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PERMIT OPTIONS » Retirement / Financial Independence |
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Retirement
The retired person permit is issued to foreigners of all ages who are able to submit proof of sufficient financial means available to them for their retirement in South Africa. The holders of this permit may reside in South Africa on a seasonal or continuous basis. The following requirements apply:
- A life-long monthly income from abroad of R 20 000 from a pension, an irrevocable annuity or retirement account; or
- „Combined assets“ (no minimum value) realising a monthly income of R 20 000.
The above-listed requirements apply per person. This, in effect, means that the income or net assets of spouses or life partners are considered separately and each partner needs to qualify for the permit in his/her own right. The holder of a retired person permit may be permitted to work under certain criteria.
Financial Independence
As laid out in under Visit/Holiday, financial independents who wish to stay in South Africa for more than 3 months without following an activity which requires an authorisation, cannot simply obtain an extended visitor’s permit anymore. In most cases these financial independents choose to apply for a retired person permit even when they are far from having reached retirement age.
»» Permanent Residence
Financial independents can obtain a permanent residence permit based on retirement, whereby the same criteria apply as in the temporary category.
Alternatively, a permanent residence permit based on financial independence can be obtained, provided the applicant can submit proof of a net value of R 7,5 million and is willing to pay a fee of R 75 000 to the Department upon granting of the permit. (Due to the exaggerated fee and the more accessible alternative of the retired person permit this permit category is hardly used.)
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New Quotas (Critical Skills List) Published
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Legislative Amendments Delayed
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Movement on Permanent Residence Applications
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Minister's Response on Immigration Issues
Media Release from the South African Department of Home Affairs
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