I built up a lot of Velocity points when I lived in Aus. Now I'm living in the UK, I'm annoyed to find I cannot book flights for family and friends to visit the UK, because Velocity partners who fly to Europe: VS, MH, etc will only allow the cardholder to redeem flights for themselves.
But I can use them for DJ or VA flights for those still in Aus.
That said, I don't recall any requirement for Velocity members to remain Australian residents, and the points don't currently expire, so they'll be good for something eventually.