There are few things as daunting as financial emigration. Yes, you read right. The thought of moving to another country is both motivating and stressing. Now, if you thought that you may have to forfeit your hard-earned cash or the proceeds of your years of investments, you are mistaken. The truth is that you can move with your money.
So, what exactly is emigration of finances? Here are 5 easy steps to understand financial emigration.
1. What is financial emigration?
Financial emigration is the process of getting your financial house in order when leaving South Africa by changing status from financial resident to a financial non-resident, which then allows for the transfer of your money to your new country of residence.
2. What do you need to financial emigrate?
When handled by a professional, financial migration is a simple task. However, you need to have a few things in order to complete the process smoothly and fast. These are
- A South African ID or a valid passport
- Proof that you will be a permanent resident in your new country
- Tax certification from SARS
- Reserve Bank approval
- Appropriate audit trail of all amounts to be repatriated
3. What can you transfer?
- Retirement annuity proceeds
- Proceeds from assets declared in the emigration application form
- Passive income from SA investments
- Proceeds from trusts and 3rd party life policies
4. Why you should consider it
The financial freedom associated with the migration of wealth is perhaps the most alluring reason why you should take the step – once complete there’s no need to go through a complicated exchange control process ever again.
5. How to get started
When preparing for financial emigration, you don’t necessarily need to know the detail, but it’s important to understand why you are going through the process and exactly what benefits it will bring.
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