EMIGRATION
Simplifying the Process for Emigrants
Navigating the complexities of Exchange Control regulations can be challenging for individuals considering emigration from South Africa or those who left without formalizing their 'emigrant' status. BeztForex provides comprehensive guidance and assistance to simplify this process.
Many individuals or families leave South Africa for various reasons. However, without formalizing their emigrant status, they may encounter difficulties managing their financial affairs, particularly concerning cross-border transactions and accessing or sending funds to and from South Africa.
Implications of Not Formally Emigrating
Financial Surveillance Recognition
The South African Reserve Bank's Financial Surveillance Department generally considers individuals as South African residents unless their emigrant status is formally recognized. This classification can result in bank accounts and investments in South Africa being subject to specific limitations, including tax implications.
Income Payments Challenges
Individuals who have not formalized their emigrant status may face issues receiving regular income payments from local sources, such as rental income or dividends from shares, in their new country of residence. Without proper emigrant status, transferring these funds overseas can be problematic.
Inheritance and Estate Challenges
Inheriting assets from South African estates or anticipating future inheritances can be complicated if residential status is not formalized. Recognizing emigrant status simplifies the process of transferring inheritance proceeds and streamlines Exchange Control procedures.
Addressing Emigration Challenges
BeztForex offers expertise in managing the administrative complexities associated with changing residential status with the South African Reserve Bank. Our services ensure compliance with Exchange Control regulations, including liaising with the South African Revenue Service (SARS) and completing the necessary documentation.
Maximizing Transfer Limits
Our partner bank provides facilities for transferring assets and income overseas. Whether handling a 'belated' emigration or preparing for imminent departure from South Africa, BeztForex assists in maximizing transfer limits and accessing allowances for family members. For capital transfers exceeding standard limits, we prepare motivated applications to the SA Reserve Bank for consideration.
