Emigration is not a cheap affair. Starting a new life abroad costs money, effort and is also emotionally taxing. And in addition to the logistics of moving house and setting up shop in a strange new world, you have to deal with the funds and assets still stuck back home.
Moving money across borders is not just a simple matter of pressing a button or signing a piece of paper. There are rules, exchange control regulations, and you also need to consider fund stipulations and legislation. Something as beneficial as a retirement annuity in South Africa becomes a headache once you’ve emigrated – because, as a South African resident, you’re still subject to South African directives.
But did you know you can transfer your retirement annuity to your new country of residence before age 55?
Convert your retirement annuity to cash without suffering losses
Changes to South African tax legislation in 2008 make it possible for South African expats to convert their retirement annuities to cash and transfer the proceeds offshore.
The process can be a bit complex for laymen to administer though, as it requires completion of an exchange control process involving SARS, the South African Reserve Bank, your insurance companies and the bank you’ve appointed to manage your financial emigration.
Don’t fear – finglobal.com is near
finglobal.com offers a complete solution to your financial emigration, with more than 13 000 South African expats in 80 different countries attesting to our 100% success rate. Our services offer you faster administration and transfers, are fully compliant with international regulations, and can offer you greater value than most commercial institutions, or if you’d attempt this process yourself.
Why financial emigration?
In order to transfer the proceeds of your retirement annuity offshore before age 55, you need to emigrate financially. But don’t be alarmed – this does not terminate your status as South African citizen. You’ll still enjoy all the rights and privileges of being South African.
All this means is that your financial status changes from South African resident to non-resident for exchange control purposes. Essentially, your funds from back home will now just be flow through a centralised channel in the form of a blocked rand account at a South African bank.
How it works
An accredited finglobal.com financial consultant will determine the amount you can transfer and the specific process required in your case. You’ll be guided through a free assessment and receive an up-front quote for our services, to make it happen. The initial assessment service is 100% free and without obligation. Our services fees for financial emigration are fixed and payable only once we have successfully completed the job.
In short, you’ll know how much you can transfer, how long it will take and how much it will cost, before you make a decision.
It’s as simple as that! Makes you wonder why you haven’t done this before, doesn’t it?
Don’t wait – start the process today!
At finglobal.com we believe that South Africans abroad should have the means and resources to start their new lives without getting entangled in red tape. Moving abroad is hard enough, getting access to your own money shouldn’t be.
Seize the moment and take charge of your finances today! Complete this easy form to see if you still have a retirement annuity in South Africa and receive a free financial report.