surrender retirement annuities. emigration. personal allowances. bank accounts. tax. inheritance. fees.

cash in your retirement annuities in South Africa

Click here to request your free, no-obligation financial report and discover the value you can unlock from RAs in South Africa.

If you live overseas and have funds tied up in retirement annuities in South Africa, an amendment to the Income Tax Act in 2008 now makes it possible to withdraw the value in full, before retirement age.

The amendment to the Income Tax Act provides that: "a member who discontinues his or her contributions prior to his or her retirement date shall be entitled to: ….the payment of a lump sum benefit contemplated in paragraph 2(b)(ii) of the Second Schedule where that member emigrated from the Republic and that emigration is recognised by the South African Reserve Bank for purposes of exchange control."

If you would like to discover the value, that can be extracted from retirement annuities and other insurance policies, why not register with us to receive your personal, complementary, no-obligation financial report.

The process to surrender your retirement annuities is extremely complex and requires your emigrant status to be recorded with the South African Reserve Bank: this is essentially your formal financial exit from the country. When recording such status you do not relinquish your South African citizenship and can retain your South African passport.

You will also require an active up-to-date tax record, various tax clearances and directives from SARS, a blocked rand bank account with an authorised dealer in South Africa, policy surrender paperwork and certain specific documents from your local tax authorities.

If you decide to engage the services of cashkows.com to facilitate the process we will:

provide a complementary financial report detailing the specific value that can be extracted
provide you with a free consultation to explain the process as it applies to you and answer your questions
record your emigration (financial exit) with the South African Reserve Bank via our unique Retrospective Emigration Solution ™: as part of this process we provide you with the complete documentation pack, already pre-populated with the information required
reactivate your SARS tax record temporarily (where required) and submit any outstanding returns
attain the various tax clearance certificates required from SARS
provide tax consulting / advice on all matters relating to the cross border movement of funds
arrange a blocked rand bank account facility with an authorised dealer
provide you with the necessary paperwork to obtain essential documentation from your local tax authorities
facilitate the surrender of your policies and the transfer of the proceeds direct to your blocked rand bank account
arrange the conversion of policy proceeds to your local currency and the transfer of funds to your overseas bank account
keep you fully informed of progress as your individual process moves forward

With an on the ground presence in Johannesburg and Cape Town, a direct link into SARS and strategic relationships with all the major banks and insurers in South Africa, we are perfectly placed to provide a simple solution to a complex situation.

Why not register with us here today to request your complementary, no-obligation financial report and discover the value that you can extract.