February 2014: Blocked rand account is good!

While these may sound like words from Confucius’ mouth let’s clarify a generally misunderstood concept.

Let’s start at the beginning. Many of our expat brethren are under the impression financial emigration creates an obligation to immediately liquidate all ones South African assets. Well, that’s not true…

As part of the financial emigration process you are obliged todeclare all assets to the South African Reserve Bank, which can be construed as onerous, but it’s not!

Only income declared from your South African sources and assets can be credited to your blocked rand account for transfer to your overseas bank account.

Therefor, to avoid restriction of future income flow, make sure to declare all your assets and interests when finalising your financial emigration application.

The good news: there is no need to liquidate your South African assets, all you have to do is declare it all with the view for all future income from these assets to be credited to your blocked account for effortless remittance overseas.

See? Blocked Rand Account is Good.
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