Its winters and sunny beaches made it a fascinating and popular destination for retirees from abroad looking for warmth and pleasant climates. This is a guide on some of the important things to know before planning your retirement in Australia.
Visa types for retirees
There are two ways you can gain entry into the country and retire for as long as you want. You may apply for the standard retirement visa, provided you meet all requirements. Alternatively, you may apply for a permanent Australian retirement visa. The Standard Retirement Visa is for ex-pats above 55 years who want to retire in Australia. The standard retirement visa is a temporary visa, which is valid for four years.
After this, the visa may be renewed every two years. To qualify for this type of Visa, you must be in good health and have no previous criminal record. There is a catch to using this visa though; you can only travel with a spouse. The Permanent Australian Retirement Visa is issued to persons looking to stay for a longer time. Seen as an investment visa, to qualify for it, you should have assets of significant value.
This value might be different in all parts of Australia $750,000 worth of assets in high regions and $500,000 for a spouse you are traveling with or $500,000 worth of assets in low regions and $250,000 for a spouse you are traveling with. A catch to this is that you have to provide evidence of ownership for a minimum of two years before applying for a permanent Australian visa.
Living
Most of the cities in Australia offer a low cost of living. However, just as in every country in the world, there is a slight difference in the cost of living in each city. Your location in the city and lifestyle will determine your actual cost of living while retiring in Australia. The costs of living in cities like Adelaide, Brisbane, and Melbourne are quite cheaper compared to the high quality of life they offer. Australia has a low crime rate and can be considered a safe country. You will experience little or no crime during your stay in the country.
Healthcare for retirees
Health is important to all humans. In Australia, the health care system offers quality services to all its residents. However, as a foreigner, you must know that there is no free medical care for ex-pats in Australia. To access private health care during your retirement, you should buy a sufficient health insurance policy from an Australian company to cover all your medical treatments during your stay.
Housing for retirees
More emphasis is placed on renting system in Australia instead of on buying properties. If you are looking to retire in the country, you should focus more on buying a property as this might increase your chances of getting a visa. Note that if you do not intend to stay for a long time in Australia, you should rent an apartment rather than buy one.
Also, the location of a property determines its cost; proximity to a large city makes it more expensive. Rents and purchase prices are higher in Sydney, Melbourne, and Darwin. Remember to hire a financial advisor to help you make necessary plans for your retirement and findings of the tax conditions in the country before you relocate.
In case Australia doesn’t seem suitable for you – contact us regarding your retirement in Europe!