When it comes to transferring retirement annuities and pension funds abroad, most South Africans are none the wiser. But this is not really surprising, given that the age of emigration is no longer limited to the baby boomers and early Gen X.
According to Comins (2008), more and more young professionals and artisans are leaving South African shores for the promise of better jobs and improved lifestyles abroad. In fact, a study by Reddy showed that 40% of tertiary students planned to exit South Africa after completing their degrees. The
These statistics are not entirely shocking, as it’s become common knowledge that South African emigration has been on a steady rise over the last two decades.
South African expats can move their retirement savings
But what most South Africans aren’t aware of is the ease with which they can move their retirement savings abroad, in particular if they are under the age of 55. In 2008, changes were made to South African tax legislation which enabled the conversion of retirement annuities to cash to be transferred abroad.
Unfortunately, this process is quite a hassle, and many South Africans are dissuaded by a foreseeable administrative nightmare.
This is where cashkows.com comes in. We deal with the complicated exchange control process with SARS, the Reserve Bank, your insurance providers and a high street bank to give you what you want – your money in your pocket. In fact, we’ve helped 11 500 South Africans do exactly this – and we boast a 100% success rate.
It all starts with a conversation – so why not talk to us and get the process going.
And the best part? It won’t cost you anything until the job’s been done.
Why not leave your details for a free assessment and we’ll contact you!