A Retirement Visa is valid for four years and is aimed at retired individuals and their spouses who are prepared to make a financial investment in Australia. You can work for up to 20 hours a week on a Retirement Visa, but must pay taxes. You must be self-funded, so cannot get Australian social welfare benefits, including subsidised health care. This visa will not lead to permanent residence, but you can apply again once your Retirement Visa expires.
The main requirement is the investment you make – it has to be significant and long-term. You also need government sponsorship from an Australian state or territory, and the investment has to be in that state or territory. You must be over 55-years-old and have no dependents. You must also have health insurance, although you will be entitled to emergency medical care if you are from a country that has a reciprocal agreement with Australia. Those countries are Finland, Italy, Malta, Netherlands, Sweden and the UK.