Investor Retirement Visa (subclass 405)

NORTHERN TERRITORY GOVERNMENT

SPONSORSHIP GUIDELINES FOR INVESTOR RETIREMENT VISA 405

Australia's Northern Territory is actively participating in the Investor Retirement visa (subclass 405) scheme and wants retirees, aged 55 years and over who meet the Department of Immigration and Citizenship (DIAC) criteria for the visa, to consider opportunities for settling in the Northern Territory. Details of this visa which came into operation on 1 November 2004 and how you can apply can be found on the DIAC website www.immi.gov.au.

The visa provides for a choice of location either in a metropolitan or in a regional or low growth area of Australia. Retirees who choose to setlle in a regional or low growth area can access lower eligibility criteria through sponsorship by a State or Territory Government. For a "regional" Investor Retirement visa the annual income and designated investment criteria is lower than the criteria for a "non-regional" visa. These lower eligibility criteria apply to the whole of the Northern Territory as it is considered "regional" for the purposes of Investor Retirement visa. When completing the Form 1249 "State/Territory Sponsorship: Investor Retirement Visa"  you will need to note the postcode for the Northern Territory as "Entire Territory".

You can choose to live anywhere in the Northern Territory including Darwin, its capital or any of our major regional centres Alice Springs, Katherine, Tennant Creek or Nhulunbuy.  Information on living in the Territory is available through the Northern Territory Government's migration website www.migration.nt.gov.au.

Eligibility Criteria for Investor Retirement Provisional Visa

You will need to:

  • be aged 55 years and over (your spouse can be under 55 years of age);
  • have Northern Territory Government sponsorship;
  • deposit AUD$500,000 as a Designated Investment with the Northern Territory Treasury Corporation in Treasury Bonds for a minimum of 4 years. Further information on this can be obtained by visiting http://www.nt.gov.au/ntt  ;
  • show evidence that you have an additional AUD$500,000 in assets available for transfer to live in the Northern Territory;
  • show you have a minimum net income stream of  AUD$50,000 per annum;
  • demonstrate that you have appropriate health cover for you and your dependents; and 
  • demonstrate that you do not intend to work full-time in Australia (provision is available to work up to 20 hours per week).

You and your dependents will also need to meet the Department of Immigration and Citizenship's (DIAC) health and character requirements for this visa.

How do I apply for Northern Territory Government Investor Retirement sponsorship?

For Northern Territory Government sponsorship for the Investor Retirement visa you will need to:

  • determine whether you meet the criteria for Northern Territory Investor Retirement sponsorship;
  • lodge a completed Form 1249 with the Department of Business and Employment (DBE) together with a Statement of Assets and Liabilities ;
  • show evidence of your net assets. This can be demonstrated by a Statement of Assets and Liabilities for each of the two financial years prior to the lodging of the sponsorship application. The financial year starts on 1 July and ends on 30 June.  The visa you will be granted will be a provisional or temporary residence visa for four years. If you intend to reapply for a further visa, you will once again require Northern Territory Government sponsorship but the Designated Investment amount will reduce to A$250,000. There is no requirement to submit another Statement of Assets and Liabilities. However, you will be required to demonstrate that you have been living in the Northern Territory to qualify for ongoing Territory sponsorship; and.
  • also need to show evidence that you can meet the minimum annual income stream requirement of A$50,000.

Following is an outline of the process:

  • Determine whether you meet the Northern Territory criteria for the Investor Retirement sponsorship as above.
  • Complete the Form 1249 "State/Territory Sponsorship: Investor Retirement Visa"
  • Complete the Statement of Assets and Liabilities for two years and provide supporting documents.
  • Lodge the completed Form 1249 and Statement of Assets and Liabilities together with supporting documentation with DBE for sponsorship assessment. You will be contacted when the assessment is completed. If Northern Territory sponsorship is granted DBE will return to you the completed Form 1249 and other supporting documentation.
  • Lodge the certified sponsorship application Form 1249 (to accompany your completed Form 147 visa application) with DIAC Perth Business Centre. The sponsorship application is valid for 12 months from date of approval.
  • You will be advised by DIAC when the Designated Investment of A$500,000 into Territory Bonds needs to be lodged with the Northern Territory Treasury Corporation.

If you are assessed eligible for Northern Territory sponsorship you will be advised and asked to sign a sponsorship agreement.

Northern Territory Sponsorship is conditional upon:

1. The designated investment of A$500,000 invested in Northern Territory Treasury Bonds through the Northern Territory Treasury Corporation for the 4 year term of the visa. For subsequent visas, a designated investment of $250,000 in Northern Territory Treasury Bonds is necessary.

2. Residency in the Northern Territory. Notification of arrival and residency details must be provided to Department of Business and Employment.  Evidence of ongoing residency in the Northern Territory will be required for continued sponsorship if you intend to reapply for a further Investor Retirement visa.

3. A minimum annual income stream of $50,000 (the combined income of you and your spouse is acceptable).

4. The sponsorship being submitted to the Department of Immigration and Citizenship within 12 months of approval.

If the sponsorship approval expires, and sponsorship is still required, you will need to lodge a new sponsorship application. If sponsorship is approved but no longer needed, you will need to advise Business and Skilled Migration Services, Department of Business and Employment accordingly.

For further information about sponsorship for the Investor Retirement visa, please contact:

Business and Skilled Migration Services
Department of Business and Employment
GPO Box 9988
Darwin NT 0801

Phone: 61 8 8999 5264
Facsimile: 61 8 8999 6096

Email : migration.dberd@nt.gov.au

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Last updated on the Thursday 26 Mar 2009

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