The South African economy has been left frustrated by the number of citizens moving abroad, and failing to resolve their domestic tax issues. This was noted in the Parliamentary hearings in 2017 as one of the main reasons why the tax laws on South Africans working abroad had to change. As SA faces the prospect…
Immigration (physical relocation) – to another country from South Africa. Emigration (financial emigration) – from an exchange control perspective, is the financial exit from South Africa. On completion of this process your financial status in South Africa changes from resident to non-resident. If you emigrate without properly notifying the South African Reserve Bank (SARB), you…
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…
Recent changes to the taxation of foreign income earned by South Africans living and working abroad permanently or on long term contracts have shone the light on financial emigration. Financial emigration is a formal process with the South African Reserve Bank (SARB) to change your tax status from “resident” to “non-resident” for exchange control purposes….
