Investement Retirement Visa 405

[Guest KandC]

Has anybody here obtained this visa. I need to check some detail out re the qualifying criteria.

 

Would like discuss ooflone via email of private message.

 

Please respond urgent advice needed, as have to reply to DIAC by 3/3/09.

 

Pleas help if you can. I do have an agent but need a bit of help from omeone who has made the move on this visa.

 

kindest regards,

 

Kris and Christine

[richjop]

Is this the 4 year one that you have to pay the bond of 500k for, if so, mum and dad have done it.

[Guest KandC]

Hi,

 

yes ut is. My query is about the amount of assets that you need. I thought it was just the $500,000 and income of $50,000. Is this correct?

[richjop]

My understanding is that you have to pay 500K that you get interest 6 monthly on, an income of 50k which for mum and dad is based on a work pension, completely private health insurance (mum and dad use medibank). I cannot think of any other criteria at the mo, PM if you have any other questions because I can ask them directly.

[Guest KandC]

Hi Richard,

 

thank you so much for your quick response.

 

We have just had a response from the DIAC that states that we have to have $500,000 in assets to transfer in cash to establish ourselves in Australia AND $500,000 to invest in the state, AND $50,000 income.

 

We have in the region of $749,000 from which we can invest $500,000 in the state scheme. Our joint work pensions are well in excess of the required $50,000 income. This we understood was all that was required. It would leave us with $249,000 to settle in the state.

 

We believe that an error has been made in the additional $500,000 assets required to establish ourseleves in Australia. The DIAC case officer seems to think we need $1,000,000 in net assets.

 

We are so keen to move to SA, have got state sponsorship on the assets that we have declared. We are just confused at the moment.

 

Any clarity that you can provide will be much appreciated.

 

We would love to understand how your parents acheved their goal. Are very willing to exchange further detail via private message or via email.

 

kindest regards,

 

Kris and Christine

[richjop]

The extra 500K is correct I believe, so its a total of 1million which mum and dad achieved through the sale of their house in UK and other assets. They are on holiday in Melbourne at the moment but I'll speak to them tonight to clarify matters. By the way we are also from Kent, whereabouts are you?

[Guest KandC]

Hi Richard,

 

well we are living in Ashford at the moment.

 

Thanks for the response, hopefully we can clarify this, as we were under the impression that we could make the move with less than $1,000,000.

 

Look forward to your reply.

 

regards,

 

Kris and Christine

[richjop]

I have double checked and it may be worth talking to an agent but its pretty clear on the DIAC website http://www.immi.gov.au/visitors/special-activity/405/eligibility.htm#f that you need to make an investment of 500K and have assets of 500K plus an income of 50K and private medical insurance. The assets need to have been in your name for a least two years before payment (I know this because mum and dads house did not complete in time to pay the bond and we offered to lend them the money but it had to be theirs so they got an extension on the date). So all in all its 1million dollars plus income. Sorry to be the bearer of bad news, as I say, see if there is another way, this one is very hard. Joanne

[Guest KandC]

Joanne,

 

thanks for the info. We were unsure and used and agent. Taken quite a time to get everything together. We queried the 500,000 and 500,000 and was told it was only $500,000 that we needed. To say we are annoyed is the least of it.

 

When we started I was just 55 and could possibly got an age exemption because of my skills and experience, I think now at nearly 57 that is going to be a lot harder.

 

Ah well, back to the drawing board.

 

kindest regards,

 

Kris and Christine