What is a financially Independent Permit for South Africa
The financially independent visa allows a person to apply for permanent residency directly and therefore allowing the applicant to work, study or manage their own business in South Africa. A financially independent visa is for those who are able to sustain themselves without an income within the country and affords the holder many freedoms.
If you’re like many foreigners looking to immigrate to South Africa and have no personal financial constraints then a financially independent permit is just for you.
Ideal for people of any age and nationality wishing to permanently stay in South Africa may apply for permanent residency under the financial independent visa category.
Who is The Financially Independent permit South Africa for?
In cases where a person wishes to reside in South Africa for a prolonged period without working or studying, it is possible to obtain Permanent Residence on the grounds of financial independence.
In such cases, the applicant needs to prove a net worth of at least ZAR12,000,000, and also needs to pay a fee of ZAR120,000 to the Department of Home Affairs on receipt of the Permit.
This residency option has this criterion to evaluate those who are genuinely self-supporting financially are allowed access to the country on this basis.
However, if you do not possess the extensive financial commitments required for this type of Residence, or if you simply do not want to apply in this way, it may be worth your while to research the option of applying for the permit specifically designed for retired persons, even if you are not retired or of retirement age.
How would I qualify for a Financially Independent permit, for South Africa?
To qualify for a financially independent permit you must have a minimum net worth of R12 million and be willing to pay the Department of Home Affairs’ R120,000 application fee.
Requirements needed for application proccess:
- Application forms
- Proof of identification
- Net Worth of R12 million
- R120,000.00 shall be paid to the Director General upon approval of the application
What evidence should I provide?
To qualify for a financially independent permit you must have a net worth of R12 million and be willing to pay the Department of Home Affairs’ R120,000 application fee.
How long does it take to process a Financially Independent permit?
A successful applicant for a financially independent permit will be allowed permanent residence in South Africa as long as the applicant continues to meet the minimum criteria.
Pros of a South African Financially Independent Permit
- Age is not a factor in submitting your application.
- It is also no necessary for the immigrant to permanently reside in South Africa.
- Once the visa is obtained, the immigrants must simply enter South Africa at least once every 3 years.
Cons of a South African Financially Independent Permit
- The financially independent visa has a usual minimum processing time of 8 months.
- The Independent financial permit does attract a larger submission fee with the Department of Home Affairs. Over and above the normal R1520 a further fee of R120, 000 is payable.
(It is worth noting that the fee is payable in two parts – the first smaller one on submission and the much larger fee only when the certificate is approved. The larger part of the fee is therefore not payable unless the application is approved.)
- A spouse or life partner would need to apply for a financially independent visa in their own capacity. If it is impossible to meet the financial requirements, a spousal or life partner visa could be applied for.