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High net worth individuals and investors

Source: SAMI, 31/10/2019

Foreign nationals intending to establish a business in South Africa may apply for a business visa subject to meeting the prescribed requirements including a minimum capital investment (5 million rand) and proof or undertaking that 60 per cent of the employees directly employed in the business will be South African citizens or permanent residents. Further, the Act prescribes that a business visa may not be issued or renewed in respect of any business undertaking that has been listed as undesirable in the Government Gazette after consultation between the Minister of the Department of Home Affairs and the Minister of Trade and Industry. Is there a special route (including fast track) for high net worth individuals for a residence permission route into your jurisdiction? South Africa Sa Migration International See question 16. Highly skilled individuals Is there a special route for highly skilled individuals? South Africa Sa Migration International Yes, there are options available under temporary and permanent residence. Temporary residence Critical skills work visa A critical skills work visa may be issued to a foreign national provided that such foreign national falls within a specific professional category or occupational class as determined by publication by the DHA. The critical skills visa list, published in the Government Gazette (on 3 June 2014), includes several new categories, including information communication and technology (expanded list), business process outsourcing and retains engineers, life and earth science professionals and health professionals, among others. A critical skills work visa may be applied for and issued upon receipt of an offer of employment or in the absence thereof; however, the holder of a critical skills work visa must confirm securing employment within a period of 12 months of obtaining the critical skills work visa. In late 2018, a draft critical skills list was to be released for consultation with stakeholders. The revised list would essentially reduce certain categories, while expanding others, on the critical skills list. The final revised critical skills list has yet to be published and released for use. The impact on applicants would be that those who previously qualified for critical skills may not qualify once the amended critical skills list is published and they would need to revert to the general work visa category where applicable. The inability to qualify for critical skills would also remove their eligibility to immediately apply for permanent residence as would have been possible under a critical skills visa. Permanent residence Permanent residence may be granted to a foreign national, subject to any prescribed requirements, who demonstrates that he or she possesses extraordinary skills or qualifications under the circumstances or as may be prescribed. Accordingly, holders of critical skills work visas are able to apply for permanent residence in South Africa in the absence of any prescribed waiting period (subject to confirmation in practice owing to the recent implementation of the Amendment Act). www.samigration.com


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