Financial Emigration – What is it ?
By emigrating to another country your tax status with SARS is not affected other than that you are then considered a ‘non-resident tax payer’.You are still expected to submit annual tax returns and should you earn more than the threshold amount of R1,2m per annum abroad, you are also liable to pay ‘Ex-Pat Tax’.
The process ofFinancial Emigration formalises your financial ‘exit’ from South Africa for tax purposes with SARS as well as exchange control purposes with the SARB (South African Reserve Bank). Inno way does mean that you are giving up South African citizenship, nor that you have to forfeit your South African passport. In most instances financial emigration can only be done once you have left South Africa without recording their financial emigration at the time of your‘physical emigration’.
Why should I undergo Financial Emigration ?
Financial Emigration makes it easier to movefunds out of South Africa,be they capital or income, thereby helping to protect any South African savings from the Rand’s volatility and fluctuations in the global currency market.
A huge drawcard is thatFinancial Emigration allowsone access to and the ability to transfer Retirement Annuities, investments and policies which are still in South Africa offshore, before retirement or their maturation date. The proceeds of your retirement annuity can be used for any purpose in your new country, from buying a new car or house, going on a holiday to investing in education for your kids.
Once theFinancial Emigration process is complete you can then transfer any South African source inheritance abroad, any passive income like rent, dividends as well as the proceeds of any assets declared in your emigration application.
Financial Emigration – Important Points
In order to complete yourFinancial Emigration all SARS income tax affairs have to be in order, a Tax Clearance Certificate (TCC) will be required from SARS. Towards the end of the process your South African bank account will have to be re-designated as an Emigrant’s Capital Account (Also known as a ‘Blocked Account), which will be subject to South Africanexchange control.
Emigrating from South Africa and ‘settling down’ in your new country can beextremely challenging, both financially and emotionally. Financial Emigration can in turn be a very daunting, frustrating, complex and long process if you attempt to do it on your own. The entire process from the time of submitting your documents to accessing your funds can usually take anything from four to six months. There are many forms, rules, regulations and requirements to fulfil at each stage in order to complete a successful Financial Emigration from South Africa.
WBForex has over time forged a name as the Financial Emigration specialist of choice for expats globally, and we’re excited to make the process easy and painless for you.
About Us
WBForex provides premier Money Transfers and Financial Emigration services to South Africans across the globe.
South Africa’sPremier Financial Emigration Specialists
With a brokerage office staffedand based in South Africa and offices in the United Kingdom, New Zealand, Australia, Canada and the United States, WBForex are able to serve our clients all over the world.
We are ever expanding and continually addingnew services for our clients to offer comprehensive selection of options.
Why choose WBForex ?
Deciding on the right partner to handle your finances is an extremely important decision and we understand that every single client has their own unique challenges and circumstances regarding their finances. For this reason we always findtruly bespoke and unique solutions, always tailored to your specific needs and requirements.
WBForex offers a comprehensive suite of services for South Africans, ensuringspeedypayoutsin shorter times than most providers while offering highly competitive exchange rates often beating most banks. Our clients use us because :
- Confidentiality:At WBForexall your personal and financial information is kept private and is protected by the strictest security measures
- Efficiency :By using WBForexyou’ll get your funds faster
- Cost:We do NOT require any upfront payments
- Expertise:Our team is made up of tax specialists and bankers providing expertise in all relative areas
- Confidentiality:Personal and financial information remains private and is protected by our strictest security measures
- Convenience:We take care of the entire process for you, giving you completed documentation ready to be signed
- Value:We offerextremely competitive exchange rates, often beating bank rates
- Legacy:We are proud of a 100% success rate
WBForex will assist you in consolidating, unlocking and transferring your funds globally. If you’re interested in any of our services or require more information please leave your contact details and we will get in touch soon.
Fees and costs
We have no hidden costs nor do we require any upfront payments, thereforeno nasty surprises. Allow us to make your Financial Emigration affordable.We would like to offer you a free comprehensive report on your Retirement Annuities, investments and policies together with a zero-commitment quote for your Financial Emigration process. It’s as easy as completing and signing the two forms which you can download here.
Contact Us
Our team of specialists are ready to assist your financial Emigration and Money Transfer enquiries. For a free comprehensive assessment download the two forms here. We look forward to answering all your questions about transferring money out of South Africa, cashing in retirement annuities and other policiesand commuting them to your new country andFinancial Emigration.
Email: info@wbforex.com
Telephone : (UK +44) (0)20 7018 8552
For Financial Emigration enquiries please email Carl McKell on carl.mckell@wbforex.com or call him on (UK +44) (0)20 7018 8552
For Money transfer enquiries please email Peter Walker on peter@wbforex.com or call him on (UK +44) (0)20 7018 8552