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Retirement Visa / Permit South Africa
Obtaining a retirement visa / permit for immigration to South Africa is often a two stop process because of the factor that time plays.
Whilst application for a retires permit can be made without the need for obtaining temporary residency as a retired person first, this process can take 2 to 3 years.
Most retirees wish to immigrate before this; so in reality a temporary application is made for 4 years; and a simultaneous application for permanent residency application.
Individual not wishing to make a permanent application can apply to renew their temporary visas a few months prior to expiry.
Below are the pertinent facts relating to temporary and permanent applications for a retirement visa / permit for immigration to South Africa.
Immigration to South Africa as a temporary resident with a retirement visa / permit
South Africa welcomes retirees and imposes no age restrictions (neither young nor old) on applications for retirees. Although there are a number of criteria to be met the most prominent one is the need to be able to support yourself.
The financial criteria are as follows:
1. Each person applying must be able to demonstrate a monthly income of R20, 000 per month. Therefore a married couple need to show R40, 000 per month.
Or
2. That a capital sum is available of that equates to the monthly required income. For example a couple would need to have capital equating to R40,000 (monthly income) times by 48 (months) equalling R1,920,000.
Or
3. A combination of the above two.
Immigration to South Africa as a permanent resident with a retirement visa / permit
Again no age restriction applies to applications for permanent residency as a retired person. Applications can be made simultaneously with a temporary retired application or as stand alone.
As with the temporary retired visa / permit the most prominent criteria is financial.
The financial criteria are as follows:
R20, 000 per month of guaranteed income for one of the applicants.
In the case of a couple, the spouse/ partner will join the main applicant (the one with the R20, 000 per month) as an accompanying spouse or partner and therefore need show no income.
Please note guaranteed income proof comprises of:
- Pension Income
-
Rental Income (Temporary and Permanent Residence) – the following will be needed in order for the Department of Home Affairs to accept this as income
- Lease/Rental/Tenancy Agreements
- Duration of Lease Agreements (if applying for a four year permit/visa – please note that a statement from Rental Agent is needed – stating that property will be leased/rented out for a minimum of four years)
- Proof of Ownership of Property / Deed of Sale
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