There are tens of thousands of South Africans living all over the world, gainfully employed, paying taxes, with social security numbers and other local benefits courtesy of their work permits, who have yet not emigrated from South Africa. People mistakenlybelieve they have emigrated but the reality is that they are still deemed as South African residents because they have not concluded the formal process of emigration.
For South Africans, emigration does not merely mean a change of country or address – it is a formal arrangement between you, SARS and the Reserve Bank. The term formal emigration does not mean that as an individual you lose your birthright, citizenship or South African passport.
Emigration effectively changes a person’s status from a South African resident to a South Africannon-resident. Until such time as your status has changed, transferring funds between South Africa and your chosen home country remains subject to exchange control regulations. Once you have emigrated and are classed as non-resident by the Reserve Bank you are financially free to move your money to wherever you wish. In essence emigration qualifies South Africans as Global Citizens of the World.
Do you qualify? Do you have financial freedom to move your money as your heart desires? If not. It’s time to think…
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