Most people in these situations fall into three broad categories:
1. You are not a South African citizen
If you can prove to the South African Reserve Bank (SARB) that you are not a South African citizen, you will be free to transfer all of your proceeds out of the country.
2. You have financially emigrated from South Africa
Financial emigration is a process whereby you make a declaration to the SARB and South African Revenue Service (SARS) that you are a non-resident in South Africa. If you have done this before you receive any bequests, capital or income, you will be free to transfer your proceeds through a blocked Rand account.
We specialise in financial emigration, so if you want to apply for this status, or wish to verify it, contact us and we’ll assist you.
3. You are a South African citizen temporarily abroad
If you are a South African living abroad who has not financially emigrated, then you will be considered as a resident “temporarily abroad” by SARS. To transfer income abroad from South Africa in this situation is a little more complex. You have two options:
- You can fill in our self-assessment form and get started on your financial emigration.
- You can remain financially domiciled in South Africa and make transfers of up to R10 million every year. If you are looking to invest these funds internationally, speak to our financial planning division for offshore investment advice.