South
African Retirement Visa
A
retirement visa can be granted for 4 years to someone with a monthly pension,
irrevocable annuity or retirement account of R37 000 from a net
worth/combination of assets realizing R37 000 per month and wishes to retire
temporarily or permanently in South Africa.
A South
African Retired Person's permit is ideal for people wishing to retire in South
Africa temporarily or permanently subject to the financial criteria or
parameters being satisfied. This South African visa category is designed for
those intending to retire in the country or wishing to have a long stay in
South Africa with the need to renew the visa or permit. This retirement visa is
not based on age but rather on assets, rental income and / or bank accounts
generating income. It is based upon foreigner providing proof that such
foreigner has the right to a pension or an annuity or retirement account which
will give such foreigner a prescribed minimum payment for the rest of his or
her life from the country of his or her origin; or a minimum prescribed net
worth generating income for life.
This South
African immigration visa is a popular option for seasonal visitors, i.e. those
visiting the country for a period of six months or more. An important point to
observe is that successful applicants are under no obligation to apply for
permanent residence.
The
temporary grant may be renewed indefinitely so long as the requirements
continue to be met. However, permanent residency does bestow additional
benefits upon its holder. In South Africa, immigration through the retired
person's route can be either a temporary visa permit or a permanent residence
visa as outlined in the eligibility criteria summarized below.
- The temporary route is
granted for four years and is renewable indefinitely for four-year
periods.
- The permanent route offers
permanent residents the same rights and privileges as those with South
African citizenship, with a few key exceptions, most notably the right to
vote.
In both
the temporary and permanent residence category the, South African Retired
Persons Visa is based upon financial criteria and unlike a South African Work
Visa, no prior job offer needs to be in place before an application can be
made. Although unlike temporary South African visit visas, retired people can
permitted to work if they wish, provided they apply under the correct visa
category – Retirement plus Work Visa We wish to stress that the category
“retired person", does not confer a maximum or minimum age limit for this
class of visa for South Africa. Retired person's visas may be awarded to people
of all ages, provided that the eligibility requirements below are met.
- A pension, retirement
account or irrevocable annuity which has a value of at least R37, 000 per
month. This requirement applies to each person making an application.
- Alternatively, candidates
may obtain a South African visa of this kind by demonstrating a "net
worth" through a combination of assets which equates to a minimum of
R37, 000 per month. Once again, this criterion applies to each person
making an application.
Work
Conditions
The nature of this type of immigration to South Africa is such that no specific
stipulations are in place regarding a candidate's ability to work in South
Africa. In most cases, it may be assumed that people embarking upon this route,
based as it is upon a steady income from a source other than employment will
not be entering the country to work. However, each case will be considered
individually and candidates may be able to work during their time in the
country.
Applicants
wishing to work will need to submit an employment contract and is not required
to demonstrate that a South African citizen or resident is available for the
position. The idea here is that applicants under this category can supplement
their income and that the rules have been relaxed significantly from the
stringent work visa requirements.
Accompanying
Dependents
Spouse
immigration and dependent immigration are now provided through temporary South
African Retired person's visas. This route to South Africa is based upon the
financial security of each applicant and unlike work permit visas or business
visas, the dependent family members of retired applicants automatically qualify
for visit visa status to accompany the principle applicant and does not have to
meet the same criteria for temporary residence but for the purposes of
permanent residence they are treated as one family unit.
However,
in cases where an applicant successfully obtains permanent residence as a
retired person, their spouse and/or dependent children, i.e. those aged under
21 will also qualify for permanent residency.
Financially
Independent
An
alternative route exists in the financially independent visa for which
candidates would need to be able to demonstrate a net asset value totalling not
less than R12 million.
In
addition, it would also be necessary to demonstrate proof of payment of
R120,000 as a non-refundable sum to the Director General of Home Affairs. The
application for a financially independent visa will lead to permanent
residence.
- A retired persons visa may
be issued for a period exceeding three months to a foreigner who intends
to retire in the Republic, provided that the foreigner provide proof that
such foreigner has the right to a pension or an annuity or retirement
account which will give such foreigner a prescribed minimum payment for
the rest of his or her life from the country of his or her origin; or a
minimum prescribed net worth.
- The Department may authorise
the holder of a retired person permit to conduct work under terms and
conditions as the Department may deem fit to determine under the
circumstances.
- A retired person visa may
allow its holder to sojourn in the Republic on a seasonal or continuous
basis; and not exceed a four-year period, at the expiry of which it may be
renewed one or more times.
www.samigration.com
