As a South African financial emigrant, you are allowed to transfer the following out of the country:
- The proceeds of your retirement annuity (even before retiring)
- Your inheritance, and any proceeds from a third party life policy
- The assets you declared to the South African Reserve Bank in your emigration application
- Any passive income; this includes rent, director’s fees, dividends, salaries for services rendered in South Africa, and trust income.
The benefits of financial emigration
Financial emigration from South Africa has a range of benefits, provided you get the correct tax advice before making the first step and applying with the SARB. You won’t need to transfer the proceeds of certain assets, like bank accounts, living annuities or discretionary funds. However, you will still be able to transfer these funds using foreign investment allowances.
How do I financially emigrate?
Your first port of call is the South African Reserve Bank.
- Complete a Form MP336(b) – Emigration: Application for foreign capital allowance. (Form MP336(b) and more info are available on the South African Reserve Bank website. You’ll need this completed, approved form to submit to SARS in the next step.)
- Apply for a Tax Clearance Certificate – Emigration from SARS. This tax clearance certificate is based on the form you completed for SARB, so you’ll need to provide SARS with a certified copy of this. (see additional supporting docs required on the South African Revenue Service website).
- Submit the Form MP336(b) and your tax clearance certificate to your bank who will complete the process for you.
Send us a message
Leave your details below including a short message and a financial consultant will contact you.
Licensed South African Financial Services Provider FSP # 42872
You have Successfully Subscribed!
FinGlobal Newsletter Subscription
Subscribe to the FinGlobal newsletter to receive all the latest news and information regarding our services and South African Expats.