“Therefore, if one financially emigrates (taking into consideration the tax residency tests) that would then indicate that the taxpayer ceased to be a tax resident.”
SARS, Foreign Employment Income Team, 18 October 2019
Financial Emigration offers a bespoke service to individuals wishing to terminate their tax residency status with the South African Revenue Service (“SARS”) as well as their status as exchange control resident with the South African Reserve Bank (“SARB”). We have many years of experience across a number of different fields allowing us to offer expert advice across the board, while maintaining high levels of service excellence. This uniquely enables us to facilitate your complete financial emigration as well as the recovery of any financial assets such as retirement savings and tax income.
Undergoing the Financial Emigration process, proves one’s intention to permanently reside outside of South Africa which coincides with South African tax residency tests – thus the formalisation of both exchange control and tax residency statuses being noted as “non-resident”. Financial Emigration and formal emigration, while similar in process, are not exactly the same. Formal emigration does not include the important steps of ensuring that tax residency is indeed ceased.
When your Financial Emigration is successfully completed through our company, we guarantee non-tax residency on record with SARS and SARB.