Transfer your South African retirement annuity
Financial emigration is the process of changing your status with the South African Reserve Bank from resident to non-resident for exchange control purposes. Despite a common misconception, this does not effect your South African citizenship. The process of financial emigration may not simple, there can be significant financial benefits.
Whether financial emigration is right for you will depend on what kind of retirement savings and assets you hold. All South Africans have the annual R1 million single discretionary and R10 million (which requires a SARS tax clearance certificate) foreign investment allowances. These can be used for foreign investment and asset transfer without having to financially emigrate. However, if you have a retirement annuity that you would like to cash in, then financial emigration is the only option.
The complexity of your application depends on your unique circumstances, which is why it’s best to use a South African financial emigration specialist. In our experience, we have found that the benefits usually outweigh the difficulties of this admin-heavy process.
Why transferring your retirement annuities abroad makes sense
Financial emigration from South Africa allows you to access and transfer the following:
Proceeds from your South African retirement annuities
Future inheritance funds without being subject to South African resident exchange control
Passive income from rental, dividends, director’s fees or a salary
Proceeds from a third-party life policy
Transfer your South African pension to the UK
Once your South African pension transfers offshore, you may need advice on reinvesting and local tax implications of the destination country. Our consultants work closely with our team of wealth advisors, based in London, to make sure you get the best advice and use the most efficient tax structure.
Another option for South African expats in the UK, is to invest the proceeds of their pension scheme into a new (or existing) UK pension.
We have offered financial and migration solutions to South Africans abroad and at home for more than two decades. This makes us uniquely equipped to help you navigate the complex and time-consuming processes that are financial emigration and pension scheme recovery.
Why investing in a UK pension makes sense:Start my assessment
The key benefits of our RA encashment service include:
We are registered with the FCSA (South Africa), HMRC (UK) and the FCA (Australia)
We are an established player in the financial services and immigration industries.
You will have a dedicated specialist who will take care of you throughout the process.
Experienced tax experts will ensure that we find the most tax-efficient solution possible.
Our good relationship with insurance houses will ensure a straightforward fund withdrawal.
You will have access to great currency rates when you transfer your funds abroad.
Our wealth division can help you invest your funds in the UK or anywhere else.
Receive a report on your position with regard to financial emigration and pension recovery.
Discover if you should financially emigrate
Find out whether you can withdraw and transfer your South African RA or pension by following these simple steps:
Complete our free, no-obligation, online assessment
Your assigned South African financial emigration specialist will contact you to chat about your options
Receive your detailed report and quote on transferring the full value of your South African retirement annuities
Get started on securing your financial security and future prosperity by taking our online assessment.
Please note: Financial emigration has been phased out from March 2021. To learn more about tax emigration please check here.