Free the flow of your capital to assist your new business
Financial emigration is also known as formal emigration and simply means your status, for exchange control purposes with the South African Reserve Bank, changes from resident to non-resident. Financial emigration does not change your status as a South African. You and your family still have the right to South African citizenship and your South African passports.
As a financial emigrant you may transfer offshore:
- The proceeds of your retirement annuity, even before age 55. This can be used for any purpose in your new country including buying property – or even a round the world trip
- South African source inheritance
- The proceeds of assets declared in your emigration application
- Passive income, i.e. rent, dividends, director’s fees, salary for services rendered in South Africa and income from discretionary or vesting trusts
Ensure expert assistance every step of the way
Starting a new business is a very challenging process, and financial emigration can also be quite a daunting complex process if you undertake it on your own. In order to financially emigrate, your tax affairs must be in order and up-to-date. Once you have financially emigrated, for exchange control purposes, your South African bank account becomes a capital account, which is subject to regulatory restrictions. Your remaining South African-based assets and transactions from this account will be controlled by the bank holding your capital account.