An alternative to the Retirement Visa route
exists in the financially independent visa for which candidates would
need to be able to demonstrate a net asset value totalling not less that 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 Visa 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.