Three different scenarios

If you have an RA that you’d like to encash and are wondering how the new exchange control rules affect you and what you should do, these are the three possible scenarios:

  1. You haven’t left South Africa yet

    You need to tax emigrate when you leave and wait the required period, prove yourself three years non-tax resident and only then encash your RA.

  2. You left South Africa within the past three years

    You can only apply for tax clearance once you have completed the three years. Make sure your tax affairs are in order with SARS for a smooth process when the time comes to withdraw your RA. 

  3. You left South Africa more than three years ago

    You can apply for tax clearance, prove you have been non-tax resident for three consecutive years and then encash your RA and transfer it overseas. 

    Currently we can assist you if you have your green barcoded SA ID book or the new SA ID card. If you don't, contact us anyway and we'll let you know as soon as we have a solution. 

There’s still a lack of clarity regarding the new process and we will keep our clients up to date with everything we learn.

If you have any questions or would like to discuss your options, please fill in this form below and a consultant will be in touch as soon as possible.

Get in touch

Fill in your details below and one of our expert advisers will be in touch as soon as they are able.

Our RA encashment process:

  1. We conduct an assessment of your financial assets, as well as any tax implications.

  2. We assist you with collecting the necessary documents for submission.

  3. We assist with tax status checks and ensuring your SARS tax profile is active. 

  4. We apply for tax clearance with SARS and obtain TCS (tax compliance status).

  5. We open a South African bank account to receive proceeds from your RA.

  6. Your retirement annuities and policies are liquidated and withdrawn.

  7. These funds are withdrawn and transferred to your bank account.

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The key benefits of our RA encashment service include:

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Trusted

We are registered with the FCSA (South Africa), HMRC (UK) and the FCA (Australia)

Experienced

We are an established player in the financial services and immigration industries.

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Individual service

You will have a dedicated specialist who will take care of you throughout the process.

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Tax services

Experienced tax experts will ensure that we find the most tax-efficient solution possible.

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Easy withdrawals

Our good relationship with insurance houses will ensure a straightforward fund withdrawal.

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Forex experts

You will have access to great currency rates when you transfer your funds abroad.

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Investment advice

Our wealth division can help you invest your funds in the UK or anywhere else.

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Complimentary report

Receive a report on your position with regard to financial emigration and pension recovery.

smiling woman with dark hair

Meet Lisa

Lisa left South Africa a few years ago and settled in the UK with her family. She has been very happy with the move, but she was forced to leave some financial assets in South Africa.

Lisa thought that these assets were unrecoverable and impossible to access.

Lisa's remaining assets:

bag of money

Retirement policies

bank card

Bank account

small white house

A small apartment her parents live in

What Lisa didn’t know is that the South African Reserve Bank implemented a law change in March 2021 that allows South Africans who have been non-tax resident for a consecutive three-year period the ability to access their retirement savings before the age of 55.

Lisa can keep her property in South Africa and keep her bank account in South Africa open while still being able to encash her retirement savings. 

We specialise in:

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Annual foreign allowance transfers (both R1 million and R10 million)

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Transferring South African RAs and other pensions abroad

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Transferring South African inheritances offshore

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Setting up South African bank accounts

 

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Please do not act in reliance on information published or advised without consulting a suitably qualified independent legal or other professional adviser of your own choosing. Sable International will not be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of their use or reliance on any of the advice provided by any one, or all, of the professional advisers identified by Sable International.