A retired or financially independent person may
apply for temporary residence in this category provided they comply with
the requirements set out below which are coupled to a lifelong right
to a pension or an irrevocable retirement annuity or prescribed minimum
income off investment or if the applicant has the prescribed financial
resources to qualify in the financial net worth category.
The monetary requirements are as follows:
The monetary requirements are as follows:
- Retired persons: a pension with a minimum value of R20 000 per month per person or an irrevocable retirement annuity delivering this amount or a combination of assets delivering this amount monthly.
- Financial net worth: a prescribed minimum net worth consisting of an amount of R7, 5 million coupled to a payment to the Director-General of the Department of Home Affairs in the amount of R75 000.
This kind of permit does not
allow an applicant to be able to conduct work unless expressly
authorised by the Department of Home Affairs.