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It is a formal process through the South African Revenue Service and the South African Reserve Bank, which has been endorsed as the “right” way to go about it by the South African parliament.
Another very important point to note is that you are able to backdate your financial emigration, under certain circumstances, to the date you actually left South Africa. Often South Africans have been abroad for many years without formalising their emigration, and being able to backdate FE can be extremely useful in lowering any capital gains tax liability that could arise
- We conduct an assessment of your financial assets, as well as any tax implications.
- We assist you in collecting the necessary documents for submission.
- We file your application for the change of residence status with SARB.
- Your retirement annuities and policies are liquidated and withdrawn.
- A non-resident bank account is set up or designated to receive your retirement annuity proceeds.
- These funds are withdrawn and transferred to your bank account.
- You have now formally financially emigrated.
Learn from Larry
Larry left South Africa a few years ago and settled in New Zealand with his family. He has been very happy with the relocation, but he was forced to leave some financial assets in South Africa.
Larry thought that these assets were unrecoverable and impossible to access.
What Larry didn’t know is that the South African Reserve Bank implemented a law change in 2008that allows South Africans who have financially emigrated the ability to access their retirement savings before the age of 55.
Larry can keep his property in South Africa and still proceed with his financial emigration.
How financial emigration helped Larry:
1 We conducted an initial assessment to confirm the number and value of his policies and any tax implications.
2 We applied to change his resident status with the SARB to that of a non-resident.
3 We set up a non-resident bank account for him to receive the RA proceeds and continue to finance the property maintenance.
4 We facilitated a hassle-free fund withdrawal leveraging our sterling relationships with South Africa’s insurance houses.
5 Larry transferred his retirement fund proceeds to New Zealand, where he has re-invested in a new property.
6 He is now able to receive a future inheritance from South Africa, which he can easily transfer.
7 As his whole family was included in the same application, it will be also easier for his children to receive any future inheritance.
Larry recovered all his retirement policies in South Africa and has successfully financially emigrated.
His financial affairs are now in line with his intentions to permanently live in New Zealand.