The South Africa Financial Independent Permit Program is becoming increasingly popular for a wide range of individuals and families. South Africa has the most industrialized, advanced, and diversified economy on the African continent.
To qualify for the South African Financial Independence permit, the applicant would need to demonstrate that they have assets with a value in excess of 12 million Rand or approximately USD 624,000 and that they meet certain character and health requirements. The minimum asset requirements can be met by combination of assets, whether that be property, investments or simply capital. Once the applicant can demonstrate they possess sufficient assets and capital to support themselves and their dependants and all general requirements are met, they will be in a position to proceed.
Once the application has been approved the applicant would gain permanent residence to South Africa for both themselves and their dependents. It would also give the applicant the right to work, study and live in South Africa with no restriction. Further to this, the Financial Independent Permit allows individuals to own property and invest in the economy of South Africa. Following 5 years of Permanent Residence, the applicant would then be able to apply for Citizenship, subject to meeting residency and other requirements.
Further advantages to this program include the criteria for dependents. Immigration programs often only allow children under the age of 18 to be included on the application as dependents, however in the case of the South Africa Financial Independence Permit, dependent children up to the age of 21 can be included, this allows more flexibility and fewer complications when families are looking to relocate. A spouse (including same sex partner) may be automatically included and, if necessary, medical dependents can be included on the application.
For this application, the applicant will need to provide the following documents: Passports of all parties on the application, Birth certificates, Police certificates from country of citizenship and any country where the applicant has lived for over 12 months. A medical and a radiological report need to be carried out and certified with a medical professional. Value of assets must be independently verified by a Chartered Accountant. which we here at Harvey Law Group, can guide you through every aspect of the program.
The processing time for Permanent Residence applications to South Africa is currently around 12 months.
We offer this program at Harvey Law Group and more information can be found on our website. We would prepare your documentation and deal with each step of the application process with you whilst also being on hand to answer any queries you may have. The advantages of having professional advisors such as ourselves carrying out this process for you on your behalf include a) ensuring that your application information is correctly presented to provide the best possible chance of success, b) that you have professional advisors on hand to address any queries you may have, and c) ensure your application is prepared and submitted efficiently in a timely manner.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.