A retirement permit is usually awarded to a foreigner who plans to retire in South Africa and has the means to qualify in the form of pension, irrevocable annuity or any form of investment.
In order to qualify for the retirement permit, a foreigner needs show proof that he/she has a lifelong income that amounts to R 20,000.00 per month or R 40,000.00 jointly as a married couple or evidencing a net worth of assets that is equivalent to R 20,000.00 per month.
A retirement permit may be issued up to 4 years and is renewable with the option to apply for permanent residency should your financials permit you to qualify. This permit gives an applicant the freedom to stay in South Africa on a seasonal basis and giving them the flexibility to reside in other parts of the world. The retirement permit does not allow one to work in South Africa nor does it allow you to start your business.
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