Why do people emigrate financially?
Financial emigration is a regulation set up by tax authorities for exchange control purposes. It is a way for SARS to monitor the money flowing across South African borders. Not all people need to emigrate financially, as you are allowed to transfer funds out of the country using your annual transfer allowances.
How do I know if I should emigrate financially?
We’ve put together a handy checklist to help you determine for yourself where you stand legally and financially with respect to your assets in South Africa.
The South African expat checklist:
- Do you still have financial assets in SA?
- Do you still have an interest in a trust, partnership or company in SA?
- Do you still have retirement annuities in SA?
- Are you using SA credit cards?
- Do you still have property in SA and are you unsure whether to sell?
- Are you still registered for SA tax and obligated to submit returns?
- Do you have SA funds or investments you wish to transfer abroad?
- Are you expecting to be the recipient of an inheritance from SA in the future?