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 financially emigrate? Often immigrants are advised that in order to transfer their full wealth abroad they need to formally emigrate. What they are not told is this carries worth it certain repercussions such as a deemed disposal of certain assets triggering a capital gains tax liability as well restrictions on how they can carry out their financial affairs.
Whilst there may be no intent to return to South Africa, suffering the consequences of financial emigration may not be something you wish to do immediately, or in fact ever.
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.
- The ‘good and the bad’ of financial emigration.
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 annual foreign investment allowance, in addition to the annual travel allowances and single discretionary allowances.
Exchange control regulations have seen allowances extended over the years which has seen the need for people previously rushing into financial emigration no longer needing to. In fact a couple can now transfer some 22 million rand a year between them so financial emigration should only really be looked at to release assets such as pensions (which require you to financially emigrate) or where large inheritances are expected.
Great care must be taken when selecting financially emigration as any decision made now could impact you in the future as well as well as trigger a deemed disposal of your assets creating a capital gains tax liability.
Incompass Forex not only guides those seeking to financially 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.