Tasmania
St Helens is the largest town on the northeast coast of Tasmania and is known as the game fishing capital of Tasmania. The town is small and cute, with delicious seafood and very friendly people.
Although the town is generally very beautiful, the real beauty of St Helens is the gateway to the gorgeous Binalong Bay and the Bay of Fires. These two are the gorgeous places you will ever visit with crystal clear waters, white sands, and beautiful big red rocks.
Sunshine Coast, Queensland
The Sunshine Coast is a paradise for everyone looking to spend their retirement in calm and serenity. It is the perfect place to feel like you are on a forever holiday. The best thing about the Sunshine Coast, besides the beautiful nature, is the locals.
Locals are nice and chill and will not hesitate to help you if you need anything. If you like BBQ with friends and family, beaches, and surfing, you will have a blast on Sunshine Coast.
A city located in the north of Tasmania, famous for its panoramic views, walking trails, and sculpted gardens. In Launceston, you will find a mix of city and country charms with heritage streetscapes.
The city is home to many wonders, such as the Cataract Gorge, Tamar Wetlands, and Queen Victoria Museum, as well as several beautiful cafes, bars, and restaurants.
South Coast, New South Wales
New South Wales has numerous beautiful golden beaches, breathtaking natural treasures, national parks, and lagoons and rainforests. These areas are known for camping, outdoor activities, and wildlife. One particular famous activity is whale watching along the coast.
South Coast also has a range of places to stay and restaurants that serve delicious local seafood, especially oysters.
The coastal capital of the southeastern state of Australia, is considered to be a great place to live. Melbourne offers multiple public transport options, low crime rates, great art and culture scenes, and an easy lifestyle, which helped Melbourne gain the status of the world’s most liveable city for seven years in a row.