Achieving financial emigration from South Africa
International emigration can be as stressful as it is exciting, and moving from South Africa to another country is never an easy process. It’s difficult enough to relocate your possessions, but it becomes even more complex when the time comes to complete your financial emigration with the South African Reserve Bank (SARB) and move your financial assets abroad.
Tim Powell ● Mar 3, 2015
South African expatriates and future expatriate received good news in 2008 when law changes made it possible to migrate retirement polices and other financial assets out of the country before the age of 55. But the process of effecting this migration can still be extraordinarily complex.
Our financial emigration team specialises in assisting South Africans who wish to leave permanently or have moved abroad and are living outside of South Africa on a permanent basis. Our position as a UK-based company with a global perspective and our relationship with South Africa's insurance houses uniquely enables us to facilitate your complete financial emigration as well as the recovery of your retirement savings, inheritance and tax income.
What does this mean for you?
As an expatriate who has broken all financial ties with South Africa, you will be able to:
- Transfer the full capital value of your retirement annuity proceeds before the age of 55
- Transfer inheritance payments offshore without the need for approval from exchange control
- Arrange to have any passive or unearned income transferred offshore
- Move any proceeds from a third-party life policy to an offshore account
Can this affect my South African citizenship?
Financial emigration is a formal process undertaken with the SARB to change your tax status from that of a resident to a non-resident. It does not affect your South African citizenship status, but it does mean that you will no longer be subject to exchange control legislation in South Africa.
Why financially emigrate?
The process of financial emigration and asset recovery can be complicated and time-consuming. We understand the complexities involved in accessing your funds, dealing with insurance houses and government agencies. Our specialists will guide you through every aspect of your financial emigration and asset recovery, and ensure that there are no hiccups along the way.
We are also tax and currency transfer specialists. This means we can ensure you pay the least amount of tax and get the best possible currency rates when you move your money out of South Africa.