While these may sound like words from Confucius’ mouth it is our myth buster pleasure to clarify yet a misunderstood concept.
Let’s start at the beginning. Many of our expat brethren are under the impression financial emigration creates an obligation to liquidate all ones South African assets. Well, that’s not true …
As part of the financial emigration process you are obliged to declare all assets to the South African Reserve Bank, which can be construed as onerous, but it’s not! It’s a regulation that counts in your favour.
For good reason, because only income from declared South African sources or assets can be credited to your blocked rand account for transfer to your overseas bank account.
Therefor, to avoid restriction of future income flow, make sure to declare all your assets and interests when finalising your financial emigration proposal.
The good news: there is no need to liquidate your South African assets, all you have to do is declare your worth with the view for all future earnings to be credited to your account and for effortless transfer abroad.
See? Blocked Rand Account is Good.
To get an idea of the cash value you may transfer to your new home country, ask for your free personal South African financial report today.