Are you planning to spend your retirement days in such a mournful place like South Africa? Well, retired permit is a visa type that let you immigrate to South Africa on the premise that immigrant is not looking for Study, work or business of their own interest. Remember, as a retiree you can consider two options to spend your post retirement moments in South Africa. One is a retirement permit (For permanent and temporary residents), and another one is an independent financial person’s permit (For permanent residents only). In order to help retirees on some key concerns around retirement permit for South Africa, this section is included herein.
Retirement permit criteria need to be met:
There are few criteria need to be met by the locals or citizens of foreign nationals, if they dream to settle down in South Africa for their post retirement days. Find some of them with below-mentioned points:
• Applicants for retirement permit come under the temporary and permanent category.
• Retirement permit visa does not impose any restriction on age limit.
• Use of capital and income is based on the applicant whether the person is a permanent or temporary resident.
• For permanent residents, the value of rental income from property and amount of pension can be used for proving guaranteed an income of 37,000/month. The foreign holder needs to maintain its validity by visiting South Africa at least once in every three years.
• An applicant of retired visa, who wants to be temporary resident, can produce the proof of monthly guaranteed income of 37,000 or the capital sum of 444,000 per annum. Producing both can gives validity of visa for 4 years.
• A financially independent permit requires having a net worth of 12 million and an applicant needs to pay a fee of 120,000 once in a lifetime.
Apart from financial criteria what are the other conditions need to be met?
Few standard things need to adhere, which include:
• Valid passport
• Either temporary or permanent residency form
• Clearance certificate from police
• Yellow fever certificate if needed
• Medical and radiological reports
How long will it take to process the retirement permit?
It is possible to apply for retirement permit in your residence or South Africa. In case, you are applying for a permit in your origin then you must do that at a South African Consulate. You can easily do so in Visa Application Center in South Africa. The company Visa Facilitation Services run and manages such bodies.
It is to remember that, you can’t apply for retirement visa or permit in South Africa if you have entered on a visitor’s visa. In such case, you have to go back to your country to apply for retirement visa or permit.
The views and beneficiaries surrounding the concept of retiring abroad have changed radically since 2008’s financial collapse. Where countries like Greece, Portugal, and Spain, all are going through economic crisis, but South Africa continues to shine. South Africa is now emerging to offer deserving retirees a good quality lifestyle in terms of value, money and environment they are looking for. Even, you would be happy to hear that South Africa is retiree tax friendly. In the past, tax implications influence the decision of getting a permit, but recent changes to tax have negated such swallows like all home owners needs to be tax registered. So, why doing late? Apply yours now!