So, you’ve made the exciting decision to emigrate! Congratulations! But amidst the packing boxes and visa applications, it’s easy to let the financial aspects fall by the wayside. However, This festive season, you can give yourself the gift of peace of mind with a pre-emigration financial plan that covers everything to do before moving abroad. Let FinGlobal help you achieve a stress-free last Christmas in South Africa, allowing you to focus on what truly matters – family and creating lasting memories.
Emigrating from South Africa – why is financial planning so important?
For South Africans leaving, handling the migration of your finances from one country to another can be complex. Tax regulations, currency exchange, and retirement fund withdrawals require careful consideration. Leaving these tasks for the last minute can lead to delays, unnecessary stress, and financial penalties. By taking charge sooner rather than later, you’ll be free to enjoy your final South African holidays without financial worries clouding your celebrations.
Read more: The Essential Emigration Checklist.
Here’s a step-by-step guide to walk you through the basics of emigrating from South Africa:
1. Start with your financial foundations. Declutter your finances by reviewing your bank statements and identifying recurring payments you can cancel or adjust.
- Close unnecessary accounts and contracts. Close any accounts you won’t need, such as store credit cards, gym memberships, and utility accounts.
- Ensure you can access your South African financial accounts from abroad. This might involve setting up online banking or getting a virtual card.
2. Document your journey. Gather essential documents and create digital copies:
- Personal documents: Birth certificate, passport, ID, driver’s license, marriage certificate, etc.
- Financial documents: Bank statements, investment statements, insurance policies, etc.
- Medical records: Vaccination, dental, and ongoing medical treatments.
3. Understand your new home by researching your destination country’s rules and regulations:
- Visa and immigration: Understand the visa requirements and the process of obtaining a work or residency permit.
- Tax implications: Learn about the tax laws and how they impact foreign residents.
- Healthcare: Research the healthcare system and insurance options.
- Pet travel: Check the rules and regulations for bringing your furry friends.
4. Seek expert guidance by consulting a financial advisor specialising in cross-border financial services and tax advisory.
- Tax implications: Understand and minimise your tax liabilities.
- Retirement fund access: Cashing in and transferring your retirement funds to your new country.
- Foreign exchange: Optimising your currency exchange rates and handling international transfers.
- Estate planning: Ensuring your assets are protected and passed on to your loved ones.
Remember, proper planning and expert advice are key to a smooth transition. By taking these steps, you can minimise stress and maximise your chances of a successful emigration.
Read more: Checklist of things to consider when emigrating.
FinGlobal: your partner for a smooth financial emigration
At FinGlobal, we understand the unique challenges South Africans face when relocating. That’s why we offer a comprehensive suite of personalised financial migration services designed to:
- Move your money safely and efficiently: We handle everything from foreign exchange and retirement annuity encashment to pension and inheritance transfers.
- Ensure tax compliance: We guide you through the tax emigration process, helping you file exit tax returns, claim refunds, and achieve non-resident status.
- Provide peace of mind: We act as your trusted financial partner, handling paperwork and ensuring every step adheres to South African regulations.
Let’s talk about your Personalised Financial Emigration Plan™.
FinGlobal doesn’t offer a one-size-fits-all solution. Instead, we create a customised plan based on your circumstances, destination country, and financial goals. Our plan considers various aspects, including:
- Before you leave SA: This stage involves securing essential documents like your ID, passport, and tax number. We’ll also guide you on setting up a forex account for preferential currency exchange.
- Once you’re living abroad: We’ll ensure your tax residency status is updated to non-resident while assisting in minimising capital gains tax. Additionally, we can help establish non-resident bank accounts to manage South African assets and payments.
- Three years after departure: We can assist with cashing in and repatriating the funds from your retirement annuity and maintaining tax compliance with tasks such as filing your final tax return and deregistering for taxes in South Africa.
FinGlobal offers a range of additional services to support your emigration journey and soften landing on the other side, including:
- Offshore bank accounts: Open transactional accounts with digital access and Visa card options, facilitating multicurrency management.
- Will preparation: Safeguard assets left in South Africa with a clear will, simplifying estate winding-up and offshore transfer.
- Inheritance access: Easily access funds from benefactors in South Africa through efficient transfer procedures.
- Tax refunds: We help you claim any tax refunds owed and optimise tax mitigation opportunities using Double Tax Agreements.
- Offshore investments: Rebase your funds and wealth offshore in hard currency for a secure financial future.
Read more: Financial planning steps to include in your relocation to-do list before moving abroad.
Don’t let financial worries steal your Christmas joy
This festive season, give yourself the gift of a stress-free farewell. Contact FinGlobal today to discuss your financial migration needs. Our expert consultants will guide you through the process, allowing you to focus on spending precious time with loved ones before embarking on your exciting new adventure.
Unsure of your next steps? Speak to one of our financial consultants for a clear plan tailored to your financial future.
Email: info@finglobal.com
Telephone (in SA): 0800 346 456 (Toll Free)
Telephone (outside SA): +27 28 312 2764
With FinGlobal by your side, you can celebrate a joyous last Christmas in South Africa and confidently face your emigration journey.