What is allowed under a financially independent visa?
The South African financially independent visa extends automatic permanent residence to the foreign applicant. This means the foreign national with a financially independent visa is free to work, study or start a business while living in South Africa.
What are the main criteria of the South African financially independent visa?
As the name suggests, foreign nationals applying for a financially independent visa must be able to prove that they are financially self-sufficient. In order to do so, the Department of Home Affairs insists on proof of a net worth of ZAR12 million.
This ZAR12 million does not have to be brought into South Africa. Furthermore, there will be no tax on the applicant’s accumulated wealth other than ongoing requirements in terms of income or capital tax. This will also only happen if the applicant is deemed a South African resident for tax purposes.
Should the application be successful, the foreign national must pay ZAR120 000 to the South African Department of Home Affairs. Spouses or life partners must apply for a financially independent visa in their own capacity. If they cannot meet the financial requirements, an application for a spousal or life partner visa can be made.
As mentioned, foreign nationals who are successful in their application for a financially independent visa will be granted permanent South African residency.
Find out if you qualify for a South African financially independent visa
To see if you qualify for a South African financially independent visa, complete our quick online assessment today. An immigration consultant will contact you afterwards to further discuss your eligibility.
You could also speak to an immigration consultant without first completing the assessment. Simply call us in Cape Town on +27 (0) 21 424 2460 or in Johannesburg on +27 (0) 11 234 4275. Alternatively, request a free call back and one of our consultants will contact you instead.
Why should Intergate be your South African immigration partner?
Our credentials speak for themselves. Intergate is the only immigration company in South Africa with ISO 9001 certification. To receive this accolade, our quality management systems had to pass stringent tests set out by independent auditors. Our systems did and they were found both appropriate and effective.
Our immigration consultants have also been tested and registered. They’re dedicated too, having processed more than 9 000 visa and visa related queries since Intergate’s inception in 2005. There is no-one better to guide you through your immigration to South Africa.