| The new temporary investor retirement Visa (subclass | | | | apply for the required Designated Investment (DI), |
| 405) commenced on 1 July 2005. The proposed visa | | | | establishment costs and income stream for those |
| targets retired business and professional people with | | | | intending to live in regional or low growth areas. |
| significant assets who are seeking to spend some of | | | | More specifically, the Visa will have the following |
| their retirement years in Australia and who will benefit | | | | characteristics: |
| Australia through major investment. The visa will | | | | * for the first or initial Visa application, main applicant |
| require holders to be financially self-sufficient so that | | | | would be 55 years or older (spouse could be under 55 |
| their presence in Australia will be at no cost to the | | | | years of age) |
| Australian taxpayer. | | | | * each applicant to have limited work rights of 20 |
| The investor retirement Visa is being introduced | | | | hours per week, to allow Visa holders to pursue |
| following the consultations with the State and Territory | | | | activities such as volunteer work or investment |
| Governments. The Visa provides incentives to | | | | management without breaching Visa conditions |
| encourage persons to settle in regional/low growth | | | | * each applicant to meet full migration health and |
| areas in those States and Territories that offer | | | | character criteria for the first or initial Visa only and to |
| sponsorship. | | | | satisfy streamlined health and character for further |
| In agreement with State and Territory Governments, a | | | | Visa applications |
| two-tiered approach has been developed which will | | | | * each applicant must have no dependants other than |
| require applicants to nominate at time of sponsorship | | | | a spouse; and initial maximum period of stay would be |
| whether they intend to settle in a regional/low growth | | | | 4 years, renewable if applicant continues to meet |
| or a non-regional/non-low growth area. The definition | | | | criteria, for an additional 4 years |
| of regional and low growth that will be used for the | | | | The investor retirement Visa will replace the current |
| Investor retirement Visa will be the same as that used | | | | temporary retirement Visa (subclass 410), although |
| for the Skilled Independent Regional (SIR) Visa. Their | | | | people currently holding a temporary retirement Visa |
| place of intended settlement will determine the level of | | | | will continue to be able to make an application for a |
| funds required to satisfy the financial criterion. In line | | | | temporary retirement Visa. |
| with the two-tier approach, reduced thresholds will | | | | |