The benefits of financial emig

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The benefits of financial emigration for South Africans

As South Africans, there are numerous benefits to financial emigration.

The benefits of financial emig

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Whether you are in the process of emigrating or have already left South Africa, emigrating financially has several benefits, and you should consider financial emigration sooner rather than later.

What it is

Financial emigration (also known as formal emigration) is the process whereby a South African resident changes their status with the Reserve bank to a non-resident. One of the perks of this is that retirement savings and annuities can be withdrawn and transferred offshore, even if the person is below the age of 55.

You do not need to give up your South African citizenship when you financially emigrate, but the process enables the use of previously unavailable capital to a person emigrating from South Africa.

The process, although beneficial, is not easy, and it is recommended that the services of a respected, professional service provider are sought.

The earlier the better

Because legislation may change between the time of your emigration and your application to financially emigrate, the sooner you begin the process, the better. Once you have decided that you will not be returning to South Africa, you should complete the process so that you can begin to enjoy the benefits of having access to your funds.


Identify all your policies 

A professional service provider will be able to help you ensure that none of your retirement policies are left out when you financially emigrate from South Africa. It’s worth it to get a professional to help ensure that no funds are omitted from the application to the Reserve Bank.

If you have already financially emigrated and have not declared all of your retirement policies to the Reserve Bank, a professional will be able to help make amends so that you have access to the funds in your new residing country.

Worth the effort 

Financial emigration is a complex process and requires strict adherence to all of the rules and regulations. However daunting it may seem, though, it is always worth the effort in the end.

If you are about to emigrate, or have already done so, Sable International’s financial emigration service can help. Call a consultant on  +27 (0) 21 657 2133 or send an email.

Sable International can help you assemble and submit the correct documentation while giving you expert guidance. Feel free to chat to them no matter what your current emigration situation is, even if you are still residing in SA.


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