If it is your intention to retire in South Africa for a period exceeding three months, a foreigner needs to provide financial proof showing that he/she can sustain themselves whilst in the Republic.
Among other supporting documents for such permit the financial criteria is as follows:
– Proof of pension or an irrevocable annuity or retirement account which is payable for the rest of your life realizing R20 000 per month.
– A minimum of R20 000 net worth per month.
In the event of a couple wanting to retire in the Republic, each applicant needs to prove the financial criteria each.
Such permit is usually issued for a period of four years on a temporary basis and can be renewed. A retirement permit holder is also allowed to live in South Africa on a seasonal or continuous basis.
One can apply for temporary and permanent residence based on the criteria above with a few more personal and additional supporting documents for permanent residency. However, when applying for both temporary and permanent residency, one needs to ensure that you are always on a valid temporary residence permit in South Africa whilst your permanent residence application is pending. The wonderful aspect of a retired persons permit is that there are no age restrictions for you to apply as long as you meet the financial requirements. The Department of Home Affairs may authorize the holder of such permit to conduct work under terms and conditions as the department may deem fit to determine under the circumstances.
Please feel to contact us and allow us to make your immigration matters a simple and pleasant process.