Cash in on your retirement annuity as an expat.
It’s for good reason that your access to your retirement annuity in South Africa are limited while you’re a resident. Investing in your golden years requires dedication and commitment and takes time, and the fruits of your labours should be enjoyed only once you’ve reached retirement age, not before.
What are the rules around retirement annuity funds in South Africa?
The Income Tax Act says that there are only two circumstances under which an early withdrawal is possible. If you want to go the early withdrawal route and gain access to the full value of your retirement annuity before the age of 55, you must either financially emigrate, or if you are a non-resident your South African residency or employment visa must have formally expired.
Let’s talk finances and how to move them.
Moving money abroad can get complicated, especially because it’s an actual criminal offense if you don’t follow the rules to the letter. So when you decide to make that move, remember that FinGlobal is a registered financial services provider, a proud partner of Bidvest Financial Services and fully compliant with all SARB and SARS regulations.