For those seeking permanent residency in South Africa they may well be searching for an investor permit option.
Unfortunately there is no investor permit for South Africa but it is worth looking at the alternative solution – a Financially Independent permit.
What the difference between an Investor Permit and a Financially Independent Permit?
An investor permit is typically also an immediate pathway to obtaining permanent residency in a country but requires the immigrant to make a substantial investment. This investment invariably must be made from funds outside of the country you are emigrating to and you will have to commit the investment to your destination country for a considerable period of time.
This downside of this is your capital is tied up and often with little or no interest.
A Financially Independent permit requires you to make no such investment, nor in fact to transfer any amount of funds to South Africa.
Therefore you achieve the same result as an investor permit – the right to stay on a permanent basis without tying up your capital.
What is the qualifying criteria for a Financially Independent permit?
The permit is aimed at high net worth individuals. However this high net worth level in rand terms is very achievable for many with a stronger currency.
Applicants must prove a net worth of R12 million from their world wide assets.
Are there any restriction or obligations?
There is no obligations as in many countries where you are required to purchase property and such like. Furthermore, there are no restrictions and upon receipt you may undertake any activity you so desire – such as commence a business or work.
Nor must you permanently reside in South Africa, you must simply ensure you enter South Africa at least once every 3 years.
Can my spouse join me?
This can be achieved in two ways – either by making a Financially Independent permit application for your spouse (or other permit if they qualify) or waiting for the main applicants permit approval and making an application as a spouse.
What fees are involved?
Applications have the following fees imposed on them, an application and submission fee of R2870 and a further fee – payable only when the permit is granted of R120,000.
You are welcome to direct your Financially Independent permit query by email to us, or any of the other contact points on this page. Your consultation is free of charge and carries no obligation.
Finding out more about Financially Independent permit
We welcome the opportunity to consult with you as to your eligibility for a visa /permit and answer any questions you may have with no obligation.
You can take our free one minute assessment here or request a call back for more information. Or simply call us at +27 (0)21 424 2460.
Alternatively you can fill out the below online enquiry form to contact us.