It is known that the currency in the United Kingdom is much stronger compared to the South African Rand, hence, South Africa offers you the opportunity to invest in a number of business for less capital and will be sure to accommodate you to enjoy your retirement years in a good environment.
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A Retired Person’s visa is a temporary permit that allows you to reside in South Africa for up to 4 years and can be renewed in country. The Retired Person’s visa is suitable for those seeking to stay in South Africa permanently or those who come in on a seasonal basis, provided that such persons comply with the financial requirements provided for in the Immigration Act, 2002 (Act No. 13 of 2002) and its Regulations.
A Retired Person’s visa is also a pathway to obtaining Permanent Residency in South Africa provided that the foreign national meets all the necessary requirements. Holders of a Retired Person’s visa automatically qualify for Permanent Residency in South Africa provided that the prescribed R37,000 per month which is an equivalent of 1735 pounds as the strong currency play to your advantage.
One can assume that expats wishing to apply for this visa category would not be required to work, however, you may choose to apply for this visa along with work endorsement where this is required and subject to complying with the necessary requirements. Work endorsement on a Retired Person’s visa is predominantly for ad-hoc duties and overseeing business operations.
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On a Retired Person’s visa, the applicant must be able to provide proof that they receive a monthly income of at least R37,000.00 or have a net worth equating to this amount over a 4-year period.
This monthly income can be proven in the following form (but not limited to):
- Pension or retirement income
- Annuity income
- Combined assets
- Interest earned
- Rental income
- Dividends
- Profit shares
Should you be unsure whether your proof of income will suffice, we will review the documentation and provide guidance and recommendations based on our experience and knowledge hereon.
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Our team has facilitated Retired Person Visas for numerous applicants and specifically those applying from the South African High Commission in the United Kingdom. As such, we are knowledgeable and familiar with the specific documentation required by the Mission and ensuring a fully compliant application is compiled in the correct format.
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