Retirement annuities

South Africans living abroad are often not aware of the benefits available to them when it comes to their retirement annuities. Within South African borders your options are limited, but as soon as you emigrate, you have the right to transfer your funds abroad.

What is a retirement annuity?

A retirement annuity is a tax-efficient method to save for retirement. It offers you the opportunity to select a suitable investment portfolio and contribute to these investments every month in order to save for your retirement, in addition to employer pension or provident funds. The earliest retirement age for these annuities is age 55.

What can South Africans do with retirement annuities?

If you’re a South African living abroad, you can turn your retirement annuity into cash, even prior to the recognised retirement age of 55, and transfer the funds to your new home. This is possible because of a change to tax legislation which came into effect in 2008.

The money can be used for any purpose, whether you want to spend it, save it or reinvest it – it’s all up to you!

How does it work?

Retirement annuity surrender requires financial emigration – an exchange control process involving the South African Revenue Service (SARS), the South African Reserve Bank (SARB), your insurers and a commercial bank. To determine if this is right for you provides a free, no obilgation assessment and consultation in the course of which we’ll explain the process and confirm the various facts and figures.

In short, you’ll know how much you can transfer, how long it will take and how much it will cost, before you make a decision.

What are the fees?

Our initial consultation to you is cost-free and includes a quotation for our services. Once quoted our fees are fixed and payable only on successful completion of the job.

Why choose

We offer a full suite of financial services for South African emigrants at better rates than commercial banks with optimal payouts over a shorter period than other providers, and everything’s fully compliant.

  • speed: using our services means you’ll have your money faster
  • cost: no up-front payment required
  • compliance: we’re a licensed financial services provider and SARB approved foreign exchange intermediary
  • expertise: our team includes certified international financial planners, lawyers, chartered accountants, tax specialists  and bankers providing expertise in all areas of cross-border finance
  • confidentiality: your information remains private and is protected by the strictest security measures
  • convenience: we take care of the whole process, provide signature ready, completed documentation and all our services can be rendered remotely
  • value: we provide highly competitive exchange rates
  • efficiency: we boast a 100% success rate with over 15 000 clients in 80 different countries.

If you’re interested in services or need more information, simply leave your details, and we’ll call you!

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client testimonials

I recently had a great experience with CashKows and the transfer of my SA retirement annuities to Ireland. CashKows also offered to submit a closing tax return to SARS.

Mike Louw

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