Archive for month: October, 2023
Retire with wealth in South Africa
/in Archived, News /by xp-adminFor many foreign nationals, South Africa (SA) is a dream retirement destination, thanks to its diverse landscapes, rich cultural heritage, and favourable exchange rates. Adding to its allure is the unique aspect of the visa process, which offers a seamless pathway to enjoying the country’s abundant beauty.
Why South Africa
Whether you are looking for a luxurious and expansive residence nestled in the picturesque coastal neighbourhood of Camps Bay, or the modern sophistication of Sandton, SA offers some of the most sought-after real estate in Africa. Unlike most temporary permits, SA’s Retired Person’s Visa allows applicants to own property. Discovering an ideal new residence might feel overwhelming, but thanks to the country’s thriving real estate sector and relatively lower purchase costs, the property market can cater to a wide range of property preferences.
With a favourable exchange rate, applicants can stretch their retirement savings significantly further. The country’s well-established financial sector provides a range of investment options, including robust retirement annuity options, that offer steady and reliable income streams for retirees.
South Africa’s Retired Person’s Visa allows holders to renew every 4 years, and after residing in the country for 5 years, applicants can qualify for Permanent Residency. With Permanent Residency, one would have the right to permanently reside in the country as a South African resident, without the need to renew their visa every 4 years.
Residing in South Africa
Living in South Africa offers a unique blend of diverse cultures, breathtaking landscapes, and natural wonders. The country’s rich tapestry of traditions, languages, and cuisines reflects its vibrant multicultural society. For these reasons it is easy to understand why Cape Town took the top spot at the Telegraph Travel Awards, being voted the world’s best city to visit for the second year in a row.
South Africa boasts a reputation for providing high-quality private healthcare, equipped with advanced medical technologies and skilled healthcare professionals. Taking advantage of the greater financial comfort, retiring in South Africa presents an opportunity for individuals to retire wealthy with access to private facilities.
The Tax Considerations
Throughout the process, applicants must consider the tax implications of their move to SA. They should ensure they meet all the compliance requirements for both the South African Revenue Service (SARS) and the revenue authority of the country they are departing.
Applicants should bear in mind that if they intend to work in SA, they may need to meet additional requirements, which can include ceasing tax residency in previous jurisdictions and becoming a South African tax resident.
Make The Dream a Reality
SA remains a sought-after destination for foreign nationals seeking to settle into an idyllic lifestyle. While SA’s Retired Person’s Visa makes the country even more attractive for these individuals, the immigration process can be complex and burdensome.
Equally important are the various documentary requirements for a smooth immigration process. These remain a critical part of the visa application process and should meet the standards set out by the Department of Home Affairs.
With the assistance of immigration experts, however, the stress of the retirement visa application process is significantly reduced. The well-rounded immigration specialist would plan a roadmap that considers every step of your move to South Africa, ensuring the entire process is handled efficiently and effectively.
Why all mobility professionals should attend Xpatweb’s Virtual Immigration Workshop
/in Archived, News /by xp-adminDuring Xpatweb’s Global Mobility Breakfast event, Mr. Phindiwe Mbhele (Acting Chief Director: Permits at the Department of Home Affairs) shed some light on the current application backlog and the Department’s innovative initiatives to combat future backlogs.
Our upcoming Virtual Immigration Workshop, with guest speaker Advocate Deon Erasmus, will focus on the Department’s efforts on decreasing the backlog, the adjusted Critical Skills list and a multitude of the complexities surrounding the legislative provisions pertaining to Work Visas, with a specific emphasis on Intra-Company Transfers Work Visas.
Topics of discussion will include the relevant Sections of the Immigration Act and accompanying Immigration Regulations that govern the application and adjudication process of Intra-Company Transfer Work Visas.
Whether you are an individual applying for a South African Work Visa or a corporate entity seeking to employ qualified foreign nationals, this event promises to equip you with a better understanding of the regulatory framework pertaining to work visas.
Delegates can register for the upcoming event here: Virtual Immigration Workshop | Xpatweb
The Isle of Man hosts 800 South Africans – boasting as popular relocation destination
/in Archived, News /by xp-adminThe Island, which is located in the Irish Sea between England and Ireland, is a popular relocation destination with a population of roughly 80,000, of which just over 8,000 are South Africans.
The event was sponsored by Standard Bank, and was organized and coordinated by Isle Settle, in collaboration with the SA Chamber of Commerce UK. The Mayor of Douglas, Councilor Natalie Byron, opened the festival with welcoming words of a long mutual relationship between the Isle of Man and South Africa; and further expressed their warmth towards the rainbow nation.
The Deputy Minister of Trade and Enterprise, Honourable Jane Poole-Wilson, addressed the Saffas, unpacking why the Island is so attractive to South Africans. She firstly mentioned the constitutional relationship as a crown dependency of the United Kingdom, rather than a constitute, which means they can be agile to the needs of the people and the economy. She added that the island plan and economic strategy sets out an ambitious vision for the future, and the Island has an economy that is exciting and hungry for more of the skills and energy that people and businesses from South Africa can bring. Hon Poole-Wilson acknowledged that the people and companies at the festival were excellent ambassadors of this and highlighted that the Isle of Man is keen to build on these links.
She boasted her belief that the Isle of Man is the best place to live and work, while quoting the HSBC expat survey, which confirms this by ranking the Isle of Man the ‘Best Place to Live and Work in the British Isles’, measuring quality of life, access to education, and political and economic stability.
Tax Consulting South Africa and Xpatweb, were invited as sponsors of the event as the premium mobility service provider to businesses and individuals on the Island, which includes immigration solutions as well as holistic tax planning and compliance across borders. They were able to connect with professionals to extend solutions to a multitude of challenges which are faced during the relocation process. They further consulted with individuals who have settled in and are still dealing with questions and uncertainties around their current tax and immigration compliance.
Sharon Constançon, Chairman of the SA Chamber of Commerce UK, a South African herself living in the UK for the last 20 years, closed proceedings echoing the sentiments of the Deputy Minister and showing support for individuals and business who are looking to relocate to the Isle of Man.
The Isle of Man continues to be a popular destination, actively attracting skills and talent across various industries including financial services, technology and gaming, medical, entrepreneurship and innovation. The favourable tax incentives, short path to British citizenship, accessibility, and lifestyle, are some of the factors pulling more and more South Africans to the Island.
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IN THE NEWS
- Another Positive Move To Attract More Tourists To SA
- Bringing in the Bomb Squad at Home Affairs
- How Home Affairs’ Immigration Reforms Could Drive SA’s Growth in 2025
- Phindiwe Mbhele on Remote Work Visa: Splendid Cape Town is wooing more and more digital nomads
- Cape Town Shines, and So Does South Africa’s New Critical Skills Visa Overhaul