A persons who wish to retire in South Africa may apply for a retired person visa, provided that he or she receives at least R37 000 per month from a pension fund or an irrevocable retirement annuity or has a net worth or a combination of assets realising a minimum monthly income of R37 000.
How do I get a South African retirement visa?
- A completed copy of the South African Temporary Residency Permit Form BI-1738.
- A passport that is valid for at least 30 days after the expected end date of the visa: 4 years and 30 days in most cases.
- 2 separate passport photographs.
Can a foreigner retire in South Africa?
Anyone can retire to South Africa providing they have proof of sufficient earnings and pass the necessary checks. … For a retired permit, you must prove a guaranteed monthly income of R37,000 if you’re applying for permanent residence; this increases to R444,000 per year if applying for temporary residence.
What is retirement permit in South Africa?
A retired permit, visa, as a means of immigration to South Africa, is granted to immigrants wishing to spend their retirement years in South Africa.
How much money do you need to retire South Africa?
By applying the 80% rule, you will need at least R12,000 per month after retirement to maintain your current living standard.” Unlike food products, human beings don’t have a “use by” date, so we have to rely on a safe withdrawal rate to ensure that we do not outlive our savings, said Louw.
How long does it take to get a retirement visa in South Africa?
Temporary Residence visa applications for Critical skills work visas will be finalized within 4 weeks or less (20 working days). All other categories for permanent residence permit applications will be finalised between 12 months to 24 months from date of submission at VFS.
How long is a retirement visa in South Africa?
For what duration is a retirement visa South Africa valid? The Retired Person’s Visa can be only applied a period longer than 3 months or a period of up to 4 years. The financial regulations are required to be met for the whole period (up to 4 years) that the applicant intends to reside in South Africa.
At what age can you take early retirement in South Africa?
Taking early retirement – what to do:
A member can retire any time after his or her 55th birthday and before he or she turns 60, if the written permission of employer is received and the member understands the penalties, in terms of funds rules, of this choice.
At what age can you retire in South Africa?
While the average age of retirement in South Africa was officially reduced to 60 in 1995, he said that most people are not able to retire comfortably at that age based on their pension savings. “The traditional concept of retirement was adopted 130 years ago, in a different environment, for a different generation.
What are the requirements for retirement?
The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960, until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.
What is a retirement visa?
Retirement visas are not always compulsory and there are many countries throughout the world where it is possible for retirees to reside without any formal citizenship. … Retirement visas generally last for one year and can be acquired from the local immigration office.
Can you work on a retirement visa in South Africa?
Can you work on a retired person visa? No, you are not allowed to work in South Africa while holding a retired person visa. Despite the fact that the retired person visa has no age restrictions, the Department of Home Affairs considers it a visa for the retirement years.
How do you prove you are retired?
Documents they may request include your Social Security card, a certified copy of your birth certificate, proof of citizenship if you were not born in the U.S., military discharge papers, a copy of your marriage license or divorce papers, and a copy of your W-2 form (or self-employment tax return) for last year.
What is the 4 rule of retirement?
The rule, developed by financial advisor William Bengen in 1994, states that retirees with a 30-year time horizon could withdraw 4 per cent of their portfolios in the first year of their retirement, followed by inflation-adjusted withdrawals in subsequent years.
Can I retire at 55 in SA?
There is currently no specific law that provides, in general, at what age a person must retire. However, the laws relating to persons who are members of the Government Employees Pension Fund (“GEPF”) provide for specific retirement ages, such as 55, 60 or 65 years.
What is the 10x rule for retirement?
According to retirement-plan provider Fidelity Investments, the rule of thumb is to save 10 times your income if you want to retire by age 67. Adjust this amount if you want to retire any earlier or later.