Are you thinking about spending your retirement years in South Africa?
If you can prove the right to receive a foreign pension, or income from a lifelong irrevocable retirement annuity of at least R37 000.00 (Thirty Seven Thousand Rand) per month, or a Net Worth of a combination of assets which equates to a minimum of R37 000.00 (Thirty Seven Thousand Rand) per month, or a combination of the above, you may qualify for a Retirement Permit for South Africa for a period beyond three months and up to a renewable period of 4 (Four) years. The Immigrant can apply for renewal indefinitely and does not have to apply for Permanent Residence.
Conditional permission may be granted to such person to work as the Director General may deem fit under the circumstances and the permit may allow sojourn in the Republic on a seasonal (i.e. 6 months per year) or continual basis. It must however be borne in mind that the Retirement Permit is issued on the basis that the Applicant is not looking to work, study or carry out its own business.
Each Applicant will be assessed individually. It will not be possible to bring a Relative into South Africa based on one person's Retirement Status but an individual Application will have to be made. If a person qualifies for Permanent Residence, the normal principles for Permanent Residence will apply, i.e. then the Spouse and/or Dependent Children under the age of 21 will be able to enter the Country with the Retiree.
It is also possible to make Application for a Financially Independent Visa for Applicants with a Total Net Asset Value of at least R12m (Twelve Million Rand).
Section 20 of the Immigration Act of South Africa, Number 13 of 2002, as amended in 2007 determines as follows:
20 (1) A retired person permit may be issued for a period exceeding three months to a Foreigner who intends to retire in the Republic, provided that the Foreigner provides proof that such Foreigner has -
(a) the right to a pension or irrevocable annuity or retirement account which will give such foreigner a prescribed minimum payment for the rest of his or life from the country of his or her origin; or
(b) a prescribed net worth.
(2) The Department may authorise the holder of a retirement permit to conduct work under terms and conditions as the Department may deem fit to determine under the circumstances.
(3) A retired person permit may -
(a) allow its holder to sojourn in the Republic on a seasonal or continuous basis; and
(b) not exceed a four-year period, at the expiry of which it may be renewed one or more times, subject to subsection (1)
(1A) The spouse and dependent children accompanying the holder of a retired person permit may be issued with an appropriate permit issued in terms of this Act.
The new Immigration Regulations determines that an Application for a Retired Person Visa shall be accompanied by a Police Clearance Certificate. It also states that the net worth contemplated in the Act shall be a combination of assets realising, per month, the amount determined from time to time by the Minister by notice in the Gazette.