What is a Section 27 (F) Financially Independent Permit?
A Financially Independent Permit is a straight forward Permanent Residency option whereby you don’t need to meet the requirements stipulated for Permanent Residency under any of the other categories. The Financially Independent Permit only allows the applicant to apply for their Permanent Residency and does not include family members however once you are a Permanent Residency holder your family may be eligible to apply for their residency through you.
Are you eligible for a Section 27 (F) Financially Independent Permit?
The requirements for this visa are simple, you need to have a net worth of R12 million in cash or assets (or a combination of both) in your name anywhere in the world.
In order to apply for the Financially Independent Permit from within South Africa you will need a form of Temporary Residency (visa) to be able to apply, please do get in touch with us if you are unsure so that we can provide you with a solution. Processing times for the Permanent Residency at the moment are anywhere from 3 – 24 months.
It is important to note that whilst you await the outcome of your Permanent Residency application in South Africa that you ensure that your Temporary Residency visa does not expire before you receive the outcome. If your Temporary Residency is due to expire in this time you will have to submit a renewal which can be done no later than 60 days before your Temporary Visa is due to expire.
Frequently asked questions about the Section 27 (F) Financially Independent Permit?
Can I work/study or run a business once I have received my Financially Independent Permit?
Yes, you can. As soon as you have received your Permanent Residency you will have all rights of a South African except to vote. You will keep your foreign passport however will be eligible to apply for a SA ID book.
Do I have to invest my R12million into South Africa?
No, you do not have to bring any of your R12million into South Africa.
This sounds great, what is the catch? The only “catch”with the Financially Independent Permit is that once ready to collect and only if approved you pay the Department of Home Affairs R120, 000, this may seem like a lot of money upfront however compared to other visas such as the Business Visa whereby you have to physically invest R5million from abroad into South Africa this is a simplified solution allowing you to leave your funds abroad.
Can I not just apply for my Financially Independent Permit abroad?
Should you not currently hold Temporary Residency in South Africa this may seem like a simpler option however, only certain South African Embassies abroad will recognise and allow you to apply for Permanent Residency abroad. We advise against this route. The reason being is unlike Temporary Residency applications where the Embassy adjudicates the application and issues the outcome themselves, all Permanent Residency applications are adjudicated by Home Affairs in Pretoria which means should you apply abroad the Embassy has to courier your application to Home Affairs in Pretoria whereby they will adjudicate the application and courier the outcome back to the Embassy. This makes tracking the application almost impossible and also causes delays in the processing of your Financially Independent Permit application.
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