Financial Assessment
Once we receive your details we will conduct an assessment of your financial position.
“Therefore, if one financially emigrates (taking into consideration the tax residency tests) that would then indicate that the taxpayer ceased to be a tax resident.”
SARS, Foreign Employment Income Team, 18 October 2019
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 process of “Financial Emigration” terminates your tax residency status with the South African Revenue Service (“SARS”) as well as your status as exchange control resident with the South African Reserve Bank (“SARB”). It formally closes your affairs with SARS and SARB and is evidenced by a Tax Clearance Certificate – Emigration and a Section 9H deemed disposal (also known as your “exit tax”). This process allows you to:
a) discharge your onus of proof that you have ceased to be a tax resident of South Africa;
b) remove any ambiguity from a compliance perspective, and
c) proves your subjective intention to remain abroad in terms of our case law when dealing with SARS.
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.
Our teams comprises 100 full-time professionals including a highly specialised team of admitted tax attorneys, chartered accountants, financial emigration specialists and tax practitioners who are geared for the more complex cases where you require technical depth and with a proven track record of guaranteeing non-resident tax status with SARS and SARB through Financial Emigration.