Financial Immigration (Tax Migration)
Financial emigration is a formal emigration process which means your status with the South African Reserve Bank changes from resident to non-resident for exchange control and tax purposes.
You cannot lose your South African citizenship if you emigrate financially, thus no need to give up your passport, and you can return to live in SA at any time.
Benefits and Services
Register below and benefit from:
- Completing the required exchange control, SARS foreign tax clearance and currency forms
- Applying for free SARS foreign tax clearance certificates (FTCCs) on your behalf
- Preferential all-inclusive foreign exchange rates so you save on the retail exchange rates from your bank (zero commissions and administration fees)
- Annual Discretionary Allowance and Foreign Capital Allowance currency transfers
- Special SARB approvals for amounts greater than the annual individual allowances of R11 million
Transferring Your Funds Offshore
Each South African resident taxpayer may avail themselves of their annual single Discretionary Allowance (R1 million) and/or Foreign Capital Allowance (R10 million) per calendar year, for direct offshore investment in foreign currency denominated assets.
Currency Partners can assist our clients with the process of obtaining foreign tax clearance from SARS and facilitate a Currency Transfer of your funds at preferential exchange rates, so you save money on the exchange rates from your bank.
