The Complete Guide to the Financially Independent Visa
- Written: 18th March 2022
- Edited: 30th July 2024: Edited and Fact Checked
What is Permanent Residence?
Permanent residence is the first step to becoming a citizen of the country. It offers many benefits and opportunities. The most important one is that you can live in South Africa indefinitely, without any conditions attached.
Permanent residence status is available for people who have made an investment in South Africa or for those who have had a temporary residence permit for more than 5 years like being on a work permit for example and other certain circumstances like how to get permanent residence in South Africa.
The South African immigration act states that there are various ways to qualify for a PR.
These are the different visas you can apply for, the Department of Home Affairs has these different South Africa visa types.
Can you buy permanent residency in South Africa?
Technically you can buy permanent residency in South Africa, however, this is not seen as an investment.
South Africa does not have an investment option for South African permanent residency, but there is an alternative option that high-networth individuals can apply for that would lead to permanent residency.
The option that is available to high-net-worth individuals is the financially independent visa which they can apply for.
The difference between the financially independent visa and the investor permit is the following:
- An Investor permit requires applicants to invest a large sum of funds from abroad into the destination country for which they are applying.
- An investor permit requires you to invest funds for some time like five years for example.
- The financially dependent visa requires no investment to be made and the requirements are much more straightforward.
What is an Independent financial permit in South Africa?
The financially dependent visa is a type of visa which is aimed at high-networth individuals who can support themselves financially in South Africa.
But what does it mean to be financially independent?
According to Wikipedia, this is the definition:
“Financial independence is the status of having enough income or wealth sufficient to pay one’s living expenses for the rest of one’s life without having to be employed or dependent on others.”
There are many benefits with this visa when obtaining permanent residency such as:
- Allowing you to work in the country.
- Start your own business.
- Further your studies in South Africa.
- Add a dependents such as a spouse or kids.
- There are no age restrictions.
The processing times for a financially independent visa is quite a lengthy process which can take about 6-8 months as the Department of Home Affairs is currently experiencing a backlog of visas which they are currently trying to clear.
Therefore it can take longer than 8 months to process, so keep this in mind. South African immigration is quite complex and it’s best to make use of an immigration consultant in South Africa.
Our immigration services in South Africa offer a free assessment to see if you qualify.
How much do I need to invest in South Africa to get permanent residence?
The financially independent visa requires no investment, however, you need to qualify for the following criteria:
- Prove that you have a net worth of R12 million or more.
- Upon approval pay the Director General of Home Affairs R 120, 000.00
- Provide the required documents to apply for the visa.
What are examples of assets that could be counted as net-worth assets?
- Investments
- Bank and brokerage accounts
- Retirement funds
- Real estate
- Personal property
Can I add my family to the visa?
Yes, you can add your spouse and kids as dependents to the visa.
What do I need to add to the visa?
- Show proof of relationship such mariage certificate or proof that you are a parent to your kids.
- A valid passport
- Medical and X-ray form
- Clear criminal records by submitting a police clearance certificate
- Completed application form and government processing fees
What are the government fees for the visa?
The fee information is as follows:
- VFS fee per applicant: R 1550.00
- Department of Home Affairs processing fees: R 1520.00
- Payment upon approval of visa: R 120,000.00 to the Department of Home Affairs.
Please note applications may vary if you are applying abroad at a South African embassy or consulate.
What happens if I don’t qualify for the visa?
You can then alternatively apply for the following visas:
- a business visa to South Africa (Establish a business)
- retirement visa South Africa
To qualify for a business visa you must invest R 5 million within the new business or an existing business, employ South African citizens or permanent residence and to qualify for a retirement visa you need to receive an irrevocable annuity income or from assets which accounts to about a minimum of R 37,000.00 or more a month.
South Africa immigration options are available too if you are not interested in applying for either visa.
The only drawback with the retirement visa is that you are not allowed to work or run a business in South Africa.
Contact Migrate With Q for a full, free visa assessment and we’ll tell you if you qualify or not. Our immigration services for South Africa offer a host of visa services which we could assist you with. We offer a boutique-style service which is tailored to each client.
Disclaimer:
Why was this content created?
The content created about permanent residence by investment for South Africa is to be a helpful and informative guide for people. The content on the page aims to be a valuable resource for foreign nationals wanting to apply for the visa.
How Was This Content Created?
The content was created through Charl Vollmer’s years of knowledge and expertise which he gained through assisting various foreign nationals applying for the visa.
Information was cited from the following sources:
About Charl
Charl Vollmer has 12 years of experience helping people immigrate to South Africa. I am passionate about helping people and making their dreams a reality. Charl constantly stays up to date with South African Immigration rules and regulations. To contact Charl, visit our contact page. View our content integrity guidelines to how content is created.