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When you’ve reached that prime age where retirement is nearing, for some there is a particular place that may come to mind- Australia. The question is, is it possible for a U.S. citizen to retire in the foreign nation? Well, it most certainly is. Although it will take some time and effort on your behalf, retiring and moving to the land Down Under is likely to become reality.
To lawfully retire in Australia as a U.S. citizen, you must apply for a visa. The visa you apply for will depend on what the requirements are and whether or not you meet the criteria. The visas available to retirees include:
- Parent Visa
- Age Dependent Resident Visa
- Remaining Relative Visa
- Carer Relative Visa
- Investor Retirement Visa
If you are not qualified for the parent, age dependent or relative visas, your only option is to apply for the investor retirement visa. This visa is perhaps the most expensive way to retire in the country but is open to anyone that can meet the qualifications. To obtain this visa, you must provide proof that you have either AUD$500,000 or AUD$750,000 depending on where you plan to reside in the country. There is also a large application fee exceeding AUD$10,000 and other stipulations such as providing proof of your finances and investments.
Aside from applying for a visa, you’ll have other matters to address before you can settle into retirement overseas comfortably. There’s so much to do but you can hire international movers, migration agents, and other professionals to help you get it all completed.
Things to Do before Retirement
- Figure out your living expenses. In order to accurately depict your living expenses for your retirement in Australia, you’ll need to understand their currency and the cost of all the things you’ll likely spend money on out there. Eating out, shopping, housing, transport, entertainment, and other such matters will all cost money. Make sure you organize and prepare your budget accordingly. Australia is a more expensive nation to live in.
- Know how and where to exchange your currency and what the difference is between U.S. dollars and Australian dollars. This will greatly affect the budget and you have aside for retirement.
- Figure out your healthcare in Australia. This is extremely important considering you are entering the nation as a native citizen that is likely in need of the proper medical attention. Luckily, Australia provides their citizens with the worldwide health coverage known as Medicaid so figuring out your healthcare needs shouldn’t be too difficult although some restrictions do apply. You will need to learn about the country’s medical facilities and their operating procedures. For example, what you’d need to do and where you should go in case of a medical emergency.
- One of the more obvious things you’ll need to fulfill on your list of stuff to do is find the right housing. This could be in a retirement community, a suburban area, a metropolis, or along the shoreline. Wherever it is you’d like to reside, make sure you have a place to live before you make the big move.