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Money does matter for South African expats

By July 21, 2015October 6th, 2023Financial emigration

Money does matter for South African expats

July 21, 2015

Financial emigration need not be an intimidating task, particularly when you have identified greener pastures in a foreign land.

The process of transferring money to a country of your choice, fortunately is much simpler than ever before. Yet, the nitty gritty of exchange control and the actual methodology to be adopted to access your cash in a foreign land does call for a degree of expertise and you could be burning significant amount of midnight oil if you have no clue on where to begin.

Well, one way to breathe free is to offload the task of financial migration into the hands of a proven expert in the field. When you are doing this for the first time ever, you should also be aware that South Africans still enjoy the right to transfer their money irrespective of the destination to which you are moving. This way, you will enjoy total financial control over the money that you are holding in your account and other proceeds that might accrue to you at a later date.

Enjoy the freedom of financial emigration

Let us consider some of the hard facts associated with financial freedom:

  • When you relocate to another country of your choice, your rights as a South African remain the same. What changes is the status of your financial residence – i.e., from resident to non-resident.
  • You have the ability to transfer any money, proceeds, or income to a country of your choice
  • It is perfectly legal to transfer all your income, money, and proceeds to your new location
  • Seeking professional help is the best way to ensure that you enjoy a hassle free transition

South Africans enjoy a high degree of freedom when it comes to financial emigration. Your investments can continue to earn income for you even when you are abroad. Similarly your pension can be directly wired to your new account in another country even when your 55 years age limit is still far away. Proceeds from trusts or third party policies can also be accessed abroad. These are among the major advantages of financial emigration.

What you need to know about financial emigration

In the first place, you need to check out the regulations covering financial emigration. These will include tax certification, asset declaration, authorization from the Reserve Bank, and legal limitation on how much amount you can transfer. There are also other minor elements that you will need to come to grip with.

The final step in the process is identifying an authorised financial expert such as regulated by relevant authorities and then entrust the job to them.

Let us call you if you need any help with financial emigration.

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