South Africa does not have an Investor Permit but there is an alternative solution for those seeking permanent residency in South Africa which is a Financially Independent Permit. A Financially Independent Permit in South Africa is for individuals who would like to obtain Permanent Residency status in South Africa to set up their own business, work, study, retire, or otherwise reside in South Africa. This permit gives you all the rights of a South African with the exception to vote. Importantly, this permit also does not require you to reside in the country from day one.
The Financially Independent Permanent Residency Permit is aimed at high net worth individuals of any age and nationality. The high net worth level terms are very achievable for many with a stronger currency. Applicants must prove a net worth of ZAR 12 million (approximately USD700,000) in cash. Applicants will be required to pay a fee of ZAR 120,000 (approximately USD7,000) to the Department of Home Affairs before the application is finalized. Similar to a donation that is popular with other Investor Programs.
Facts on Financially Independent Permits
PROS OF FINANCIALLY INDEPENDENT PERMIT
CONS OF FINANCIALLY INDEPENDENT PERMIT
Step 1: Determine the type of South Africa Visa that you need to apply for.
Step 2: Prepare required documents, applications with incomplete documents will not be accepted, if you filled any of the documents by hand please insure that it is in black ink only and that there are no erasures.
Step 3: Submit your application.
Step 4: Wait for the result of your South Africa Visa.
Privacy World offers its services to anyone, not only looking to obtain residency and/or citizenship processes but our experts figure out legal ways to:
Privacy World can also help you with incorporating your company in South Africa, assisting in getting you settled in the country, and coordinating with you so that this experience will be less of a hassle.
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South Africa has allowed dual nationality since 1994 with restrictions. Persons applying for naturalization must prove that the country of their current nationality allows them to be dual nationals or they must renounce that nationality.
Yes, you can include your spouse, and dependent children up to 25 if full-time students, children between 18-25 if financially dependent on parents, and any age if medical dependent due to handicap.
A permanent residence application takes on an average of 4-8 months to process from the date of submission.
Permanent residency does not expire and remains valid indefinitely. You won’t have to spend more money on continuing your stay in South Africa. All you have to do to retain your PR status is ensure that you do not remain outside of South Africa for more than three years at a time.
No, a personal visit is not required.
No, it is open to all nationalities.
No interview is required.
It takes five years of permanent residence in South Africa to apply for citizenship.
South Africa has a residence-based tax system, which means residents are subject to specific exclusions, taxed on their worldwide income, irrespective of where their income is earned.
A non-resident is only liable for tax in South Africa on income derived from a source within South Africa and capital gains arising from the disposal of immovable property or any interest or right to immovable property situated in South Africa.
South Africa does not currently levy any net worth/wealth taxes.
In South Africa, there is no tax on money received from an inheritance. You also won’t be subject to Capital Gains Tax (CGT) on your inheritance.