The retiring abroad landscape has changed dramatically since the financial collapse of 2008. The traditional destinations of Spain, Greece, Cyprus, and Portugal have all seen economic issues, and in some cases, the uncertainty around these countries’ banking industries and subsequent fiscal reforms have threatened expats’ savings.
South Africa, on the other hand, continues to offer potential retirees the high-quality lifestyle, value for money and climate that they’re looking for, so it comes as no surprise that there’s been an increase in the number of people retiring in South Africa. You can read our blog post on the advantages of retiring in South Africa here.
People wishing to retire in South Africa can apply for temporary residence based on retirement. This visa is issued for up to 4 years and allows the holder to retire and reside in South Africa on a seasonal or continuous basis.
The visa does not allow the holder to work during their retirement. An authorization to work can be applied for, but is rarely granted in practice.
The main requirement for the retired person visa is the proof of a monthly pension or a monthly income generated by assets with a minimum amount of R37,000 for the duration of the stay in South Africa.
For those applicants who cannot meet the required income levels for residency under the retired permit or retired visa a suitable alternative for those with assets over 12 million rand would be the Financially independent permit.
If you’re looking to retire in South Africa, make sure you get in touch with one of our consultants today.