Successfully closing off your financial affairs in South Africa can be a daunting task but you don’t have to do it alone.
Are you in the process of relocating indefinitely or currently working and living abroad for a prolonged period? Then you should consider how your finances are affected: your pension fund, assets, and properties. Financial emigration is probably the route you want to go in order to transfer the proceeds of your assets. You also need to determine if you should pay tax in South Africa once you’ve moved offshore. We can help and have done so for many clients who don’t have the time to figure out this process.
Like normal emigration processes, you’re probably familiar with the mountain of paperwork, checklists, and processes that need completing. Visa applications, work permits, and other supporting documents are required, and, in many cases, most people make use of migration specialists or agencies to assist them in making the move a seamless one. Having to deal with tax clearance certificates, tax refunds, foreign-exchange services can be intimidating. Using a specialised agency can smoothen your financial emigration.
Financial emigration 101
Financial emigration (also known as formal emigration) is the process of informing the South African Reserve Bank (SARB) that you have financially permanently left South Africa. This will change your status from resident to non-resident with SARB. However, you remain a South African citizen.
What are the benefits of financial emigration?
- Easy access and transfer of your South African funds if you reside in another country.
- Access to retirement annuity policies before maturity date.
- Simpler remittance of South African source inheritances.
Do you even need help?
So, do you know if you should emigrate financially?
Well, let’s check:
- Do you still have financial assets in South Africa?
- Do you still have an interest in a trust, partnership or company in South Africa?
- Do you still have retirement annuities in South Africa?
- Do you have South Africa funds or investments you wish to transfer abroad?
- Are you expecting to be the recipient of an inheritance from South Africa in the future?
If you ticked yes to any of these boxes, you probably still need to tie up some financial loose ends. Not to worry, FinGlobal offers a personalised approach in cross-border financial solutions.
We can help you with any of the following:
- Financial Emigration
- Retirement Annuity Withdrawal
- Foreign Exchange
- Tax Refunds
- Tax Clearances
- Exchange Control
- Pension, Provident, Preservation Funds
You build your own bill – and you know from the get-go what you are in for.
So, what’s it going to cost you? Our fees are not based on the amount of money involved in a particular transaction, but on fixed fees for specific services and processes. In a nutshell: you’ll know from the onset what it will cost you, and you’ll pay us only when the job is done.
The proof is in the pudding – and clients have found our service invaluable.
“I’m now living in Ireland and approached FinGlobal to help me with my financial emigration process, as this can be a very painful thing to attempt on your own. FinGlobal took care of everything, keeping me updated every step of the way. They made sure I had all the relevant paperwork filled out correctly, followed up with all parties from SARS to my bank to my R.A. They made sure I had all the relevant paperwork filled out correctly, followed up with all parties from SARS to my bank to my R.A” – Angela Ross Innes – Ireland
See what other clients had to say about us here.
Rally the right team.
So how can you be sure you are using the right company? Well it’s important to have the right experts on hand to assist you. Our team consist of qualified tax compliance consultants, forex representatives, financial consultants and exchange control specialists to assist you. We deal with all major banks and also partner with local and international business partners specialising in the field to make the process seamless and straightforward.
Transparency is paramount, so feel free to ask about different emigration scenarios and test us on our success rate. The main reason why you are working or living abroad is probably financially motivated. Use our help to assist you taking care of financial emigration process – you really deserve a break from the administration by now.