The term emigration is often misunderstood – in simple terms:
Immigration – entering into a country other than your home country
Emigration – exit from your home country
Many people believe they’ve emigrated because they went through the “immigration desk” at the airport when leaving South Africa. This however, is not the case; emigration is a financial exit process from South African. When you emigrate (exit) it does not in any way, impact your South African birthright, citizenship or the right to retain your South African passport.
Once a South African. Always a South African.
Why do it?
There are five main reasons that South Africans choose to financially emigrate;
- To transfer their full capital value of retirement annuity proceeds offshore, before age 55
- To have their inheritance paid offshore without requiring exchange control approval
- To pay their passive income such as rent, dividends, directors’ fees, salary for services rendered in South Africa and income from discretionary or vesting trusts, offshore
- To pay the proceeds from a third party life policy offshore
- To conclude their financial affairs with the South African authorities, i.e. SARS and SARB
For a free, no obligation consultation on financial emigration from South Africa, click on the link below and our advisors will call you.