Financial Emigration Ceases Tax and Exchange Control Residency The process of “Financial Emigration” terminates your tax residency status with the South African Revenue Service (“SARS”) as well as your status as exchange control resident with the South African Reserve Bank (“SARB”). The SARS process includes a verification or “audit” procedure, as financial emigration is not…
Expats often are under the assumption that they need to close their South African Bank account prior to financially emigrating. A South African bank account is required for one to be able to financial emigrate, as the South African Reserve Bank process has to be initiated through a South African Bank. Your South African bank…
Expats often presume they need to dispose of assets when financially emigrating. The financial emigration process has no impact on selling or otherwise disposing of any assets. This is simply not the truth, including that you do not have to cash-in on policies or retirement preservation vehicles. Those who spread miss-information hereon are often certain…
