PROCESS OF FINANCIAL EMIGRATION
It is still possible to financially emigrate and cease your tax residency. However, the financial emigration process has been amended to include only a SARS process as SARB has been phased out of the process. Previously the FE process was a two-component process that consisted of a SARS and SARB process.
Once financially emigrated, you would need to ensure that you do not trigger tax residency again by way of the physical presence test when coming into South Africa. It is recommended that you seek advice regarding your tax residency status as this is determined on a case-by-case basis.
Yes, if your intention at this point is to return in the near or distant future, it is still considered that you have an intention to return and therefore remaining a tax resident in terms of the Ordinarily Resident Test.
Financial Emigration can be backdated to as far as when you first left South Africa. Our team of Financial Emigration Specialists can further advise on any limitations and/or conditions.
The expatriate tax law has already come into effect as of 1 March 2020. Therefore, should you have an intention to remain outside of South Africa on a permanent basis, the Financial Emigration process would need to be completed as soon as possible.
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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
Wrigley Field, The Campus
57 Sloane Street, 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
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