My wife and i are now in an age position where we are at an age for a retirement visa (55). Before proceeding can anyone throw light on the folowing financial matters.
- Do we have to transfer capital / pension into Australia or as long as we can prove we have the income / assetts in the Uk, is this sufficiant.
This is key since with the renewal of retirement visas every 2 years (after the initial 4) I currently feel that we would like to long term rent in Oz living off the income from our rented out property here in the UK.
You don't have to transfer any assets into Oz. Also you are not allowed to transfer pensions unless a permanent resident. You should also be aware in which country you chose to be tax resident.
If Oz tax resident you can keep your UK funds and avoid Oz tax by "bed and breakfasting" them at the end of the tax year - June.
Thanks for the reassurance. At this stage although I can use an agent I feel that a visa application for this type cannot be too demanding now I have seen the requirements, its just those niggling uncertainties.
All I have to do now is convince my wife that the time is now right to leave the UK rather than wait for next years financial assessment increase. The continual press headlines (as in Daily Express today) about Brits wanting to emigrate is only going to make life harder. She is a Europe fan.
