Retirees moving to Australia on an Investor Retirement Visa, subclass 405 are able to live tax free in Australia by utilising Australia’s tax exemption on foreign sourced income.
The Investor Retirement Visa is designed for individuals aged 55 and over with net assets in excess of AUD$1,000,000. The visa allows you to live in Australia for four years and is renewable every four years thereafter, provided that you continue to meet the eligibility criteria.
With its tax friendly regime for temporary residents, together with all year round sunshine, Australia is a popular retirement destination for British expats. Retiring to Australia also allows you to transfer your UK Pension fund to an Australian Superannuation fund which is registered as a QROPS. Australian QROPS allow you to access your pension fund as a 100% tax free lump sum, once you are outside of the QROPS reporting period.
Global QROPS specialise in advising migrants on how to structure their finances in order to meet the financial requirements for the visa, whilst also taking advantage of the foreign sourced income exemption.
To find out more about the Investor Retirement Visa requirements, or Australian QROPS, please contact the Global QROPS team.