South Africa offer potential retirees the high quality lifestyle, value for money and climate that they’re looking for. With excellent retirement facilities, top notch medical care and a sure way to stretch your retirement-buck, South Africa remains a popular retirement destination for foreigners from all over the world.
New World Immigration took a look at some of the most frequently asked questions people have about retiring in the Rainbow Country.
and thus it comes as no surprise that there’s been an increase in the number of retirees settling in the rainbow nation.
FAQS ABOUT SOUTH AFRICAN RETIREMENT VISA APPLICATIONS
1. I am considering retiring in South Africa, what are my visa options?
There are two options available to people wanting to retire in South Africa. These are:
A retiree permit – this visa can be on a temporary or permanent residency basis, the applicant would have to apply for permanent residency should they wish to retire in the country and live here on a permanent basis.
An independent financial person’s permit: As more conditions apply in this case it would be wise to seek professional advice from New World Immigration’s team of immigration professionals.
2. On what grounds would my South African Retirement Visa be granted?
Both kinds of visas discussed in the first question would mainly require the applicant to be able to prove that they are financially independent and able to support themselves including their medical expenses.
This means that the applicant for a four-year Temporary Retirement Visa must prove that they have a monthly income of no less than R37,000 per month and that they will have access to this income for a period of at least four years.
A person applying for a Permanent Residency Visa would be required to prove the monthly income of R37,000 would be ongoing for the remainder of their life with the added requirement that the visa holder would have to visit South Africa at least once every three years, or risk the visa being revoked.
In the case of a financially independent permit application the applicant must prove a personal net worth of R12 million. The applicant would also be required to pay a once-off fee of R120,000 and, as with the Permanent Residency Visa, the holder must also visit South Africa at least once every three years to maintain the permit.
3. Are there any age restrictions on the permit options for retired people?
No! South Africa does not impose an age limit on foreign retirees.
4. Do I need a South Africa visa if I intend to stay in the country for only part of the year?
While you might have considered entering the country on a 3-month tourism visa and extending it by a maximum of another three months you would be ill-advised to do so under the newly introduced South African visa requirements.
Call New World Immigration and speak to one of our trained consultants who will give you up-to-date advice and help you with your South African Retirement Visa.