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What are the Differences between a Financially Independent Visa and a Retirement Visa

What Are The Differences Between A Financially Independent Visa And A Retirement Visa

It should not be a problem at all for foreign nationals that are financially independent and want to immigrate to South Africa to apply for their permanent residency permit.

Should you be planning on retiring in SA, especially in the beautiful city of Cape Town, you can start looking forward to living in the Second Best City on the entire planet.

Requirements for Financially Independent Visas and Permits in SA

Immigrants who are considering applying for a Financially Independent Visa will need to meet the following criteria.

• In order to apply for PR, applicants will need to prove that they own property that is worth more than R7.5 million and will need to deposit a minimum of R1.5 million into either a South African financial institution or a SA bank account. A minimum of R700 000 of the deposited money needs to be invested for a period of three years.
• People applying for Financially Dependent Visas will be charged a R75 000 (once-off) fee. If applicants apply abroad, the SA High Commission will then grant approval.
• Applicants will not be allowed to start up a business or be employed by anyone within South Africa unless they have received written consent from the Director of the Department of Home Affairs. Should applicants change their address within the three year period, they will need to notify Home Affairs as soon as possible.

Requirements for Retirement Visas and Permits in SA

SA Retirement Visas are issued to any person who can prove that they will have enough funds to support themselves while living in South Africa. Age is not an issue where this type of visa is concerned. Once a Retirement Visa is issued, there are no restrictions as to how long the holder may stay in South Africa.

Immigrants who are considering applying for a Retirement Permit will need to meet the following criteria.

• Applicants need to have a monthly income of not less than R20, 000. This money can come from either investments, pensions or a retirement account, which must come from abroad.
• If this is not possible, applicants can combine financial resources to make up the required monthly income.
• The other option is proving to the South African government that an applicant’s net worth is not less than R12 million.

Every individual applicant will need to meet the above mentioned criteria for the duration of their stay. The assets and income of life partners are considered individually and not as a unit. What this means is that both partners need to qualify separately. There are some cases in which Retirement Visa holders will be allowed to look for employment.

For more detailed information regarding these types of visas and permits, it is advisable that you seek the advice of a trained professional, who deals with immigration laws on a daily basis.

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