South African Retirement Permit
The South African Retirement Permit, also referred to as the South African Retirement Visa is one most favoured by foreigners wishing to retire in South Africa. This is because it allows a foreigner to enter into South Africa on a seasonal or continual basis for more than the standard 3 month limit, thus giving foreigners who are financially sound but require the flexibility of retiring and still residing in other parts of the world all the freedom they need to come and go.
A South African retirement permit may be granted to a foreigner who is able to prove a financial right to a pension, irrevocable annuity, or requirement account with which to support him or herself indefinitely while in South Africa and valid for a period of 4 years, after which it is renewable.
In order to be eligible for a South African retirement permit, foreigners will be required to provide proof that he or she has access to an amount of R20 000 per month as an income for the rest of his or her life, or that he or she has a net worth equivalent to a combination of assets that will produce R20 000 per month.
If you would like to find out more detail about this visa, or if you wish to apply for one you can contact the team at Craig Smith and Associates for information, advice or assistance.