Q. Do CashKows take control of my funds within the process?

A. NO, CashKows facilitate the payment of funds from the provider direct to your bank account. At no point within the process do we have control over your funds.

Q. Can you advise me if I should surrender my paid up annuity or leave it to run until maturity?

A. The decision is entirely up to you. Obviously you would need to factor in the advantages of having a lump sum in cash now to use as you like against the potential benefits you will receive at retirement age from the paid up annuity. Other factors to consider may include the prevailing exchange rate of your local currency against the Rand and the inherent political risk in South Africa.

Q. How secure is the information which I provide to you?

A. CashKows place security at the top of our list when engaging with customers. We do not share information with any third party other than those directly involved within the encashment process.

Q. Do I incur penalties if I decide to surrender?

A. For certain products there may be penalties and / or tax payable upon encashment. We will advise you in advance of all penalties and fees payable so you are in the position to make an informed decision as to whether you surrender or not.

Q. How long does it take?

A. This depends upon whether or not you have formally emigrated. If you have, the process should take no more than three to four weeks. If you haven’t it will be necessary for us to formally record your emigration prior to arranging for the release of funds – this can two months. Unfortunately the timescales are determined and unavoidably affected by the slow processing by SARS and SARB.

Q. If I haven’t formally emigrated from South Africa can I still access my retirement annuity and other investments?

A. You certainly can, however there is additional paperwork and a complex process required to formally record your emigration in South Africa, retrospectively. We are of course happy to assist with the process.

Q. Does formally recording my emigration from South Africa mean I lose the right to return to South Africa?

A. No, if you were born in South Africa you retain your citizenship and under current legislation you have the right to return at any time.

Q. What should I do with the proceeds?

A. It is entirely up to you what you do with the proceeds however we do offer a wide range of interesting investment options that you may wish to consider. We can also arrange for an offshore bank account to be opened in your name which may be prudent move from a tax planning perspective.

Q. Do you offer any other services?

A. Whilst our main focus is on helping clients access funds from sources within South Africa we do offer an extensive range of financial services and investments through our various strategic alliances.

Q. What documentation do I have to complete to formally record my emigration in South Africa?

A. The key documents are:

• Form 336(b) required by the South African Reserve Bank (SARB). This contains a full list of your assets and liabilities and is submitted to SARB by your South African bankers. Each spouse must complete a separate form.
• Form IT21 (a) required by the South African Revenue (SARS) to formally record your emigration. Both of these forms need to be accompanied by additional supporting documentation to verify identities and to prove that you have the right remain in your new country of residence on a permanent basis.

Q. Q. If I hold a passport issued by the authorities in my new country of residence does this mean I have formally emigrated from South Africa and as a result can access my retirement annuities?

A. Not necessarily. Whilst you may have satisfied the immigration requirements of your new country of residence, your emigration (exit) from South Africa must be formally recorded with both SARB and SARS before you can access funds held in your retirement annuities.

Q. What happens when a South African Resident emigrates in terms of his Long Term Insurance policies and RA’s?

A. The policies which remain form part of your blocked assets and the respective policy documents should be placed with the bank that dealt with your emigration. The same bank should process all future transactions on those policies as changing to a different bank will need authorisation by the FSB. It is important to keep your blocked accounts open.
If your blocked account remains open, when you want to surrender endowment policies or withdraw from your paid up RA then the process is much quicker