Frequently asked questions
For answers to commonly asked questions please click on any of the sections below.
Got questions? We’ve got answers.
We get a lot of enquiries, many of which are the same 3 questions – what is financial emigration from South Africa, why do I need to do it, and how do I do it? Check out our FAQs for answers to all your questions.
- Authorised financial services provider. Regulated by the South African Financial Services Board. FSP # 42872.
- Approved South African Reserve Bank foreign exchange intermediary.
- South Africa’s Financial Centre Act (FICA) accountable institution
- Financial Advisory and Intermediary Services Act (FAIS) compliant.
- Internationally Accredited Professional Provident Society (PPS) Broker.
We provide a fully-integrated financial migration solution to assist South Africans who need to transfer funds from and to South Africa. Our services comprise:
- early retirement annuity surrender
- unclaimed policy search
- foreign exchange transacting
- tax compliance, consulting and refunds
- inheritance transfers
- financial migration planning
- bank accounts
FinGlobal quote and charge fixed service and solution-based fees. To explain the solution and confirm professional fees we assess each client’s situation by way of personal consultation. Payment takes place once agreed upon successful service completion.
No deposits are required.
Immigration (physical relocation) – to another country from South Africa. Emigration (financial emigration) – from an exchange control perspective, is the financial exit from South Africa.
On completion of this process, your financial status in South Africa changes from resident to non-resident.
As a global citizen of the world you are free to return as and when you please.
Once a South African always a South African.
FAQ’s for clients who are in South Africa
Every resident above the age of 18 has two allowances that they can use to transfer funds from SA:
- Single Discretionary Allowance
As a resident, you may transfer a total of R1 000 000 from SA every calendar year. Please note that all card transactions while you are abroad are included under this allowance.
- Foreign Investment Allowance
As a resident, you may also use this R10 000 000 allowance per calendar year. A tax clearance is required from SARS. This tax clearance is associated with the Foreign Investment Allowance and differs from a normal ‘good standing’ tax clearance.
You may also transfer funds abroad in excess of these allowances. Please contact us for more information.
The minimum requirement for transferring funds is that you must be in possession of a green bar-coded ID document or the latest ID card.
We are licensed to do foreign exchange transactions through our strategic partner, Bidvest Bank.
We open a bank account online for each client. This account is exclusively used to do foreign exchange transactions. The client funds his account and FinGlobal facilitates the foreign transfer through Bidvest Bank upon the client’s request.
- FinGlobal is a reputable company and meets all FSB requirements. This means you have full recourse to the Financial Ombud of South Africa.
- All documentation is completed electronically.
- You have direct access to our Forex desk. Exchange rate quotes are given upon request and rates are fixed when you decide to transact.
- We offer preferential exchange rates.
FAQ’s regarding moving abroad
I have money and assets in SA. Can FinGlobal provide me with a proposal to transfer the proceeds abroad as and when I liquidate them?
Yes, we provide you with a free financial report that details the actual surrender values of your policies along with an estimate of the tax payable upon surrender. We then evaluate each client’s unique cash flow requirements and their list of assets to provide them with a solution that will fit their needs.
We offer a full range of in-house services to:
- Surrender policies
- Complete all Tax services
- Complete Foreign exchange transactions
- Complete Financial Emigration Applications
- You will be allowed to surrender your RAs in full.
- It will be easier to transfer the proceeds abroad from assets you decide to leave behind in SA in the interim.
- It will be easier to transfer any future inheritance from South Africa.
I heard that my assets and bank account will be "Frozen" if I complete a Financial Emigration. Is this true?
I live abroad but still have business interests in South Africa. Can I complete a Financial Emigration?
FAQ’s regarding living abroad
I never informed SARS that I left South Africa. How do I now transfer policy proceeds or cash from South Africa?
I currently receive a regular income stream from my policies or pension in South Africa. Can I transfer the capital abroad?
Unfortunately, the capital cannot be accessed or transferred abroad if:
- You are receiving an income from these policies or pensions.
- The cumulative value of these policies with a specific insurer is worth more than R50 000.
We’ll answer all your questions. Your personal consultation is complimentary and without obligation.
Licensed South African Financial Services Provider FSP # 42872
We deal with all South African banks, insurance and investment companies, pension funds and other related financial institutions.