A retirement visa as a means of immigration to South Africa, is granted to immigrants wishing to spend their retirement years in South Africa. For immigration to South Africa, under the category of a retirement visa, the criteria is based on the premise that the immigrant is not looking to work, study or carry out their own business.
Applications for retired visas under temporary residency can be made for a period of 4 years only. After the 4 years they can be further extended by making an application to home affairs and proving that the criteria are still being met.
To obtain a retired person’s visa, one of the main criteria concerns the prospective immigrant’s financial status and proving they have sufficient means to support themselves.
For temporary residency each applicant must demonstrate that they have: ZAR 37,000 per month, per applicant. This can be in the form of cash/cash equivalents or cash income generated by capital asset(s). The proof of funds can be either of the aforementioned or a combination of both. The Department of Home Affairs tends to accept a total amount available in your bank account covering one for up to 6 months. There is no minimum age restriction to this visa category. The Department of Home Affairs may authorize you to conduct work on your retirement visa under certain terms and conditions deemed suitable by the Department of Home Affairs.