News Articles

South Africans can get ‘retirement visas’ for these 3 countries without having to buy property

Source: Businesstech, 30/06/2022

Residence- and citizenship-by-investment (RBI and CBI) programmes have become very familiar over the past few years to South Africans who don’t have ancestral ties to other countries but are keen to gain residency or citizenship in a European country, and access to visa-free travel anywhere in the EU.
“These ‘golden visa’ schemes are, however, beyond the means of most South Africans, which is why we are excited about the other, much more affordable residency options that are now opening up around the world,” said Leana Nel, head of international sales and relocations for the Chas Everitt group.
The most popular are those generally termed ‘retirement visas’, which are aimed at people who have a certified monthly pension or annuity income sufficient to live on in the country of their choice.
They allow applicants to continue to work remotely and, unlike the current RBI and CBI schemes, they do not require applicants to buy real estate.
“This makes them accessible to many more people, and the timing couldn’t be better, because the European Union Commission on Citizenship is determined to ensure that all CBI programmes are completely phased out by 2025, and that stringent new rules are put in place for countries that continue to offer the RBI schemes,” said Nel.
“The Commission has become increasingly worried about the opportunities that visa-free travel around the EU creates for money laundering, tax fraud and various other serious crimes.”
Nel said the top three choices currently for South Africans who want to obtain permanent residency by applying for a ‘retirement visa’ are Mauritius, Portugal and Panama, and that the basic requirements for obtaining permanent residence in these countries are as follows:
Mauritius
Mauritius offers a 10-year occupation or residence permit to ‘retired non-citizens’ over the age of 50 who are able to open a Mauritian bank account and make an initial deposit of $1,500 (R23,618), followed by $1,500 a month or $18,000 (R283,358) a year for the duration of the permit. Evidence of these deposits has to be presented to the authorities every year.
After three years, those who hold one of these occupation or residence permits can apply for a 20-year permanent residence permit. No purchase of property is necessary to obtain the initial retired non-resident occupation permit, and the spouse, parents and dependent children under-24 of permit holders can be included.
Retired non-citizen permit holders can also invest in a business in Mauritius although they cannot manage the business, be employed by it, or draw a salary. There is no restriction on remote work.
Portugal
Portugal offers the D7 residency visa to retirees or income holders who want to live in Portugal and have sufficient passive foreign income to qualify.
Applicants need to open a Portuguese bank account and be able to deposit a minimum of €8,460 (R142,085) a year per individual or €12,690 a year per couple to qualify for the visa. They can buy property in Portugal if they wish but this is not necessary initially as long as they also have a rental agreement for at least 12 months.
After this, their application will need to be considered by the Portuguese Consulate before they are granted a four-month visa to visit Portugal and finalise the residency process with the immigration authorities.
The D7 visa confers non-habitual resident status, which includes exemption from tax on certain foreign income, and access to Portugal’s public health system. In addition, those with a D7 visa can after five years apply for citizenship or a Portuguese permanent residency permit valid for 10 years.
Family reunification can be carried out in terms of this visa, but requires an additional application and approval by the immigration authorities in Portugal.
Panama
Panama offers the ‘pensionado visa’ to applicants who have a guaranteed income for life of at least $1,000 (R15,735) a month, to be deposited into a Panama bank account.
This can be a state pension, or a certified annuity from a bank, business or insurance company that has been accepted by the Panama Consulate.
Spouses and dependent children can be included in this visa, at an additional monthly income requirement of $250 per person. Children aged 18 to 25, however, need to be full-time students to qualify as dependents.
Once approved for a pensionado visa, applicants will immediately be issued with a temporary residence card and then, four to six months later, a permanent residence card that is valid for life and gives them access to Panama’s public health system, as well as many other pensioners’ benefits and discounts
www.samigration.com


Search

  •    Pretoria - Zimbabwe’s Minister of Foreign Affairs and International Trade, Frederick Shava, said the government led by President Emmerson Mnangagwa is ready to welcome back its citizens who have lived in South Africa under the Zimbabwe Exemption Permits (ZEP). “The Zimbabwe Exemption Permit will expire at the end of this year. Its expiry is naturally causing much anxiety to the holders of this permit,” Shava said in his opening remarks while co-chairing the mid-term review of the Bi-National Commission (BNC) with International Relations and Cooperation Minister Naledi Pandor.... Read more...
  •    •The Department of Home Affairs is making changes to passport applications and collections to avoid fraud. • Only the person who applied for a passport can collect it and activate it with fingerprints. • The department has also introduced a transit visa for Pakistani and Bangladeshi nationals.... Read more...
  •    •South Africa`s department of home affairs has more than 350 million civic paper records detailing births, marriages, deaths, and amendments dating back to 1895. • Sifting through these paper documents is a major headache for both the department and South Africans.... Read more...
  •    South African Citizenship Citizenship Options • South African Citizen by Descent • South African Citizen by Naturalisation: • Automatic loss of Citizenship • Resumption of South African citizenship • Deprivation of Citizenship • South African Citizen by Naturalisation: • Automatic loss of Citizenship • Resumption of South African citizenship • Acquisition of the citizenship or nationality of another country... Read more...
  •    A Nigerian lady who resides in Canada has advised her countrymen who wish to relocate to be fully prepared for the hustle and bustle that comes with working in the North American country. She documented a day in her life as a factory worker and revealed that as early as 4:50 am she is already on her way to work. The young woman said that waking up that early was a huge struggle for her, so she said that anybody that is making plans to travel there should be ready to put in that level of commitment.... Read more...
  •    South Africa needs to increase the number of researchers and technicians it has at its disposal if it wants to remain globally competitive in innovation.... Read more...
  •    South Africa: Immigration Overview The government of South Africa generally maintains a system of immigration with a focus on recruiting foreign nationals during times of high labour demand. In a whitepaper published in 2017 by the South African Department of Home Affairs (DHA), the country seeks to encourage a heightened interest in business immigration. As a result of this increased focus, the government continues to focus on implementing regulations and procedures related to immigration.... Read more...
  •    Foreign nationals whose applications for asylum in South Africa were rejected do not automatically have the right in law to reapply. If they do, this will allow for a never-ending cycle of asylum applications, according to a judgment by the Western Cape High Court. This followed an application by three Burundian nationals who applied for asylum in South Africa.... Read more...
  •    Home affairs minister Aaron Motsoaledi has put specialist nurses, doctors and dentists back on the critical skills list, in a revised version published in the Government Gazette.... Read more...
  •    Ever wondered what the difference between Indefinite Leave to Remain and citizenship is? SA Migration has answers to some of your questions. Indefinite Leave to Remain ` all you need to know: Image: Adobe stock Indefinite Leave to Remain, or ILR in short, is the stepping stone to British citizenship. However, many people get confused between ILR and citizenship.... Read more...

Get the latest Immigration News