Emigration
Understanding Emigration
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).
Withdrawing a retirement annuity before retirement age:
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.
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.
Claiming a South African inheritance if you live abroad How you transfer your inheritance out of South Africa has also changed. The process is dependent on the amount inherited, your residency status and whether you have a South African identity document or not. JP Blue will assess your current situation and guide you through the necessary requirements and various processes.
JP Blue has extensive experience in assisting South African residents with their emigration requirements and will be able to assist with:
- 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.