Financially independent visas are issued to foreign immigrants who want to live in South Africa and who are self-sufficient. As such, you’ll find that the South African financially independent visa requirements are mainly financial.
Immigrants who can meet the criteria are offered permanent residency. As permanent residents, foreign immigrants are allowed to spend their retirement in South Africa or to work, study or start a business in South Africa without applying for special permits or other visas.
In order to apply for a South African financially independent visa, applicants must be able to prove a net worth of ZAR12 million.
Applicants do not have to bring the ZAR12 million into South Africa. Furthermore, there is no tax on the person’s accumulated wealth other than ongoing requirements in terms of income tax and capital tax. This will also only happen if the person is deemed a South African resident for tax purposes.
In addition to the standard application fee, and the ZAR12 million net worth as per the South African financially independent visa requirements, a fee of ZAR120 000 is payable to the South African Department of Home Affairs upon approval of the visa.
This fee is considered steep by many, but keep in mind that the financially independent visa automatically grants you permanent residence, eliminating the need to also apply for a temporary visa.
If any of the requirements for a South African financially independent visa is unclear, please feel free to contact Intergate Immigration for clarification. With more than 9 000 visa and visa related applications processed since Intergate Immigration’s inception in 2005, our team is as experienced as they come.
You can reach us at +27 (0) 21 424 2460. Alternatively, complete our free assessment or request a call back and we will contact you. If you are eligible for a financially independent visa for South Africa, Intergate Immigration can help you start the process of applying for your visa.