Financial emigration and financial control are two terms that never seem to work together. For most people, emigration is a hard enough process, even without adding the hassle of transferring money to your new country of residence. While the excitement of a promotion, educational scholarship, or business opportunity can be uplifting, dealing with finances can be a headache, especially if you have no idea where to start.
What if I told you that dealing with finances when emigrating is not as hard as you think? Well, I know you may not believe me without some hard facts, but I’ll keep it simple. For starters, as a South African you still have a right to your money regardless of where you move to. This means that you have absolute control over what happens to all the money in your account as well as all other financial proceeds. But how do I exercise control of that money, you may ask?
The freedom of financial emigration
- Well, to get you started, here are some hard facts:
- When you emigrate, only your status of residence changes. All your rights remain the same
- You can move any income/proceeds to whatever country you settle in
- It is legal to move all your money, income, and proceeds with you to your new country
- Best of all, you can always hire a professional to do it for you!
The freedom that financial emigration accords all South Africans who are moving to other countries is immeasurable. Can you imagine being able to benefit from your investments even when you are in another country? How about getting your pension wired directly to your new overseas account even if you haven’t hit the 55-year mark yet? How about getting proceeds from your trusts or even 3rd party policies in absentia? Well, that is exactly what financial emigration does for you!
How can you take control of your cash?
You will need to acquaint yourself with the regulations that determine the legalities of financial emigration. These include, but are not limited to, tax certification, Reserve Bank authorisation, asset declaration, and legal limits of the amounts to be transferred.
If you have other important and pressing things to sort out, you can delegate your financial emigration process to authorised professionals. When looking for the financial expert to work with, make sure they are authorised and regulated by the relevant authorities to handle your interests.