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South African Retirement Visa

Source: Samigration, 31/12/2018

A South African Retired Person`s permit is ideal for people want
to retire in South Africa temporarily or permanently subject to
the financial criteria or parameters being satisfied. This South
African visa category is designed for those intending to retire in
the country or wishing to have a long stay in South Africa with
the need to renew the visa or permit. This retirement visa is not
based on age but rather on assets, rental income and / or bank
accounts generating income. It is based upon foreigner provide
proof that such foreigner has the right to a pension or an annuity
or retirement account which will give such foreigner a prescribed
minimum payment for the rest of his or her life from the country
of his or her origin; or a minimum prescribed net worth generating
income for life.
This South African immigration visa is a popular option for
seasonal visitors, i.e. those visiting the country for a period of
six months or more. An important point to observe is that
successful applicants are under no obligation to apply for
permanent residence.
The temporary grant may be renewed indefinitely so long as the
requirements continue to be met. However, permanent residency does
bestow additional benefits upon its holder. In South Africa,
immigration through the retired person`s route can be either a
temporary visa permit or a permanent residence visa as outlined in
the eligibility criteria summarized below.
The temporary route is granted for four years and is renewable
indefinitely for four-year periods.
The permanent route offers permanent residents the same rights and
privileges as those with South African citizenship, with a few key
exceptions, most notably the right to vote.
In both the temporary and permanent residence category the, South
African Retired Persons Visa is based upon financial criteria and
unlike a South African Work Visa, no prior job offer needs to be
in place before an application can be made. Although unlike
temporary South African visit visas, retired people can permitted
to work if they wish, provided they apply under the correct visa
category â€` Retirement plus Work Visa We wish to stress that the
category â€œretired person`, does not confer a maximum or minimum
age limit for this class of visa for South Africa. Retired
person`s visas may be awarded to people of all ages, proving that
the eligibility requirements below are met.
A pension, retirement account or irrevocable annuity which has a
value of at least R37, 000 per month. This requirement applies to
each person making an application.
Alternatively, candidates may obtain a South African visa of this
kind by demonstrating a `net worth` through a combination of
assets which equates to a minimum of R37, 000 per month. Once
again, this criterion applies to each person making an
application.
Work Conditions
The nature of this type of immigration to South Africa is such
that no specific stipulations are in place regarding a candidate`s
ability to work in South Africa. In most cases, it may be assumed
that people embarking upon this route, based as it is upon a
steady income from a source other than employment will not be
entering the country to work. However, each case will be
considered individually and candidates may be able to work during
their time in the country.
Applicants wishing to work will need to submit an employment
contract and demonstrate that no South African citizen or resident
is available for position. If candidates were to achieve permanent
resident status then as with other routes to settled status,
working in South Africa would be permitted.
Accompanying Dependents
Spouse immigration and dependent immigration are now provided
through temporary South African Retired person`s visas. This route
to South Africa is based upon the financial security of each
applicant and unlike work permit visas or business visas, the
dependent family members of retired applicants automatically
qualify for visit visa status to accompany the principle applicant
and does not have to meet the same criteria for temporary
residence but for the purposes of permanent residence they are
treated as one family unit.
However, in cases where an applicant successfully obtains
permanent residence as a retired person, their spouse and/or
dependent children, i.e. those aged under 21 will also qualify for
permanent residency.
Financially Independent
An alternative route exists in the financially independent visa
for which candidates would need to be able to demonstrate a net
asset value totalling not less than R12 million.
In addition, it would also be necessary to demonstrate proof of
payment of R120,000 as a non-refundable sum to the Director
General of Home Affairs. The application for a financially
independent visa will lead to permanent residence.
A retired persons visa may be issued for a period exceeding three
months to a foreigner who intends to retire in the Republic,
provided that the foreigner provide proof that such foreigner has
the right to a pension or an annuity or retirement account which
will give such foreigner a prescribed minimum payment for the rest
of his or her life from the country of his or her origin; or a
minimum prescribed net worth.
The Department may authorise the holder of a retired person permit
to conduct work under terms and conditions as the Department may
deem fit to determine under the circumstances.
A retired person visa may allow its holder to sojourn in the
Republic on a seasonal or continuous basis; and not exceed a four-
year period, at the expiry of which it may be renewed one or more
times.

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