This visa is designed for self funded retirees who have no dependants and who want to reside in Australia during their retirement years. The visa is temporary for four years and will not lead to Australian permanent residence or citizenship.
People from overseas who are 55 years or older, have no dependants (other than a partner who can be any age), are self supported, and are able to make a significant long term financial investment in Australia. If the visa is granted, the applicant is entitled to work in Australia for up to 40 hours per fortnight, travel in and out of Australia any number of times as long as the visa is valid, live in Australia for four years and have the partner accompany to Australia.
There is an option to apply for further Investor Retirement Visas which will allow the applicant to stay for a further four years if the applicant is able to meet the requirements to be granted a subsequent visa.
