Have you ever thought of how you can take your hard-earned money with you if you move to a new country? Emigrating to a new country is not simple or cheap and there is a great deal to think about during the process. In fact, for the average South African, it can be quite overwhelming and a complex process. You might not have even thought of your locally based finances yet. There is much to do before you can emigrate and part of the process is acquiring an emigration tax clearance certificate if you plan to also move your money abroad with you.
Financial emigration enables people to do the following:
- Access previously unavailable streams of capital.
- Protect their savings from the unpredictability of currency fluctuations.
- Withdraw and transfer their retirement annuities abroad with no red tape involved (prior to the age of 55).
The process of obtaining your emigration tax clearance certificate is certainly something for which you will require the help of a professional accountant or tax consultant if you want it to go according to plan and without encountering any frustrating delays along the way. At Tax Leaders, we can assist you every step of the way.
There are three main steps that must be followed for emigration tax clearance and they are:
- Apply formally for financial emigration with the South African Reserve Bank and obtain a tax clearance certificate from SARS.
- Withdraw your assets once your application has been approved. Keep in mind that your asset withdrawal is still subject to tax and you will need to obtain a SARS tax directive.
- Transfer your money abroad. Once the funds are released, they can be transferred to your account abroad.
The entire process can take up to six months to complete.
We can assist you with obtaining the emigration tax clearance certificate that you need so that you can move to another country and take your hard-earned money with you. We are a team of accountants and tax specialists with years of experienced. When trusting us with your emigration tax clearance, you can expect prompt, professional, and ethical service. Our team will ensure that your clearance is handled as speedily as possible.
If you would like to learn more about the process involved in obtaining emigration tax clearance, simply get in touch with us at Tax Leaders via email or telephone today.