ImmigrationTravel

Financial requirements for a retirement permit or visa when moving to South Africa

Many foreigners want to spend their pensions in South Africa, where Cape Town remains a preferred destination.

When would you need a South African pension/visa permit?

A revoked visa or permit is required when a stay in South Africa is longer than 3 months but also when South Africa is, in fact, a second home – for example, a normal stay for 3 months or more over a number of years.

Are there age restrictions on individuals who want to apply for a retirement permit/visa?

Many countries require immigrants to have reached the “normal retirement age” (60 – 65) but South Africa’s retirement permit/visa applies to all foreigners, there is no minimum or maximum age, the requirement that determines your validity for a permit or visa is based on on your financial proof.

How long does a temporary permit/visa last for a pension?

Applications for immigrants to South Africa in the category of temporary residence at retirement age are valid for between 12 and 48 months, subject to financial proof.

As applications for permanent residence sometimes take more than 4 years, it is common to apply for applications or South Africa for a temporary residence permit/visa and a permanent residence permit/visa.

Proof of funds to support pensioners’ visas/visas

Applications from immigrants for a residence permit/visa must provide South Africa’s Home Affairs or the South African Embassy with various requirements for their permits or pensions. In particular, the financial requirements (ability to support oneself) regarding a pension permit or a pension visa are dominant.

For temporary applications for a permit/visa to apply, applicants must submit proof of the required amount (R20, 000) per month, per person for a maximum of four years – a permit or visa on retirement is issued from 12 – 48 months and this a license or visa may be renewed at the end of the period of validity, provided that financial evidence is provided when re-applying. This can be achieved by proving actual rental income, pension income or investment income, cash is also accepted but only for temporary residence permits or visa applications.

For applications for permanent residence for a permit/visa on a pension, proof of income must be a lifetime guarantee income. This lifetime warranty income is required to prove per month, per person. This can be achieved by proving actual rental income, pension income or investment income – no monetary assets are accepted due to South Africa’s pension permit or visa application.

There are many ways to present this proof in order to obtain a temporary residence permit or visa for South Africa – e.g. Bank statements, lease agreements, pension income and investment income. These documents cannot be older than six months when applying for a permit or visa.

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