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The importance of getting your financial affairs in order before you immigrate

By April 13, 2017July 25th, 2020Emigrate

The importance of getting your financial affairs in order before you immigrate

April 13, 2017

One of the most important things to get in order before you leave your home and jet off to a new country is sorting out your financial affairs where you currently reside. The last thing you want to be faced with is paying bills or trying to close bank accounts from abroad. So for complete peace of mind, here is a quick checklist of financial things to consider doing before you immigrate.

Things to consider doing before you immigrate

Cancel your store cards and other debit orders

If you are planning on being away for a while, and won’t be using your store cards, it makes sense to close these accounts. This way you can ensure your account won’t be open to any fraudulent activity in your absence. To ensure you don’t incur any unnecessary bank charges on failed debit orders, cancel all the debit orders that you’ll no longer need to pay while you are away, for example, newspaper subscriptions, TV subscriptions and your utility bills.

Take stock of your bank accounts

Consider if you’ll need your bank accounts again. If your bank fees are high, it might make sense to close your accounts. Alternatively, you could look at leaving a lump sum in your account to cover any charges you may incur during your absence. If you are planning on achieving residency status in some countries, closing your bank account in your previous country can indicate your commitment to your new country.

Consider opening up an offshore account

If you are planning on moving around between countries, it might make sense to open an offshore account. An offshore account allows you to use multiple currencies and access your money, no matter what country you are currently residing it. It also will help if you need to exchange currencies in order to pay any financial commitments you might have back home.

Make plans for your pension or retirement annuities.

If you plan on returning to your home country, you probably don’t need to make any quick decisions about your pension or any retirement annuities that you may hold. But if you are planning on immigrating permanently, you might consider the advantages of closing your retirement annuities and taking the money you have accrued with you.

With so many expats retiring overseas, one of our top services is retirement annuity transfers. With this service, we assist South Africans living overseas turn their retirement annuity policies into cash and we then transfer the funds to their new home. The good news is that this can happen even before you turn 55 and the funds can be used for any purpose – whether you want to purchase a new home or save a nest egg for later use.

If you’re planning on immigrating and need advice regarding dealing with your current finances and finances in your new country, contact us today.  We’re here to help you unlock your South African wealth and put you on the path to financial freedom in your new home.
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