Frequently Asked Questions
Explore our FAQ page, where we strive to offer you in-depth solutions to frequently asked questions regarding tax emigration, policy surrenders, fund transfers, and transfer of inheritance funds. We understand that navigating the complexities of cross-border finances can lead to numerous queries, and our team is here to provide you with clear and expert guidance.
If you can't find the answer to your question here, contact us directly.
If you are moving funds while still a tax resident of South Africa, you can transfer R1m per person per calendar year, with no need for an AIT (Approved International Transfer) from SARS. You can move an additional R10m per person per calendar year, with an AIT from SARS. You will need to show the source of the funds in order to get an AIT granted from SARS. When completing tax emigration, your AIT will cover any amount you need to transfer - there is no upper limit.
If you have not previously completed financial emigration or tax emigration, and your SARS tax status has not yet changed to non-resident, you are able to open a bank account in South Africa. You will need your barcoded ID book or smart ID card, your South African tax number, and a current proof of address in order to open a bank account. The account can be used to transfer your funds or receive an inheritance.
South African Exchange Control regulations require the flow of currency to be directed via a South African bank account through an Authorised Dealer. There are very few exceptions to this requirement.
As every person's circumstances differ, please contact us to find out if opening a bank account in South Africa is appropriate and relevant for your needs.
A preservation fund gets treated the same as a retirement annuity once a pre-retirement withdrawal has been made. The 3 consecutive year rule will apply, and the fund member can apply to withdraw after completing tax emigration.
Living annuities are not able to be surrendered in full unless the value reaches under R125,000. If the value of your living annuity is less than R125,000 get in touch with us today to find out how we can help you surrender it and receive the full value immediately.
No. Citizenship is completely separate from tax emigration and your tax resident status. If you were born in South Africa you have the right to return and live there, unless the law changes in future. Citizenship is dealt with by the Consulate and is not lost when completing tax emigration. Tax Emigration is processed and approved by SARS.
Documentation required for tax emigration can vary slightly from case to case. You will usually need a current proof of address, your South African tax number, your South African ID document and a valid passport. Your passport can be from any country, it does not have to be South African. If you do not have a valid passport currently, we recommend getting one first as you will not be able to complete tax emigration without it.
Our fee structure is based on the number of policies you have. As everyone has different circumstances, our quotes are provided on an individual basis. Contact us today and we can investigate how many policies you have and provide an obligation-free quote.
You have not formally emigrated for Exchange Control purposes unless the following have happened: - Your emigration was recorded with the South African Reserve bank (prior to 1 March 2021) OR you declared non-tax residency with SARS and received the required tax clearances from SARS since March 2021. Having a new foreign passport is NOT related to SARS and Tax Emigration.