Financial Emigration Procedure

Steps Involved In Financial Emigration For South Africans

  1. As soon as you’ve registered on our website, we’ll forward an emigration questionnaire and authority letter to you. This authority letter will authorise Rand Rescue to verify your tax status with SARS and obtain your policy values.
  2. Once we’ve verified your information we will advise on your tax status, the value of your assets and options for moving funds abroad.
  3. Based on your emigration questionnaire we will send you the required documentation as well as a list of supporting documents required by the banks and SARS.
  4. Once we’ve received the completed documents your financial emigration can begin.
  5. We’ll certify the required documentation and lodge the requisite applications with SARS.
  6. SARS will issue your Tax Clearance Certificate (TCC).
  7. We will lodge your TCC and supporting documents with the bank.
  8. Your bank will then apply for and Exchange Control Approval (ECA) number at the South African Reserve Bank (SARB) and open your emigrant capital account (blocked account) or convert your existing bank account.
  9. Once your emigrant capital account is open and your ECA has been received we’ll send you the surrender forms to complete, which we will lodge with your assurers.
  10. Your assurers will apply for a Tax Directive with SARS.
  11. Once the directive has been issued, your assurers will pay the funds into your emigrant capital account.

THE BANK

Your bank will levy a fee of approximately R 1500 for your ECA application at SARS. The application can take up to 8 weeks. You must declare ALL your South African assets to the bank.

THE REVENUE SERVICE

Your tax account must be up-to-date before you can apply for financial emigration. This means no outstanding returns or monies owing to SARS.

THE TIME

It can take up to 6 months to complete your financial emigration from the date we receive your documentation at our South African processing office.

THE PAPERWORK

Documents required for your financial emigration:

  • MP336(b) Exchange Control form
  • SARS IT21(a) Tax Clearance Certificate
  • Application form
  • Bank account opening forms (if required)

WHAT NEXT?

Apply for financial emigration and move your funds to your new home. 

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