The South Africa Financially Independent Visa allows individuals to obtain permanent residency based on their financial capability, enabling them to live, work, study, or run a business in the country without necessarily earning an income within South Africa. Below is a detailed overview of the visa requirements, application process, and related information.
What Is a South Africa Financially Independent Visa?
A financially independent visa is a type of permanent residency visa for individuals who can demonstrate substantial financial means. It is designed for those who wish to move to South Africa for long-term purposes, such as retirement, business management, or residency, without needing to work for income in the country.
Key Benefits:
- Permanent residency in South Africa.
- Flexibility to work, study, or manage a business.
- No need for an employment contract.
- The visa holder must enter South Africa at least once every three years to maintain the permit.
Who Can Apply for a Financially Independent Visa?
You can apply for this visa if:
- You meet the financial requirement: Currently, the applicant must demonstrate a net worth of R12 million (approx. USD 698,898).
- You can pay the required additional fee after your visa is approved: This is currently set at R120,000 (approx. USD 7,021).
- Family members: Spouses and children can be included in the application as dependents.
Documents Required for a Financially Independent Visa
When applying for a financially independent visa, you will need the following documents:
- Completed BI-947 Application Form: Fill out this form completely. Handwritten forms are not accepted.
- Valid Passport: Your passport must be valid for at least 30 days beyond your intended exit date from South Africa and have at least two blank pages.
- Marriage or Divorce Certificate (if applicable): Provide a certified copy of your marriage certificate or a divorce decree if applicable.
- Application Fee Payment Proof: Include a receipt or proof of payment for the visa fee.
- Civil Status Certificate: If you have changed your name, surname, or gender, you must submit legal documents reflecting these changes.
- Police Clearance Certificate: This certificate must be issued by the police authorities in every country where you have lived for 12 months or longer since the age of 18. The certificate should not be older than six months.
- Radiological and Medical Reports: These reports must not be older than six months. (Not required for pregnant women or children under 12).
- Yellow Fever Vaccination Certificate: Required if you are coming from or passing through yellow fever-endemic areas.
- Proof of Financial Requirements: You must demonstrate that you meet the financial requirement of R12 million in assets or cash.
- Written Statement: A letter stating your intention to pay the additional fee of R120,000 once your visa is approved.
Application Process for a Financially Independent Visa
To apply for a financially independent visa, follow these steps:
- Verify Eligibility: Ensure that you meet the financial requirements before proceeding with the application.
- Schedule an Appointment: Make an appointment with the South African embassy or consulate in your country. Visa applications are sometimes handled by third-party visa application centers.
- Prepare the Required Documents: Gather all necessary documents, including proof of financial resources and supporting documents for any dependents.
- Submit Your Application: Attend your appointment and submit your application. You may be required to provide biometric data and attend an interview.
- Pay the Additional Fee: Once your visa is approved, you must pay R120,000 (approx. USD 7,021) to the Department of Home Affairs.
Processing Time for a Financially Independent Visa
The processing time for this visa is around 8 months. However, the actual time may vary depending on factors such as the completeness of your application, your home country, and the volume of applications being processed.
Cost of a Financially Independent Visa
- Application Fee: R1520 (approx. USD 88).
- Additional Payment: R120,000 (approx. USD 7,021) to be paid after visa approval.
- Other Costs: If applying through a third-party visa application center, there may be additional processing fees.
Family Members and the Financially Independent Visa
Family members, including your spouse and children, can be included in your application. Each dependent must submit their own required documents, such as passports, birth certificates, and proof of relationship to the main applicant.
The South Africa Financially Independent Visa is a great option for individuals with substantial financial means who wish to live permanently in South Africa. It provides freedom in how you choose to live in the country, whether it’s for retirement, business, or simply enjoying the country’s lifestyle.
For more details, consult the Department of Home Affairs or your nearest South African embassy.