South Africa has a very fluid work force and it remains the ambition of lots of its citizens to experience life abroad and Emigrate from South Africa. Incompass is ideally placed to explain to emigrants how to transfer their money out of South Africa.
What to consider if you are emigrating and need to transfer your money abroad
It may be that you are on your way to New Zealand or Australia or some other new destination but are you really ready to give up your current citizenship? Often immigrants are advised that in order to transfer their full wealth abroad they need to officially emigrate. What they are not told is this potentially means giving up your South African citizenship.
Whilst there may be no intent to return to South Africa, closing the option of returning as a citizen may not be a choice you wish to make immediately.
How Incompass can help emigrants with their money transfers
Incompass Forex is able to assist emigrants, no matter the destination, by providing a full service advising them on:
- How best to comply with exchange control regulations.
- Which allowances to use.
- By being able to access the very best foreign exchange rates.
It is important that expert advise is sought when leaving South Africa with regards to the best way to transfer money abroad, and also the repercussions on your standing and future ability to transfer funds if you officially Emigrate from South Africa.
What options for money transfers are open to Emigrants
Clients have access to an emigration allowance as well as the annual foreign investment allowance, in addition to the annual travel allowances.
Recent exchange control regulation changes have seen allowances extended. However the emigrants allowance has not altered from the potential R5 million per adult and R10 million per couple. The previously known blocked rands have been legislated out, but in effect this still means amounts in excess of those specified must still remain in South Africa or special applications must be made.
Great care must be taken when selecting the most appropriate allowance as any decision made now could impact your future ability to make transfers.
Incompass Forex not only guides those seeking to Emigrate from South Africa but also provides you access to great service, no administration fees and market leading foreign exchange rates. We are also one of the only (if not the only company) to be able to provide our clients of the reassurance of being both ISO 9001 and 27001 accredited.
Ring us now on 021 424 2936 to learn more about how we can help or request call back here.