Retirement visa for South Africa
On October 24, 2019 / Leave a comment
South Africa continues to offer potential retirees the high-quality lifestyle, value for money and climate they’re looking for, so it comes as no surprise that there’s been an increase in the number of retirees settling here.
You’ve retired, sold your house, and have chosen warm, sunny, South Africa for your next home. The Retirement Visa is perfect if you want to stay in South Africa long term or just come in on a seasonal basis. This is a temporary residency permit and is typically issued for 4 years. It can be renewed and is a multiple entry visa. This is also a great option for Entrepreneurs who have the income required but wants to live in South Africa for part of the year and does not work in South Africa. There is no age minimum for the Retirement Visa.
A Retirement visa as a means of immigration to South Africa, is granted to immigrants wishing to spend their retirement years in South Africa. For immigration to South Africa, under the category of a retired permit, the criteria are based on the premise that the immigrant is not looking to work, study or carry out their own business.
To apply for the Retirement visa in South Africa, you must have an income of at least R37 000 per month.
Permanent residency applications under the retired permit category can be made without the need to first obtain temporary residency, but in practice most immigrants will apply for both (where they meet the qualifying criteria) due to the long processing times of Home Affairs.
The financial criteria for retired permits under the permanent category are similar to that of temporary in that the R37 000 monthly income needs to be proved. However, the proof of funds needs to be life-long guaranteed income and not capital based or a cash lump sum.
Please note that at the time of submission for your Retired Permanent Residency application, rental income or pension income needs to be payable at the current date. Bank statements will be needed as supporting evidence that these funds are credited into your account when submission takes place.
If you’re looking to obtain a Retirement visa for South Africa, make sure you get in touch with one of our immigration consultants today.
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