Living in New Zealand but left your retirement savings in South Africa? You can still withdraw South African retirement annuity.
Since 2021, the process depends on your tax status rather than just your location. Whether you want to pay down a mortgage or transfer your South African pension to Kiwisaver, the first step is navigating the “3-year rule” to unlock your Rands.
The good news is yes. However, the landscape has shifted. Since 2021, the “3-year rule” allows for early withdrawal from a South African retirement annuity in the Netherlands.
Accessing your funds requires navigating SARS tax non-residency criteria, but with the right strategy, you can successfully move your Rands to Euros.
A retirement annuity (RA) is a tax-preferred retirement vehicle in South Africa designed to stay invested until retirement. Normally you can’t take the full cash value before retirement age, but special rules allow SA expats to withdraw their South African retirement annuity if they cease to be SARS tax residents and meet the waiting period.
To be eligible for an early lump-sum SA retirement annuity withdrawal from New Zealand, two following things must be true:
You have formally ceased SARS tax residency.
You have remained a SA tax non-resident for an uninterrupted three years.
Only then can your RA be commuted before age 55. This rule took effect from 1 March 2021 and affects how funds are released.
Exchange-control paperwork with the SARB (the old “financial emigration” route) is not the test for accessing your South African RA anymore. SARS’s tax emigration process is now the gatekeeper to cash in your South African retirement annuity, transferring funds from South Africa to New Zealand and protect your income.
SA tax resident status: SARS taxes you on your worldwide income.
SA tax non-resident status: Once you formally cease tax residency, you are only taxed on South African-sourced income.
Ceasing tax residency is the legal trigger that starts your 3-year clock. The good news? If you have been in NZ for several years but haven’t notified SARS, you can backdate your cessation of residency. This means you can withdraw South African RA immediately if your backdated status already exceeds the three-year mark.
When transferring your SA retirement annuity to New Zealand, it is important to know that a direct “scheme-to-scheme” transfer is not possible. You cannot move the funds directly into a KiwiSaver provider via a Section 14 transfer because the tax systems are incompatible.
Exchange-control paperwork with the SARB (the old “financial emigration” route) is not the test for accessing your South African RA anymore. SARS’s tax emigration process is now the gatekeeper to cash in your South African retirement annuity, transferring funds from South Africa to New Zealand and protect your income.
SA tax resident status: SARS taxes you on your worldwide income.
SA tax non-resident status: Once you formally cease tax residency, you are only taxed on South African-sourced income.
Ceasing tax residency is the legal trigger that starts your 3-year clock. The good news? If you have been in NZ for several years but haven’t notified SARS, you can backdate your cessation of residency. This means you can withdraw South African RA immediately if your backdated status already exceeds the three-year mark.
When transferring your SA retirement annuity to New Zealand, it is important to know that a direct “scheme-to-scheme” transfer is not possible. You cannot move the funds directly into a KiwiSaver provider via a Section 14 transfer because the tax systems are incompatible.
Formally notify SARS of your change in status.
Ensure you meet the 3-year non-residency requirement.
Your fund manager requests a directive from SARS to determine the withdrawal tax.
The net Rands are paid into a South African bank account.
Convert your Rands to NZD and transfer them to your New Zealand bank account.
Get clarity on timing, tax, and transferring your South African funds to New Zealand.
Licensed South African Financial Services Provider FSP # 42872
Efficient and helpful. Site is user friendly.
19 February 2025
Great people to deal with, especially if you want your taxes back as well!
19 February 2025
Excellent service. Would recommend it to anyone who is transferring money internationally, and needs a tax clearance.
18 February 2025
It was a very pleasant experience working with FinGlobal to sort out our tax residency queries. Special thank you to Cindy for being super helpful and answering all our questions.
11 September 2024
Exceptional customer service. Great service offering (accounts, forex) for non residents. Julian is amazing.
16 July 2024
I can’t praise FinGlobal services enough. Their whole team was absolutely amazing in assisting me with my financial emigration this year. There was no hidden cost, no obstacle that they couldn’t hurdle over with ease, while keeping me in the loop every second. Their quick responses when email was sent is unbelievable. Their professionalism, yet caring approach make you feel like family and their first priority: it is outstanding. Yes, I was warned from the start that it will be a six to 9 months period to complete the journey and lots of paper work, yet they made it feel like 2 months. I take this opportunity to thank each and everyone that was part of my team for a service Well done!!
30 May 2024
Literally could not be happier or speak highly enough about FinGlobal. It’s the 2nd time I have used them to assist with various money transfers and wrapping up my financial affairs in South Africa. Their professionalism, knowledge and customer service are on another level. Every step is explained, followed up and is easily tracked on the portal. Thanks particularly to Jaco, Riaan and Hanlie! I highly recommend FinGlobal!
28 February 2024
Roxanne and the FinGlobal team are brilliant. They do what they say and have been a huge help to me, my family, and friends.
6 February 2024
Huge thank you to FinGlobal! When I came across their website during a frustrated Google search, I was immediately interested and impressed. From my very first phone call with one of their friendly, efficient and professional advisers, I was on board. Yes, there were forms to fill, documents to upload and endless calls but it was all worth it. Their fees are more than reasonable for the amount of work they put it. I wouldn’t have been able to navigate this complex process without their expertise and diligence. Highly recommend.
29 January 2024
Thank you to Phillip for setting my mind at ease regarding my retirement annuity with Old Mutual, I was worried about all the red tape and tax implications, etc, but now I have a clear idea of a path forward.
18 October 2023
What amazing service all the way though. So knowledgeable and helped me out so much whilst making me feel at ease Roslinn Marais is a credit to the company I got a 5-start service from her a promotion/pay rise is 100% needed as she’s such a great asset to your company. Many thanks again FinGlobal very happy customer.
20 September 2023
After years of trying to get my RA’s paid out, I finally was able to achieve this with FinGlobal. Wonderful five-star service from start to finish. They kept me updated. Highly recommended.
27 April 2023
FinGobal has a great team who makes the entire process effortless. They are amongst the friendliest and most professional that I have had the luxury of dealing with.
11 April 2023
A complete highly professional service.
19 January 2023
We are very appreciative of FinGlobal’s care, attention to detail and professionalism in the handling of our financial affairs during our emigration process. Thank you FinGlobal Team!!
26 March 2023
I can’t thank Kay Saul and her team enough for all their efforts. I appreciate all that Kay and her team have done on this one! You’ve persevered with it and got there in the end. Thank you all again! My best.
29 December 2022
FinGlobal did an excellent and very professional job for us moving my provident and pension funds to Italy. Very smooth and they managed every hurdle.
1 December 2022
The FinGlobal team had been very helpful; I was helped to open a bank account as part of a process to deal with proceeds. Julian my representative was very knowledgeable and had put me at ease about the process and answered my questions patiently and made recommendations. Rosslin then helped with the next steps including verification, she kindly reminded me to check the portal and kept me up to date with the developments. The team was friendly, professional and very efficient. I will now continue onto the next phase with them and is looking forward to this. Many thanks so far FinGlobal!
25 November 2022
The best service ever! I tried on my own for over a year and failed! Once I reached out to FinGlobal, within 4 months I had all of my funds transferred to my Canadian account. The staff, each and every one I dealt with were professional as well as super friendly. I highly recommend FinGlobal. Thank you.
25 November 2022
May I take this opportunity to thank you for your excellent assistance throughout this process. It’s been a pleasure working with you.
23 November 2022
FinGlobal was very efficient and helpful in sorting out issues with SARS after my immigration. I found them knowledgeable and professional and highly recommend their services.
23 November 2022
This wonderful company helped me with mine and were fantastic! They are reasonably priced and totally dedicated and efficient. I highly recommend them.
21 November 2022
This is a great service. I’d been struggling with my annuity company for two years. FinGlobal will send you a quote. I found it worth it and it was completed in a month… including pushing the company to respond, opening a new bank account, transferring the money, and closing the account.
21 November 2022
I can highly recommend FinGlobal. Highly professional and did a great job wrapping up all our policies and financial affairs.
21 November 2022
I used FinGlobal to cash in an old pension fund and get the money to Australia. Everything went very smoothly and quickly with excellent communication and friendly service. Will always highly recommend their services to anyone.
9 November 2022
Well, I have to say your company has been absolutely excellent to deal with. From the start I have been well informed, assisted when I’ve done something wrong, and fully advised about the very slow processes of SARB, and the outcome is now finalised. It has been an unexpected pleasure dealing with you and I would happily share my experience. Thank you.
16 November 2022
I was very pleased with my experience dealing with Finglobal. They are a very professional firm – responsive, experienced, efficient, and a pleasure to interact with.
9 November 2022
Great experience working with a highly professional team to deal with my Financial Emigration. Will definitely recommend FinGlobal.
8 November 2022
Hello FinGlobal folks. We received the final cash on Friday. Thanks for the super service. It has been an absolute pleasure dealing with the whole team. Communication has been prompt and informative. Overall great service. Thanks again.
9 August 2022
I highly recommend FinGlobal to deal with your financial, tax, and insurance services. We found their services professional, prompt, and friendly. Thanks to Tercia, Andrea, and the team for your efficiency.
9 August 2022
This is the best and most professional service I have ever used. They are punctual and very responsive. I will recommend them 100%.
9 August 2022
Great group and so professional!
24 August 2022
You have been amazing! I cannot thank you enough for your help. You just made everything so easy. Thanks again!
14 June 2022
Cannot recommend these guys enough. They assisted us in 2010 and again last year.
8 June 2022
I would highly recommend Finglobal & most especially Ryno for all his hard work as he went way above & beyond what was expected. Mine was a long & difficult case that got rather complicated but Ryno pushed through all of it & was so thorough, professional & patient. I could never ever have done it & got my late husband’s retirement annuity over to Canada without all Ryno’s help.
Thank you FinGlobal for your excellent service.
20 March 2022
I highly recommend FinGlobal! Excellent customer service. Their fees were the best and I knew every step of the way what was happening.
2 March 2022
Flawless customer service and perfect execution of both my policies. Communication was great, highly trustworthy. I cannot speak highly enough of the service and recommend you use them to deal with any outstanding pensions in SA.
5 February 2022
FinGlobal have assisted us with a very secure and drawn-out process that would have been impossible for us to complete on our own. They have proved to be very professional, thorough and informative throughout. Their staff have been incredibly helpful and polite. I cannot recommend them highly enough. A very big thank you to them from my wife and myself.
8 December 2021
If there is anyone out there who is nervous about the process of being double-taxed if a South African expat…. I urge you to stop your search as FinGlobal really made this process easy! Thanks again TEAM (Anneléne Smithers and Linka Porter!
30 November 2021
We had tried several times with other companies however we felt they did not really know how to get our retirement funds out of SA. We immigrated over 10 years ago and wanted to ensure we closed out all our accounts. FinGlobal was amazing, easy to work with, thorough, kept us updated and we were eventually able to get our retirement funds out. I highly recommend them. Each person we worked with was accommodating and professional. We could not have done this without them.
6 October 2021
I dreaded the bother of trying to get my retirement funds out of SA having emigrated 20 years ago. Without FinGlobal’s assistance I couldn’t have done it. They were excellent and I recommend them highly.
1 October 2021
Effortless journey with the FinGlobal team in changing tax residency status and closing out my final return.
1 October 2021
FinGlobal’s Werner and Kim were brilliant and professional. I highly recommend their service.
27 September 2021
Great service. Completely transparent. Mine was a bit complicated so took much longer, but was seamless through the entire process. Thank you FinGlobal!
20 September 2021
Honestly incredible service from FinGlobal!!
12 September 2021
Can’t praise them highly enough. Did a fantastic job. A shout out especially to Kim and Doanne for their excellent communication and professionalism. Always kept me informed and received prompt responses to any issues or questions that I had. Thank you.
11 September 2021
The team at FinGlobal is super friendly and super efficient and gets the job done, even with a complex situation. Thank you!
27 August 2021
All the people at FinGlobal I have dealt with have been very friendly and helpful. Even with the March 2021 changes to financial emigration and transfer of funds abroad, they adapted to the changes required and achieved what was required. I would be happy to recommend them to friends and family.
20 August 2021
I used FinGlobal to financially emigrate from South Africa to Germany – I really recommend this company. They were friendly, professional and I believe good value for the amount of hassle they saved me. What makes this a 5-star review for me, is that they kept supporting me with info, long after the process was finished and the bills paid. Special shout-out to Lizé for her help. Thanks to all!
10 August 2021
I would highly recommend FinGlobal to anyone. They will demystify the new expatriate 2020 tax laws, help with getting your funds transferred out of South Africa, and assist with your tax exit. The FinGlobal team – Bianka, Tanya, Philicia, Julian, Ilse, Hano, and Pieter, are all extremely professional and efficient. Communication throughout the process is further improved by FinGlobal’s self-service web portal where one can easily navigate and follow your own journey/progress. Thanks again to all the staff at FinGlobal.
26 June 2021
When I decided to do a financial emigration from South Africa, I stumbled onto FinGlobal after searching for about two weeks for help. This was one of those days that you will always remember. The FinGlobal team was, to say the least, an incredible group of people and I felt as if they really cared about me and my situation. I will always recommend them.
1 June 2021
