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.