The Retirement Visa for South Africa offers excellent benefits for persons looking to retire in South Africa. The country is a popular destination for many retirees as it offers a high-quality lifestyle and excellent climate.
The retirement visa for South Africa is a temporary residence visa. There is no age restriction on the retirement visa.
How to qualify for the Retirement Visa
There is no age restriction under this visa category. Anyone can thus qualify, provided that they can fulfil the financial requirement of the retirement visa.
To qualify for a Temporary Retirement Visa, the applicant has to show a monthly income to the amount of R37 000. This amount can consist of pension income and or interest from investments and or rental income.
It is also possible to qualify if one can show capital investments. The investment amount will then be divided into instalments of R37 000. The visa will be granted for the length of time that the investment funds can be shown.
Length of stay on Retirement Visa
The retirement visa is issued for a period of up to 4 years. It is possible to apply to extend the visa from within South Africa.
Right to work
One can apply for a work endorsement on the retirement visa. However, this will only be granted in exceptional circumstances. The applicant will have to prove that no suitable local South African workers are available to fill the position.
We do not advise our clients to request a work endorsement on this type of visa.
Spouses and dependents
Spouse and dependent children can also apply with the main applicant. When minor children are also included, we advise clients to show an additional income to the amount of R8 700 per month per dependent child.
Although the Retirement Visa is a temporary visa, it can lead to permanent residence.
The criteria for permanent residence would be that the monthly income of R37 000 is a lifelong pensionable income.
It is also possible for spouses and children to apply for permanent residence. We advise that the main applicant first obtain his permanent residence status. After that, the spouse (provided they are married for/in life partnership for five years) and children can apply.
Please speak to our SA immigration consultants to apply for this visa, or should you have any further questions.