Retired Person Permit
The "retired person's permit" is issued to foreigners of all ages who have 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 monthly income from abroad of at least R20,000 from a pension, an irrevocable annuity or retirement account; or
- „Combined assets“ (no minimum value) realising a monthly income of R20,000.
The above-listed requirements need to be met for the entire period of intended residence in South Africa and 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 conditions.
Financial Independence
As laid out under Extended Visit, financially independent persons wishing to stay in South Africa for more than 3 months without following an activity that requires an authorisation, cannot simply obtain an extended visitor’s permit anymore. In most cases these persons of independent financial means choose to apply for a retired person's permit, even when they are far from having reached retirement age.
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Permanent Residence – Retirement, Financial Independence
Persons qualifying for the retired person's permit may generally apply for permanent residence also. Spouses and children can be inlcuded in the application.
Financially independent persons can also obtain permanent residence based on retirement, whereby substantially the same criteria apply as in the temporary category.
Further to the above permanent residence based on financial independence can be obtained by persons with a net value of R7,5 million and on payment of a fee of R75,000 to the government. Due to the exaggerated fee and the more accessible alternative of the retired person's permit, this permit category is hardly used.
