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.
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