Affordability, the beautiful attractions, our wonderful climate are only some of the reasons people choose South Africa as their retirement destination.
Individuals wanting to retire in South Africa can apply for a temporary residence visa based on retirement (retired person visa).
The retirement visa is issued for up to four (4) years, and allows the holder of the retired person visa to retire and stay in South Africa on a seasonal or continuous basis. Continue reading
Nobody take into account the huge expense they might face for daily help, if they become disabled. While you are younger than 65 this won’t be a problem if you have Disability cover. But after 65 this could create a huge shortfall in your monthly budget. Also keep in mind your medical aid won’t cover it.
One of the biggest risk to your financial security post retirement, are health care costs. But nobody takes into account the cost involved with Long Term Private Care.
Most of the financial planning being done in the industry, are focused on covering your income and medical cost, when you retire. There is no focus on the cost of Long Term Private Care. The next issue you and your financial advisor will face, is to calculate what amount of cover will sufficient for Long Term Private Care. The long and short of this situation is simple, something is still better than nothing… Continue reading
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. Continue reading