Financial emigration is the process of concluding your financial affairs when leaving one country to settle in another. In short, your status (for exchange control purposes) changes from resident to non-resident. That’s all!
Once a South African, always a South African
Emigration does not affect your South African birth right. You’ll retain your South African citizenship and passport even if you move abroad. Emigration simply means that you’ve physically relocated to another country.
Emigrating financially, however, can be a daunting affair. Most emigrants tend to leave their financial matters behind, even after they’ve physically relocated. cashkows.com understands the angst of financial emigration and has assisted many expats to complete the process successfully..
The benefits of financial emigration
Financial emigration is a sound decision and there are great benefits to going this route.
Some of the main reasons for financial emigration include:
- transferring the proceeds of your retirement annuity offshore (before age 55)
- transferring South African inheritance offshore
- transferring passive income such as rent, dividends, directors’ fees, salaries for services rendered and income from discretionary vesting trusts offshore
- transferring third party life policy proceeds offshore
- concluding financial affairs with South African authorities such as SARS and SARB
The greatest benefit of financial emigration? The freedom to live your life the way you want. It’s your money after all – you have the right to keep it close.
For more information on financial emigration, let us call you.