Financial Requirements For a Retired Permit Or Visa When Immigrating to South Africa
Many foreigners long to spend their retired days in South Africa with Cape Town remaining the favoured immigration destination.
When would you need a retirement permit / visa for South Africa?
A retired visa or permit is required when stays in South Africa exceed 3 months but also when South Africa is really a second home – for example regular stays of 3 months or more over a number of years.
Are age restrictions imposed on individuals wishing to apply for a retired permit / visa?
Many countries require that immigrants have reached the ”normal retirement age” (60 – 65) but the South African retired permit / visa applies to all foreigners, there is no minimum or maximum age requirement, the requirement that determines your validity for the retired permit or visa is based on your financial proof.
How long does a temporary retired permit / visa last for?
Applications for immigration to South Africa under the retired temporary residency category are valid between 12 and 48 months dependent on the financial proof supplied.
As permanent residency applications are sometimes taking an excess of 4 years, it is common that applications or the South African temporary residence permit / visa and permanent residence permit / visa are applied for simultaneously.
Proof of funds to support a retired persons permit / visa
Applications from immigrants for a retired permit / visa are required to supply the South African Department of Home Affairs or South African Embassy with various requirements for their retired permit or retired visa. In particular, the financial requirements (ability to support yourself) for the Retired permit or Retired visa are the determining factor.
For temporary retired permit / visa applications, the applicants are required to supply proof of the prescribed amount (R20, 000) per month, per person for a maximum of four years – a retired permit or visa can be issued from 12 – 48 months and this permit or visa can be renewed at the end of the validity, provided the financial proof is supplied when re-applying. This can be achieved by supplying proof of real rental income, pension income or investment income, cash assets are also accepted but only for temporary residence retired permits or visa applications.
For permanent residency applications for a retired permit / visa the proof of income is required to be life-long guaranteed income. This life-long guaranteed income is required to be proven per month, per person. This can be achieved by supplying proof of real rental income, pension income or investment income – no cash assets are accepted for the South African permanent residence retired permit or visa application.
There are many avenues in providing this proof in order to receive a South African temporary residence retired permit or visa – e.g. Bank statements, rental contracts, pension income and investment income. These documents cannot be older than six months when submitting the application for the retired permit or visa.
With the Rand value attractive on current exchange rates and the lower cost of living in South Africa these favourable conditions offer pensioners a lifestyle that cannot be achieved in Europe and America deriving from a fixed income.
Unlike many other countries, South Africa is permit / visa friendly to the retired person and its regulations for the retired permit / visa mirror this welcoming attitude.