In order to retire in South Africa a person must first qualify to apply for a Retired Person’s Visa. The applicant will need to show that they have the sufficient financial means to support themselves while residing in South Africa.
To meet the necessary financial requirements the applicant will need to show that they receive a monthly income of at least R 37, 000 per month through the following two ways.
The R 37, 000 must be shown through a pension, irrevocable annuity or a retirement account; or
The 37, 000 can also be shown through a combination of assets.
The Retired Person’s Visa can be only applied a period longer than 3 months and up to a 4 years. The financial requirements are required to be met for the whole period (up to 4 years) that the applicant intends to retire in South Africa for.
The Retired Person’s visa can be extended beyond the 4 year period, as long the requirements are maintained, to allow a person to retire in South Africa for a longer period.
The spouse/life partner and children of the foreign applicant can be accommodated on this visa as accompanying family members.
Permanent residence through the Retired Person’s category can be applied for if the financial requirement of R 37, 000 per month can be met through showing that applicant receives a lifelong pension, retirement account or irrevocable annuity.
The 37,000 Rand can also be shown through a combination of assets.
When applying for permanent residence, Spouses and children can be included as part of the primary applicant’s application and do not have to individually meet the requirements.