There are tens of thousands of South Africans living abroad, gainfully employed, paying taxes, with social security numbers and other local benefits courtesy of their work permits, who have not emigrated from South Africa.
People mistakenly believe they’ve gone through emigration when they left the country, but in reality they’re still South African residents because they’ve not followed the formal emigration process – aka financial emigration.
For South Africans, emigration does not merely mean a change of country or address – it is a formal arrangement between you and the Reserve Bank. Financial emigration doesn’t mean you sacrifice your birthright, citizenship or South African passport.
Emigration effectively changes a person’s status from a South African resident to a non-resident. Until such time as your residency status changes, funds transfer between South Africa and your chosen home country remains subject to exchange control regulations. Once you’ve emigrated and the Reserve Bank classes you as non-resident you’re financially free to transfer funds to any country in the world. In essence emigration qualifies South Africans as Global Citizens of the World.
Do you qualify? Do you have the freedom to move your money as your heart desires? If not. It’s time to think…
For more information about financial emigration and how to safely and securely move your retirement investments offshore try our free personal consultation or let one of our emigration advisors call you to answer any questions you may have.
finglobal.com is an authorised South African financial services provider.FSP #42872.
The company has assisted more than 3000 expats living in 75 countries to successfully transfer their South African pensions offshore. For more information: www.finglobal.com