Tax Emigration & Rand Transfer Experts
Paul can help you with:
Tax emigration
Policy surrenders
Transferring Rands overseas
Accessing your inheritance.
Policy surrenders
Transferring Rands overseas
Accessing your inheritance.
Got questions and need a free call?
Speak to me today. All discussions are confidential and without obligation.
Complete the form below to reach out:
Speak to me today. All discussions are confidential and without obligation.
Complete the form below to reach out:
Tax emigration is the process by which you change your residency status for tax purposes. After the process is complete, you are regarded as tax non-resident by SARS.
Tax emigration means detaching yourself from the South African tax system while establishing compliance with the tax laws of your new country of residence.
Regular emigration to New Zealand means relocating your physical presence. Tax emigration involves addressing complex financial and tax considerations and cutting ties to SARS. By undergoing tax emigration, you ensure that your income, assets, and investments are appropriately managed within the context of your new tax jurisdiction.
We hold a deep understanding of the intricacies involved in tax emigration. We are well-equipped to guide you through the transition, helping you navigate the challenges associated with cross-border tax regulations.
Whether you're a business owner, an investor, or someone with a diverse portfolio, my team is adept at tailoring solutions that align with your goals and circumstances.
Tax emigration means detaching yourself from the South African tax system while establishing compliance with the tax laws of your new country of residence.
Regular emigration to New Zealand means relocating your physical presence. Tax emigration involves addressing complex financial and tax considerations and cutting ties to SARS. By undergoing tax emigration, you ensure that your income, assets, and investments are appropriately managed within the context of your new tax jurisdiction.
We hold a deep understanding of the intricacies involved in tax emigration. We are well-equipped to guide you through the transition, helping you navigate the challenges associated with cross-border tax regulations.
Whether you're a business owner, an investor, or someone with a diverse portfolio, my team is adept at tailoring solutions that align with your goals and circumstances.
What has changed at SARS?
From 1 March 2021 a significant change took place in the financial emigration process: the SARB (South African Reserve Bank) component was eliminated, leaving only the SARS (South African Revenue Service) aspect to consider.
This change implies that tax residents are now liable to pay taxes on their global income and assets, with specific exemptions and exclusions applied. Conversely, non-residents are obligated to pay taxes solely on income and assets within South Africa.
By completing the tax emigration process, you may also be able to access your South African retirement funds before they mature, provided that you have been tax resident of another country for a consecutive period of at least three years.
This change implies that tax residents are now liable to pay taxes on their global income and assets, with specific exemptions and exclusions applied. Conversely, non-residents are obligated to pay taxes solely on income and assets within South Africa.
By completing the tax emigration process, you may also be able to access your South African retirement funds before they mature, provided that you have been tax resident of another country for a consecutive period of at least three years.
The Tax Emigration Process
Embark on a streamlined Tax Emigration journey with me, ensuring a successful transition to non-resident status with SARS and access to your retirement annuities now.
1:
INITIAL REGISTRATION & CONSENT
Get in touch for your free quote for tax emigration. We'll provide you with a consent form that authorises us to get your policy details from South Africa and provide you with a free quote for tax emigration from South Africa.
2:
ACCEPTANCE
Once you've accepted our quote, we'll send you an online emigration questionnaire. This comprehensive form enables us to complete all your required paperwork and we will let you know what supporting documents we will need from you.
3:
APPLICATION
Upon receiving your completed and signed forms along with supporting documents, we'll begin processing your application through the bank, SARS, and the relevant policy assurers.
4:
COMPLETION
Once your funds have paid out and been transferred to your international bank account, we'll send you all the relevant completion documents. You are then able to complete your final tax return and then deregister from SARS.
1:
INITIAL REGISTRATION & CONSENT
Get in touch for your free quote for tax emigration. We'll provide you with a consent form that authorises us to get your policy details from South Africa and provide you with a free quote for tax emigration from South Africa.
2:
ACCEPTANCE
Once you've accepted our quote, we'll send you an online emigration questionnaire. This comprehensive form enables us to complete all your required paperwork and we will let you know what supporting documents we will need from you.
3:
APPLICATION
Upon receiving your completed and signed forms along with supporting documents, we'll begin processing your application through the bank, SARS, and the relevant policy assurers.
4:
COMPLETION
Once your funds have paid out and been transferred to your international bank account, we'll send you all the relevant completion documents. You are then able to complete your final tax return and then deregister from SARS.
What you need to know
Approved International Transfer (AIT):
When completing tax emigration and getting your money out, an important part of the process is applying for an Approved International Transfer (AIT) from SARS. In get your AIT, your tax profile must be completely up to date with no outstanding returns or outstanding debts to SARS.
Changing your tax residency status:
A change in tax residency status hold implications for your tax obligations in South Africa. The adjustment of tax status influences the way your returns are assessed going forwards. Depending on what assets you hold and where they are, tax residency changes to non-residents could entail a potential capital gains tax (CGT) disposal. When you are no longer a tax resident in South Africa, your tax liability only applies to South African-sourced income and assets (good!), as opposed to worldwide income and assets (brilliant!).
How long does Tax Emigration take?
The entire process typically takes about 6 months, from doing your initial application forms and we receive your supporting documents. However, there are sometimes delays at SARS and the policy issuers (especially around the holidays) which can cause delays outside of our control.
What happens once I've received my funds?
When you've received your funds overseas, we will send you the relevant completion documents (eg: policy documents and communications from SARS). If you received any funds as part of the tax emigration process, you must complete one final tax return when the next filing season opens at SARS (usually around July each year). Once submitted, you'll be able to deregister from SARS. This is the final step to officially close your profile with SARS completely.
When completing tax emigration and getting your money out, an important part of the process is applying for an Approved International Transfer (AIT) from SARS. In get your AIT, your tax profile must be completely up to date with no outstanding returns or outstanding debts to SARS.
Changing your tax residency status:
A change in tax residency status hold implications for your tax obligations in South Africa. The adjustment of tax status influences the way your returns are assessed going forwards. Depending on what assets you hold and where they are, tax residency changes to non-residents could entail a potential capital gains tax (CGT) disposal. When you are no longer a tax resident in South Africa, your tax liability only applies to South African-sourced income and assets (good!), as opposed to worldwide income and assets (brilliant!).
How long does Tax Emigration take?
The entire process typically takes about 6 months, from doing your initial application forms and we receive your supporting documents. However, there are sometimes delays at SARS and the policy issuers (especially around the holidays) which can cause delays outside of our control.
What happens once I've received my funds?
When you've received your funds overseas, we will send you the relevant completion documents (eg: policy documents and communications from SARS). If you received any funds as part of the tax emigration process, you must complete one final tax return when the next filing season opens at SARS (usually around July each year). Once submitted, you'll be able to deregister from SARS. This is the final step to officially close your profile with SARS completely.
Policy Surrenders
Unlock the value of your retirement policies before they mature!
Depending on your policy type, policy value, and your age, you may be able to surrender your retirement policies in South Africa without completing the full tax emigration process.
Some policy types (like preservation funds) can usually be surrendered without tax emigration, if you have not previously taken a withdrawal from the policy. You will need to have your South African barcode ID book or smart ID card, and an active and compliant tax number in order to surrender policies without completing completing tax emigration from South Africa.
You may also qualify to surrender your retirement annuity without completing tax emigration if you are aged 55 or over, and the value of the policy is below R247,500.
Get in touch with me today for your free assessment to find out more about how we can assist you with your policy surrenders in South Africa today.
Some policy types (like preservation funds) can usually be surrendered without tax emigration, if you have not previously taken a withdrawal from the policy. You will need to have your South African barcode ID book or smart ID card, and an active and compliant tax number in order to surrender policies without completing completing tax emigration from South Africa.
You may also qualify to surrender your retirement annuity without completing tax emigration if you are aged 55 or over, and the value of the policy is below R247,500.
Get in touch with me today for your free assessment to find out more about how we can assist you with your policy surrenders in South Africa today.
Transfer Rands From South Africa
Fast. Easy.
And I have preferrantial exchange rates!
And I have preferrantial exchange rates!
As a trusted expert in the facilitation of international funds transfers, I will ensure that the transfer of your Rands is seamless and efficient.
Your Annual Allowances
If you're still considered a tax resident by SARS, you can transfer up to R1 million per calendar year without requiring SARS approval. Additionally, with an Approval International Transfer from SARS, you can transfer an additional R10 million annually.
Opening A Trading Account In South Africa
When transferring Rands abroad, I work with JP Blue Capital Consulting (Pty) Ltd, Capitec Business Bank and Investec Bank Limited to open an account for you in South Africa. You need to have your barcoded ID book or smart ID card and your South African tax number in order to open a trading account in South Africa.
What You Need To Know
The trading accounts are purely for foreign exchange purposes. These accounts are not transactional accounts and therefore have no transactional facilities, such as internet banking or bank cards.
How Long Does It Take To Transfer My Rands Overseas?
Once we receive your application forms and supporting documents, it typically takes 1-2 days for the Authorised Dealer (bank) to open your account. Once your funds have been transferred into the account, it usually takes around 3 business days to reflect in your overseas bank account.
Your Annual Allowances
If you're still considered a tax resident by SARS, you can transfer up to R1 million per calendar year without requiring SARS approval. Additionally, with an Approval International Transfer from SARS, you can transfer an additional R10 million annually.
Opening A Trading Account In South Africa
When transferring Rands abroad, I work with JP Blue Capital Consulting (Pty) Ltd, Capitec Business Bank and Investec Bank Limited to open an account for you in South Africa. You need to have your barcoded ID book or smart ID card and your South African tax number in order to open a trading account in South Africa.
What You Need To Know
The trading accounts are purely for foreign exchange purposes. These accounts are not transactional accounts and therefore have no transactional facilities, such as internet banking or bank cards.
How Long Does It Take To Transfer My Rands Overseas?
Once we receive your application forms and supporting documents, it typically takes 1-2 days for the Authorised Dealer (bank) to open your account. Once your funds have been transferred into the account, it usually takes around 3 business days to reflect in your overseas bank account.
NOTE:
Paul de Klerk works in partnership with Rand Rescue to help you complete tax emigration from South Africa and facilitate the transfer of your Rands aboard. Rand Rescue and Rand Reunite are not financial service providers and they do not provide advice or sell financial products. In Paul's capacity working as a consultant for Rand Rescue, he does not provide personal financial advice.
Paul de Klerk works in partnership with Rand Rescue to help you complete tax emigration from South Africa and facilitate the transfer of your Rands aboard. Rand Rescue and Rand Reunite are not financial service providers and they do not provide advice or sell financial products. In Paul's capacity working as a consultant for Rand Rescue, he does not provide personal financial advice.