THE FINANCIALLY INDEPENDENT PERMIT
People desiring Permanent Residence status in South Africa may apply for Permanent Residency under the Financial Independent visa category.
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WHAT IS THE FINANCIALLY INDEPENDENT PERMIT?
Financially Independent Permit allows the applicant to remain in South Africa on a permanent basis. Ideal for high net worth individuals of any age and nationality wishing to permanently stay in South Africa.
WHAT IS NEEDED TO QUALIFY FOR A FINANCIALLY INDEPENDENT PERMIT?
You must show a net worth of at least ZAR12,000,000 and need to pay a fee of ZAR120,000 to the Department of Home Affairs before issuance of the permit.
WHAT ARE THE BENEFITS OF THE FINANCIALLY INDEPENDENT PERMIT?
Financially Independent Permit grants immediate Permanent Residence status offering the holder thereof the flexibility to retire in South Africa, start a business, work or study.
You may enter and exit South Africa freely. Should you leave, there is the low requirements to re-enter South Africa at least once every 3 years to maintain your Permanent Residence status.
A WORD OF CAUTION
Always keep in mind any adverse tax and exchange control considerations, meaning that whilst Permanent Residency may at first glance appear like a good idea from an entry perspective, from a holistic planning perspective, it may be considered a less favourable choice.
This is where holistic consideration becomes important, i.e. the fiscal aspects and tax planning must be considered as part of the service.
- The status of a Permanent Resident does not affect the holder’s citizenship in their home country.
- A Permanent Resident can obtain a South African identity book endorsed as “non-citizen”.
- You will be eligible for citizenship after 10 years, or sooner with sufficient motivation.
- Unlike some other Permanent Residency categories, Permanent Residence under Financial Independence does not contain additional certain conditions.
- The Permanent Resident process takes approximately 4 – 10 months to obtain.
- There is not requirement to reside in South Africa immediately upon issuance of the Permit.
- Traveling in and out of South Africa becomes much easier and the need for extending visas becomes a thing of the past.
WHY US?
Xpatweb has an experienced and dedicated team of immigration specialists, master tax practitioners, commercial attorneys, chartered accountants and mobility practitioners. Our competitive advantage is adding a layer of tax optimisation to the process thus always ensuring tax and residency implications are taken into account.
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