Financial Emigration

Steps Involved In Financial Emigration For South Africans

  1. As soon as you’ve registered on our website, we’ll forward an Consent form to you. This Consent form will authorise Rand Rescue to obtain your policy values, confirm your policy rules and quote you our fee to complete your Financial Emigration. Once we’ve received your go ahead we will send you an Emigration Questionnaire to enable us to complete all your emigration forms.
  2. Based on your emigration questionnaire we will send you the required documentation as well as a list of supporting documents required by the banks, SARB and SARS.
  3. Once we’ve received the completed documents your financial emigration can begin.
  4. We’ll certify the required documentation and lodge the requisite applications with SARS.
  5. SARS will issue your Emigration Tax Clearance Certificate (ETCC).
  6. We will lodge your TCC and supporting documents with the bank.
  7. Then 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).
  8. Once your emigrant capital account is open and your ECA has been received we’ll send you the completed surrender forms to sign, which we will lodge with the assurers (Liberty, Old Mutual, etc).
  9. Your assurers will apply for a Tax Directive with SARS.
  10. Once the directive has been issued, the assurers will pay the funds into your emigrant capital account.

The Bank

Your bank fee of approximately R 1500 for your ECA application is included in your Emigration fee. The application can take up to 8 weeks. You must declare ALL your South African assets to the bank, for any proceeds from the sales of assets to be repatriated aboard, at any stage.

 

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 (if required)
• Application form
• Bank account opening forms