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”). The SARS process is duly evidenced by an “Emigration Tax Clearance Certificate”, which is part of South African Administrative Law and comes with a guarantee as per section 33 of our Constitution.

Ultimately, Financial Emigration will effectively ensure you do not have to make the first provisional tax payment to SARS in August 2020 nor will you pay any future tax on your hard earned foreign income.