Retirement to Australia - help me achieve my goal

ROCKINGHAM

Why don't you buy to let in Oz? As for pensions, both my parents retired out there to join my sisiters. Not only did they receive their British Pensions and Work Pensions there were topped up with an Oz pension. They were very comfortable.

I certainly regret that I didn't move there when it was easier for us as we would have been eligble under the Family Reunion scheme.

I understand that you are tailoring your investments to meet the criteria of entry into Oz as they stand now - but that criteria is rising all the time.

Gone are the days when you could obtain a visa if you could establish you were self sufficient. Now you have to prove that you can actively make a contribution to Oz - either in talent or ££££.

By the way, which part of Oz were you thinking of heading?

savingforoz

I was thinking either of Perth or Sydney but have no fixed ideas. I take your point about tailoring things to meet current requirements but that's all I have to go on at present. Have signed up for the newsletter mentioned above to keep me up to speed with developments on that front, and of course I can always check the Austalia House website.
Good point about buying in Oz - Perth would be far easier and cheaper to buy that Sydney - will do some web searches and suss out prices etc. That way my deposit will go much further house wise than it will here.
All exciting stuff!

ROCKINGHAM

Perth is where my family is - hence my user name - Rockingham about 45mins south of Perth. Check out esate agents in Perth and suburbs to see what you can get for your money. Non residents can buy new property or land only. Sydney well you are talking mega $ - comparable with London prices I'm afraid.

Also it would br worth checking if you could study down there too. There must be a accredited society for the field in which you are training, Oz very strict on this sort of thing. Why don't you find out to see what courses are being offered - I know some are offered at University down there too. Prehaps a year out studying there, will get you the qualification you need plus let you get a better insight of the opportunities that might be available for you.

Gotta breathe it to live it!

Cook_County

You are of course already subject to UK tax on investment income from your savings in Australia and will continue to be so until you emigrate. You will need to factor both Australian and UK tax into your calculations of rental income from the Australian BTL.

EdInvestor

They say houses roughly add 100% in value every 6 years...

They do? I suspect "they" will be found to be comprehensively *wrong* over the next 6 years.

As for pensions, both my parents retired out there to join my sisiters. Not only did they receive their British Pensions ....

Bear in mind that the UK state pension is not increased for inflation by either the UK or the Australian Government now, so your pension will always remain at the same level as when you left, gradually losing value over the years. (This is an outrageously unfair arrangement which only affects some countries, such as Oz,NZ,Canada. South Africa - but not Europe or the US. :mad: )

You will need to factor both Australian and UK tax into your calculations of rental income from the Australian BTL.

Note that rental income in Australia is low and most BTLs make a a loss, because investors there can offset the loss against their earned income, thus reducing their tax.This is not allowed in the UK.

ROCKINGHAM

Both my sisters each have an investment property plus another which they jointly own - they have paid off the mortgage on the joint one in less than 8 years and well on the way to paying off their individual investments. Much depends on where you buy of course - but give them their due - they did their homework and it has paid off. However they will be liable to "capital gains tax" on the profit when they sell.

Re Pensions. My parents found out that as they used spend summers in the UK with me then they could have their UK pensions increased to the current rate. They didn't bother though as any increase in their UK pension meant a decrease in their Oz pension. But as previously stated they were comfortable - don't think they would have been if they had remained here.

EdInvestor

Re Pensions. My parents found out that as they used spend summers in the UK with me then they could have their UK pensions increased to the current rate.

AFAIK that's only for the period they are actually in the UK.The amount drops again when they return to Oz .

They didn't bother though as any increase in their UK pension meant a decrease in their Oz pension.

It used to be the case that the Oz Government kindly made up the difference but they've stopped doing that now.

ROCKINGHAM

Obviously too many going over there to retire. Although it was 20 years my parents were really surprised that they were entitled to the Oz pension. My Dad had a very good non contributory pension from work as well - the pair of them were better off than most. They certainly had a good life out there, made many friends and travelled.