The financial emigration process through the South African Reserve Bank (“SARB”) is required to break tax residency for South African tax purposes. There are many providers offering this financial emigration service, many of these providers count as our clients, as we are recognised for our tax consulting and tax compliance expertise.

We specialise in the financial emigration process for international South Africans who are primarily completing the process for tax planning and compliance purposes. Following our submissions to the Parliament Standing Committee on Finance on 29 August 2017 by our Managing Partner, Jerry Botha, he confirmed that both National Treasury and SARS noted on record in Parliament that the fiscal formalities are critical and part of our law to confirm non-residency for tax purposes.

The selection process to determine the correct financial emigration provider, or to do this yourself, greatly depends on the complexities of your personal circumstances and the degree to which you require this to establish your non-residency for South African tax purposes.

An incorrectly followed financial emigration process, albeit that you will still achieve the outcomes of cashing in your retirement annuity and foreign exchange allowance (which our associate providers specialize in), does not guarantee SARS acceptance from a tax non-residency perspective. SARS and National Treasury was clear hereon in the 29 August 2017 Standing Committee – the taxpayer must comply with formalities and where the correct compliance steps are not followed, the taxpayer remains in default.

Contrary to misinformation, the financial emigration process does not require the giving up of citizenship, handing in of passport, selling of property or cancelling of bonds and financial products. There is a closure of a South African resident bank account, but a non-resident bank account can immediately be opened and we expertly deal with the more complex questions.

Our team consists of attorneys, chartered accountants, CFP®’s, immigration specialists and Master Tax Practitioners®, thus our full-time staff complement ensures is ideally geared for the more complex cases where you require technical depth, a team with a track record with SARS including winning tax court cases, backed by a strong administrative team which supports your tax planning and compliance.

Please contact Claudia Aires for more information on financial emigration solution on claudia@taxconsulting.co.za and Donne Trump where you first need a basic review on your personal tax compliance history and / or recommendation as to whether you should consider financial emigration on donne@taxconsulting.co.za

Claudia Aires

claudia@taxconsulting.co.za

PROCESS SNAPSHOT

  • Financial Assessment

    Once we receive your details we will conduct an assessment of your financial position.

  • Gather Required Documents

    We will send this onto you with a comprehensive quotation of our services to assist you in completing the process of your financial emigration.

  • Update Taxes

    We will handle everything from start to finish with no input from you besides the initial paperwork that is required at this point. We will send you the necessary forms to complete a list of the documentation required.

  • Apply for tax clearance

    We then update your taxes and apply for your tax clearance certificate.

  • File with sarb

    File your financial emigration application with the SARB.

  • Transfer funds

    Once approval is received from the SARB, you may proceed to transfer your funds offshore.