So, packing up and leaving South Africa? Whether you’re chasing a better job or just fancy a change of scenery, it’s a big deal. But figuring out how to move all your stuff – cars, furniture, investments, even your jewellery – can feel like an even bigger headache. You want it all to go smoothly, right? Well, that’s what we’re here for. We’ll walk you through what to expect so you can get your belongings and money sorted without losing your marbles.
What can you take out of South Africa when you move overseas?
When it comes to planning your move out of South Africa, getting it right hinges on knowing exactly what you can legally export and how to do it.
Moving overseas from South Africa: exporting your vehicles.
When planning your emigration from South Africa, you’ll face several essential administrative hoops to jump through if you decide to export your vehicle. To legally move your car out of South Africa, you must first obtain a police clearance certificate, a vital step in the vehicle export process. This proves your car is not stolen, a key requirement for anyone leaving South Africa with a vehicle.
Next, you need a government-issued ITAC vehicle export clearance permit, specifically for cars purchased within South Africa. Additionally, a Data Dot Certificate verifying your car’s unique security markings is necessary. After that, you’ll require customs export clearance, signifying that your vehicle is approved for departure. Finally, an export permit from the South African Revenue Service (SARS) formally authorises the export of your car, and you must deregister the vehicle from the eNatis system.
Moving overseas from South Africa: exporting your household contents.
One of the big headaches is figuring out how to get all your stuff out of South Africa. We’re talking about your furniture, your personal belongings – all those household bits and bobs. You’ll want to rope in a decent international removal firm to make your move abroad from South Africa as painless as possible. They’ll sort out the packing, the shipping, and all that tricky customs clearance stuff. And don’t forget, you’ll need a proper list of everything you’re taking (inventory) and some good international removal insurance to cover you if anything goes awry.
Now, when it comes to the money side of getting out of South Africa, there are a few things to keep in mind:
- In the same tax year that you’re officially no longer a South African tax resident, you can shift up to a million Rand via an Authorised Dealer as a travel allowance. This is meant to help with your moving expenses, and the good news is you don’t need a Tax Compliance Status (TCS) PIN from SARS for this. Just remember, though, it’s a one-off deal.
- When exporting your belongings from South Africa, you can move household and personal items worth up to R1 million per family unit using a SARS Customs Declaration form. These items are treated like cash.
Here, it’s absolutely critical to declare everything properly on the right customs forms to keep everything above board. This will ensure that your export of personal belongings goes smoothly so that you can relocate your assets without any drama when you move abroad from South Africa.
Moving your jewellery out of South Africa
With your jewellery, you must declare all valuable pieces to the South African Revenue Service (SARS) before you leave. This declaration will usually include detailed descriptions and serial numbers, where possible, to ensure easy identification should you bring them back. Keep the declaration form safe, proving that the jewellery originated in South Africa.
Depending on the item’s value, you might encounter forex control regulations. Carrying less valuable items personally could be the most straightforward option, but high-value pieces may require a specialised courier. Be aware that you might need export permits for certain types of valuables. It’s essential to familiarise yourself with South African jewellery export regulations and prepare all required documents, including exporter registration, permits, certificate of origin, and a commercial invoice.
Top tip: It is vital to have items valued professionally, and to keep detailed records of ownership.
Read more: Exporting South African gold coins, currency coins, and numismatic items.
Exporting your art collection out of South Africa
Similar to jewellery, art must be appropriately valued and insured. Specialised shipping services can handle delicate and valuable items. Exporting certain art pieces may require permits, especially if they are considered national treasures or heritage pieces.
Read more: How to export your art collection when you emigrate from South Africa.
What to do with shares when you emigrate from South Africa
Moving abroad with shares? This is a tricky one. South Africa might tax you as if you’ve sold them (exit tax), and your new country could, too.
Your best bet is to chat with a financial advisor to navigate this. They’ll help you decide whether to sell, keep, or transfer and avoid double taxation and give you a better understanding of the South African exchange control rules that apply in each scenario.
You can move your local shares so they are treated as nonresident assets and transfer the proceeds abroad. Accurate records are vital; you’ll want to watch out for currency fluctuations.
What to do with your investments when you leave South Africa
Managing your investments post-emigration is essential for financial stability. Here, you’ll need to consult financial advisors to understand the tax and legal implications of transferring investments.
Read more: Planning to move abroad? Here’s how to safeguard your assets.
Relocating your finances when you emigrate:
Moving money out of South Africa requires understanding exchange control regulations and SARS procedures around international money transfers from South Africa.
- How much money can I take out of South Africa when I emigrate and thereafter?
- Avoiding common pitfalls when transferring funds abroad from South Africa.
- SARS AIT: What to expect when transferring proceeds from South Africa.
Practical steps for moving your assets out of South Africa
- Create a detailed inventory of all your assets and obtain professional valuations for valuable items like jewellery, art, and vehicles.
- Ensure you comply with all South African export and exchange control regulations and the import regulations of your destination country.
- Choose reputable shipping and moving companies with experience in international relocation.
- Work with a financial institution or foreign exchange specialist to handle the legal and efficient transfer of your funds and assets out of South Africa. FinGlobal can help!
- Make sure you’ve got adequate insurance coverage for your assets during transit.
FinGlobal: financial migration specialists for future expats
Moving out of South Africa entails a complex process of relocating your assets and funds. By understanding the rules, seeking professional guidance, and planning carefully, you can ensure a smooth and successful transition.
Or, if you’d prefer not to DIY when it comes to your cross-border financial relocation, FinGlobal is ready to step in and take over. Our dedicated team of cross-border tax specialists, international planners, and exchange control experts is ready to streamline every process for you, ensuring that you can move your money and assets out of South Africa safely, efficiently, and compliantly.
We’re here to assist you with tax emigration, tax clearance, foreign exchange, and more. Do you have questions about our convenient, trusted services for South African expats? Please leave your contact details in the form below to get the ball rolling.