In March 2021, the financial emigration process ended, bringing in a new tax emigration process. This new process requires South Africans leaving the country to change their tax residency status from tax resident to non-tax resident with the South African Revenue Service (SARS).
Previously, to withdraw your Retirement Annuity (“RA”) you would need to complete Financial Emigration that involved changing your residency status with the South African Reserve Bank (SARB). As of March 2021, South Africans now need to apply to SARS and prove their non-tax residency for 3 years and then apply to the relevant insurance company to withdraw the retirement annuity.
- Aligning clients with the relevant SARB requirements;
- Administration of policy surrender / transfer schedule;
- Assist in the withdrawal of your employer pension/provident fund and retirement annuity (RA);
- Application of SARS emigration tax clearance certificates;
- Opening of emigrant blocked rand accounts;
- Transfer of the proceeds of policies abroad; and
- Facilitate the opening of Non-resident rand accounts.