Act Now Before Financial Emigration Law Change: Stricter Rules Post 1 March 2021

On Tuesday 13 October 2020 in Parliament, National Treasury and SARS laid down the new Financial Emigration law and made it clear that post 1 March 2021, your retirement money will be locked in for three years, meaning you are not allowed to touch it or best apply it to your personal circumstances. Therefore, South Africans who have moved abroad or plan to permanently leave South Africa have until 28 February 2021, just over four months from now, to effect Financial Emigration or be faced with tougher exit rules under the “three-year lock-up” dispensation.