its a retirement visa- designed to be extended annually as most recipients live here permanently. As a consequence you'll need a bank account and the 800k funds properly seasoned every time
You can only initially apply for a 3 month ' retirement' visa- they are then extended by 12 months at a time, assuming all requirements are in place. They are not new visas, just perpetual extentions on the original 3 months.
Much easier if you keep it going like this, precedent seems to be important.