Retirement Visas: Government works hard to prevent our economy from growing
6 July 2023
Replies to official questions I submitted to the Minister of Home Affairs reveal that in the last 3 financial years and this year to date (from 1 April 2023), we have lost 499 retirement visa opportunities, which potentially translates into at least a loss to our economy of just under R18 500 000.00 per month, or over R221 500 00.00 annually.
Retirement visas allow retired persons who are financially stable to reside in South Africa. These individuals enjoy their retirement years financed with strong currencies such as the Euro and the Dollar.
The Minister’s replies to my questions reveal that it takes approximately 12 months for Home Affairs to process a retirement visa. This excessive delay in processing applications discourages applicants who then seek alternatives in other countries we are competing with.
Foreign retirees contribute to our economy with no financial burden to South Africa as a country, but maximum return for our economy. They have substantial funds to emigrate to South Africa and have significant spending power which can only benefit South Africa and its economy.