Encash your South African retirement annuity

Three different scenarios

If you have an RA that you’d like to encash and are wondering how the new exchange control rules affect you and what you should do, these are the three possible scenarios:

1. You haven’t left South Africa yet

   You need to tax emigrate when you leave and wait the required period, prove yourself three years non-tax resident and only then encash your RA.

2. You left South Africa within the past three years

   You can only apply for AIT (Approval for International Transfer), which has replaced tax clearance, once you have completed the three years. Make sure your tax affairs are in order with SARS for a smooth process when the time comes to withdraw your RA. 

3. You left South Africa more than three years ago

   You can apply for AIT, prove you have been non-tax resident for three consecutive years and then encash your RA and transfer it overseas. 
   

If you have any questions or would like to discuss your options, please fill in this form below and a consultant will be in touch as soon as possible.

Tax emigration

Tax emigration entails informing SARS that your tax status has changed as well as indicating how you should, or should not, be taxed in South Africa. It is important to note that South African residents pay tax based on both their worldwide income and assets.

We offer assistance to those planning to emigrate abroad and those who have already left without the intention of returning.