The financially independent visa allows a person to apply for permanent residency directly and therefore allowing the applicant to work, study or manage their own business in South Africa. A financially independent visa is for those who are able to sustain themselves without an income within the country and affords the holder many freedoms.
If you’re like many foreigners looking to immigrate to South Africa and have no personal financial constraints, then a financially independent permit is just for you. The Financially Independent visa can be of use if applying for permanent residency when the applicant cannot demonstrate income but can demonstrate available capital. The basic premise of this application is that the immigrant moving to South Africa is of such financial standing that they will not be a drain on the South African government or economy.
Requirements needed for application process of the Financially Independent Permit:
- Application forms
- Proof of identification
- Net Worth of R12 million
- R120,000.00 shall be paid to the Director General upon approval of the application (It is worth noting that the fee is payable in two parts – the first smaller one on submission and the much larger fee only when the certificate is approved. The larger part of the fee is therefore not payable unless the application is approved)
Pros of the Financially Independent Permit:
- Age is not a factor in submitting your application
- It is not necessary for the immigrant to permanently reside in South Africa
- Once the visa is obtained, the immigrant must simply enter South Africa at least once every 3 years
The financially independent permit allows a person to apply for permanent residency directly and therefore allowing the applicant to work, study or manage their own business in South Africa. Should you be planning on retiring in South Africa, especially in the beautiful city of Cape Town, you can start looking forward to living in one of the best cities on the entire planet. Applicants will not be allowed to start up a business or be employed by anyone within South Africa whilst waiting for their approval, unless they have received written consent from the Director of the Department of Home Affairs
If you’re looking to obtain any South African visa, make sure you get in touch with one of our Immigration consultants today, to make your move to South Africa a seamless one.