IMCOSA Immigration Consulting South Africa - Retirement Visa
The South African retirement visa is issued to foreigners of all ages who have sufficient financial means available to them for their retirement in South Africa. The holders of this visa may reside in South Africa on a seasonal or continuous basis.
The following requirements apply:
- A monthly income from abroad of at least R20,000 from a pension, an irrevocable annuity or retirement account; or
- "Combined assets" (no minimum value) realising a monthly income of R20,000.
The above-listed requirements need to be met for the entire period of intended residence in South Africa and apply per person. This, in effect, means that the income or net assets of spouses or life partners are considered separately, and each partner needs to qualify for the permit in his/her own right. The holder of a retirement visa may be permitted to work under certain conditions.
You may be unsure whether you qualify, and you might not know what counts towards your monthly income, or how stringent the details of the requirements are. Give us a call, we'll gladly fill you in on all you need to know.
As laid out under Extended Visitor's Visa, financially independent persons wishing to stay in South Africa for more than 3 months without following an activity that requires an authorisation, cannot simply obtain an extended visitor’s visa anymore. In most cases these persons of independent financial means choose to apply for a retirement visa, even when they are far from having reached retirement age.
Permanent Residence Visa – Retirement, Financial Independence
Persons qualifying for the retirement visa may generally apply for permanent residence also. Spouses and children can be inlcuded in the application.
Financially independent persons can also obtain permanent residence based on retirement, whereby substantially the same criteria apply as in the temporary category.
Further to the above permanent residence based on financial independence can be obtained by persons with a net value of R7,5 million and on payment of a fee of R75,000 to the government. Due to the exaggerated fee and the more accessible alternative of the retirement visa, this visa category is hardly used.
Contact us if you intend retiring in South Africa, we'll make your relocation as efficient and smooth as possible.