Financial checklist for South African expat returnees

For many South Africans abroad, the decision to return to South Africa comes with excitement, uncertainty and plenty of admin. Whether you left recently or years ago, the process of coming home involves more than booking a flight. Your tax status, bank accounts, investments and healthcare arrangements all need to be re-aligned on your return. If you are one of the many South African expats returning home, getting your financial and tax affairs in order early will make the transition much smoother.

Top three takeaways for expats returning to South Africa

1. Clarify your SARS tax residency early: Your tax status does not automatically update when you arrive back in the country. Whether you completed tax emigration, financial emigration or never changed your status at all, you will need to confirm your SARS position and ensure all past tax years are compliant before re-entering the South African tax system.
2. Rebuild your financial footprint as soon as possible: Returning expats often need to open new bank accounts, refresh FICA documents and plan how they will bring money back into South Africa. Using a trusted cross-border specialist like FinGlobal ensures your transfers are compliant, cost-effective and correctly reported to the South African Revenue Service (SARS) and the South African Reserve Bank (SARB).
3. Prepare for local admin across healthcare, property and lifestyle: Moving back means navigating South African medical aid, property requirements, driving licences, SIM cards and retirement products. Getting these essentials in order early helps reduce surprises and smooths your transition back into everyday life at home.

Read more: The question of return: Can you move home to South Africa after emigrating?

Below is a practical financial checklist for South Africans returning to South Africa, built around the most common overlooked things that expats face when re-entering the South African system.

1. Reconfirm your SARS tax residency status

Your very first step should be to clarify your tax position with SARS. Many returnees assume their status will automatically update once they land back in South Africa, but SARS does not work this way. If you worked overseas and earned foreign income, you may have a gap in compliance that needs rectifying.

You may need to update or request a SARS tax number, especially if you left South Africa before you ever earned taxable income. Digital-first processes make it straightforward to complete a SARS tax number online application, but documentation must be correct to avoid delays. If you are unsure, a specialist can guide you through how to register as a taxpayer in South Africa and confirm your residency position.
Once SARS recognises you as a resident again, you will need to declare worldwide income and foreign assets. This is important for returnees who still hold offshore funds or investments, as SARS expects accurate annual reporting.

Read more: The reinstatement of tax residency process for expats returning to South Africa.

2. Re-establish your banking footprint in South Africa

Coming home means rebuilding a local banking profile. You may need to open new accounts, update FICA documents or provide proof of source of funds for money coming from abroad. If you do need to open a bank account in South Africa, start the process before you arrive if possible. A number of banks allow preliminary onboarding, which makes it easier once you are physically in the country. Understanding how to open a bank account in South Africa can also help you avoid delays linked to proof of address or foreign documentation.

For expats bringing funds home, you will need a reliable way of transferring money to South Africa. Exchange rates, transfer fees and reporting requirements vary between providers. Using a compliant service can simplify how to transfer money to South Africa and ensure your funds reach your South African bank safely.

Whether you want to send money to a South Africa bank account, complete a bank transfer to South Africa or transfer larger sums under the foreign investment allowance, accuracy is essential to avoid SARS queries later.

Read more: Tax emigration FAQs for South African expats living abroad.

3. Medical aid, insurance and healthcare planning

If you have been on an offshore health plan, factor in waiting periods when moving onto medical insurance in South Africa or a local medical aid. Many expats are surprised to learn that South African health insurance and medical aid products have different rules, networks and benefit structures compared to international plans.

Returning residents often have to choose between medical aid, a hospital plan or comprehensive private health insurance in South Africa depending on budget and risk needs. If you are returning with a foreign spouse or dependants, it’s important to factor in the requirements for health or medical insurance for foreigners in South Africa. Early planning can prevent gaps in cover during your first months back home.

Read more: The cost of coming home – tax implications of returning to South Africa after emigration.

4. Housing and property considerations

If you plan to buy property after returning, take time to rebuild a local credit record. Banks may not consider foreign income immediately, even if substantial. Research the market for South African property, refresh your understanding on transfer costs and take your time viewing homes in South Africa before making a purchase.

5. Transport, driving licences and compliance

When you return to South Africa, check the validity of your driving licence. Many South African expats returning home discover that their licence expired while living overseas. If you still have a valid South African driving licence, make driver license renewal a priority.

If you hold a foreign driving licence in South Africa, find out whether it can be converted. South Africa recognises licences from certain countries, but not all, and there may be time limits for conversion. Short-term visitors can use an international driving permit in South Africa, but long-term returnees must ensure compliance with local driving laws to avoid fines or insurance issues.

If you plan to purchase a vehicle, explore options for vehicle or car finance in South Africa early. Many lenders require recent payslips, proof of residence, or a local credit history, so starting the process before you return can save time. Planning ahead ensures you can drive legally and access financing without unnecessary delays.

6. Cellphone contracts and SIM cards

New returnees often struggle to obtain cellphone contracts without a recent local credit record. While you rebuild your profile, opt for a prepaid SIM card or pay as you go SIM card. These are easy to obtain and work immediately. Once your credit profile stabilises, you can switch to a contract.

7. Retirement savings and investments

If you left retirement products back home, revisit them upon returning. Understand your retirement options, particularly if you held a South African retirement annuity, pension fund or other retirement savings. Your contributions, access rules and investment strategy may need updating.

Expats with offshore wealth should review their South African investments with a qualified financial advisor to ensure their portfolio suits their renewed local residency.

FinGlobal: always ready to welcome expats back to South Africa

For South African expats coming home, FinGlobal can help clarify your South African tax resident status with SARS, assist with expat tax compliance, and ensure that your financial return is structured in a tax-efficient and exchange control compliant way.

When bringing funds back to South Africa, choosing the right cross-border financial partner matters. FinGlobal provides a safe, compliant, and cost-effective way to transfer money to South Africa, with competitive exchange rates and full guidance on SARS and SARB requirements.

Ready to learn more about how FinGlobal can streamline your South African homecoming? Let’s connect. Leave your contact details below and we’ll be in touch soon.