ABOUT US
“Therefore, if one financially emigrates (taking into consideration the tax residency tests) that would then indicate that the taxpayer ceased to be a tax resident.”
SARS, Foreign Employment Income Team
“When your Financial Emigration is successfully completed through our company, we guarantee non-tax residency on record with SARS.”
Financial Emigration is part of a group of companies which has been in existence for 17 years and are widely acknowledged as the market leaders in Expatriate Tax. The group was entrusted by Barry Pretorius and South African expats worldwide to represent the Expatriate Petition Group (“EPG”) in parliament to fight the law change, which resulted in the R1.25mil exemption, and also authored the LexisNexis’ first of its kind Expatriate Tax textbook released in 2019.
Our multidisciplinary team of more than 130 professionals including Tax Attorneys, Tax Practitioners, Chartered Accountants (SA) and Emigration specialists, will take over the entire FE application process on your behalf. This gives you peace of mind that the administratively burdensome and somewhat complex process is handled end-to-end, where we deal closely with SARS, ensuring full compliance with all legislation.
MEET
THE TEAM
Lovemore Ndlovu
Head of SARB Engagement and Expatriate Compliance
Tashreeka Mohamed
Financial Emigration Professional Assistant
Alex Mahundla
Financial Emigration Process Assistant
Nikolas Skafidas
SARS Tax Compliance and Process Supervisor
Khutso Makgoka
Specialist Legal Consultant – Expatriate Tax Admitted Attorney
Roxanna Naidoo
Admitted Attorney
TAX IMPLICATIONS OF FINANCIAL EMIGRATION
HOW WOULD I BE TAXED IF I FINANCIALLY EMIGRATE AND MOVE MY RETIREMENT FUND ONLY AFTER THE PROCESS IS COMPLETE?
Withdrawal from a Retirement Fund upon conclusion of Financial Emigration will result in such funds being taxed in terms of the special tax tables specifically used for the calculation of tax on lump sum withdrawals. In very specific situations, a Double Tax Agreement may allow for the fund to be taxed in the foreign jurisdiction – however, this is not always beneficial.
The tax tables can be found here.
IS MY TAX RESIDENCY STATUS AFFECTED IF THE FINANCIAL EMIGRATION PROCESS IS COMPLETE, BUT I STILL HAVE AND/OR ACQUIRE INTERESTS IN SA (WHICH COMPLICATES MY ORDINARY RESIDENCY TEST)?
We would need to do a further investigation on your circumstances in order to ascertain your tax residency status. We are able to provide you with a Tax Residency Opinion that would assist in confirming your intention and whether such intention is sufficiently supported by your surrounding circumstances.
IF FINANCIAL EMIGRATION IS DONE CORRECTLY, DOES IT GUARANTEE TAX EXEMPTION AND NON-RESIDENT TAX STATUS?
Yes, where the Financial Emigration process is completed through our company, we are able to guarantee that you will be noted as a non-resident with SARS.. Non-tax residents are still taxed on South African sourced income which would need to be declared to SARS accordingly. However, foreign income is not taxable in South Africa and therefore need not be declared to SARS.
IF I AM SUCCESSFUL IN THE FINANCIAL EMIGRATION PROCESS, IS THAT SUFFICIENT PROOF OF NON-RESIDENCY?
Yes, where the Financial Emigration process is completed through our company, we are able to guarantee that you will be noted as a non-resident with SARS. As the onus is on the taxpayer to prove that they are not a tax resident, the Emigration Tax Clearance Status (“ETCS”) as well as the formal declaration of non-tax residency to SARS serve to discharge that particular onus.
I FINANCIALLY EMIGRATED IN 2019 AND IT WAS BACKDATED IN 2007, DO I PAY CAPITAL GAIN TAX IF I SELL MY PROPERTY IN SOUTH AFRICA?
Yes, you would still pay CGT on the property in South Africa upon sale thereof.
WILL SARS ACKNOWLEDGE THE FINANCIAL EMIGRATION CERTIFICATE AFTER 1 MARCH 2021 TO DETERMINE TAX RESIDENCY?
Yes, changes made to the Financial Emigration process post 1 March 2021 do not have retrospective effect and would not affect any Financial Emigration applications made before that date.
LET US TAKE CARE OF IT. ALL OF IT.
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About Us
Our experienced team helps individuals and families navigate the complex process of relocating their financial assets abroad. Our mission is to provide you with peace of mind and a smooth transition to your new financial home.
Thank you for choosing us – We look forward to serving you!
Find Us
Johannesburg
17 Eaton Avenue,
Johannesburg, Bryanston
Gauteng
George
55 York Street
Dormehls Drift
George
Contact Us
Telephone:
South Africa: 011 467 0810
International: +27 11 782 5289
Contact
contact@financialemigration.co.za
©Copyright – Financial Emigration 2023