Financial Emigration Law Change: Stricter Rules Post 1 March 2021

The new Financial Emigration process has now come into effect as of 1 March 2021, and your retirement money is subject to a lock-in period of 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 to financially emigrate with tougher exit rules under the “three-year lock-up” dispensation.