The process of “Financial Emigration” terminates your tax residency status with the South African Revenue Service (“SARS”). The SARS process includes a verification or “audit” procedure, as financial emigration is not something that is casually agreed to by SARS, because they are prohibited from taxing the non-resident on worldwide income. The upshot is also that when you complete your South African or offshore bank’s CRS and/or FATCA forms, you can formally note yourself as non-resident for South African tax purposes. The SARS process is duly evidenced by an “Emigration Tax Clearance Certificate”, which is part of South African Administrative Law and comes with a guarantee as per section 33 of our Constitution.
We have a highly specialised team with experience across a number of different fields allowing us to offer expert advice across the board. 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. Kindly note that the new Financial Emigration process post 1 March 2021 requires you to prove non-residency for an uninterrupted period of three years before you can encash your pension or retirement annuity funds.
We have also aligned our offering with a leading financial institute to offer you the best possible currency rates once your financial emigration is complete and if you are ready to move your money out of South Africa.
To begin the process please complete our free online assessment and we will be in touch with the next step.