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 has been closer defined since a notice published in 2014 by former Minister Malusi Gigaba and since then translates to world-wide assets of a minimum vaklue of ZAR 12 million, to be certified by a local Chartered Accountant (Into SA will facilitate).
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.
While PR applicatuions based on Financial Independence are processed outside the current backlog, its processing times are currently also longer than the usual 8 months and processing can take up to 12 – 15 months (compared to up to 7 years for other PR Types).