Permanent Residence based on Financial Independence
Financially independent applicants do not have to go through a temporary visa regime anymore, but may directly apply for a Permanent Residence Permit based on proven “Financial Independence” and against the undertaking to pay to the Department of Home Affairs an amount of ZAR 120 000 in the case of the application being successful.
Financial Independence hereby is not closer defined but as the practice has shown in the recent past, that it means to be able to prove that one is not dependent on factors outside one’s one private monetary sphere by owning the property one lives in, having a car and money in the bank and is not employed anymore. The world-wide asset value supporting this assumption should show an amount of at least 12 million Rand, independent from any personal living circumstances, certified by a local Chartered Accountant.
The permit can be applied in South Africa at any VfS and a visitor’s visa at the time of submission is sufficient. Spouse or Life Partner and Children may apply together with the applicant and do not have to await its outcome anymore before applying for their own permanent residence permit.