Australia is the number one destination for UK emigrants with UK-born people comprising Australia’s largest migrant community. If you are like many others and simply can’t resist spending your twilight years in the Land Down Under and finally following your dream of reef diving amongst stunning coral on a daily basis, here’s the most economical way to go about retiring in Australia while also getting the most out of everything the country has to offer.
Benefits of retiring in Australia
The similarities in languages make it an easy place to adjust to, the weather is much kinder than in England, and the economy is fairly stable. With more than enough to see and do all throughout Australia, it is quite a dream for many British retirees looking to escape the cold winters and increasing costs of the housing market. Aside from the ideal weather, Australia also offers a pretty decent healthcare system for aging retirees looking to live safe, healthy lives while abroad. In general, Australians pay slightly more income tax than those in the UK, but the country’s medical levy is much lower than the UK’s, making the total tax burden much lower and beneficial for retirees.
Sorting out your legal papers
In order to retire in another country, you will be required to apply for some sort of visa unless you are a national there as well as England. In Australia, there are a few options. If you have family or one of your children are living there, you could potentially apply for a Parent Visa or Age-Dependent Resident Visa. If you are not eligible for any of these visas, you will have to apply for an Investor Retirement Visa. The most time-consuming and headache-inducing part of applying for this visa is being able to prove to the Australian authorities that you have the sufficient funds to retire, which is generally AUD $500,000 if you plan on settling down in a rural area and AUD $750,000 if you are wanting to move anywhere else in the country.
Financing your retirement in Australia
Like many other people who are looking towards retirement, you are probably looking forward to enjoying your pension, especially as you plan a move to Australia and begin thinking about the endless beach trips and relaxing excursions you are about to embark on. In order to ensure you can enjoy retirement, it is important to first check and see what kind of an impact a move to Australia can have on the benefits you can receive. Private pensions are generally not affected, but you may also be able to claim a UK state pension while residing in Australia to supplement this retirement income. You can check with the International Pension Centre to see if you qualify.
Australia and endless adventure awaits
Warm, sunny beaches and endless groups of coral await you in Australia. If you are smart about how you plan your retirement, settling down in Australia isn’t that hard to do. Take the proper measurements in planning your visa, ensure your pension is in order, and register yourself as a new resident of this beautiful country. Welcome to paradise.