IMCOSA Immigration Consulting South Africa - Retirement Visa
Kindly contact us for a free assessment regarding your immigration requirements under the new regulations.
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 R 37,000 from a pension, an irrevocable annuity or retirement account; or
- "Combined assets" (no minimum value) realising a monthly income of R 37,000.
The above-listed requirements need to be met for the entire period of intended residence in South Africa. As of May 2014, married spouses and life partners of at least 2 years, as well as minor dependent children can receive visas to accompany the holder of a retired person's visa without having to provide further proof of funds or income. 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 Permit – Retirement, Financial Independence
Persons qualifying for the retirement visa may generally apply for permanent residence also, provided that their minimum income is secured for the rest of their lives. Spouses and children can obtain permanent residence in a second step.
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 R 12 million and on payment of a fee of R 120,000 to the government. Due to the exaggerated fee and the more accessible alternative of the retirement category, the route of the financial independence category is rarely taken.
Contact us if you intend to retire in South Africa, we'll make your relocation as efficient and smooth as possible.