Emigration
Services
100% FX-focused on a softer landing. We convert your South African Rand offshore allowance into Dollar, Sterling, Euro, and other currencies for transfer abroad.
Move Your Money Tax MigrationMove Your Money
Your Single Discretionary Allowance is a maximum of R1-million per calendar year. No SARS Approval for International Transfers is required for this. Foreign exchange for travel and other foreign transactions form part of this R1m allowance.
Your Foreign Investment Allowance is R10-million per calendar year. A compliant SARS Approval for International Transfers for foreign investment is required before funds may be converted from ZAR to the nominated foreign currency.
A compliant SARS Approval for International Transfers for purposes of foreign investments is required to make use of the Foreign Investment Allowance. Kuda FX offers the service of applying for the Approval for International Transfers on behalf of our clients. Once approved, the Approval for International Transfers is valid for 12 months.
Tax Migration
- To access the proceeds of your retirement annuity before retiring, you have to be a non-SA taxpayer for three consecutive years.
- To move funds from your inheritance from an estate late or a will trust.
- Death benefit on life insurance policies (excluding lump sum benefits from pension and provident preservation funds).
Should any of the abovementioned amounts exceed R10 Million, additional documentation would be required. Further to this, a person may use their R1 million single discretionary allowance in the year they cease to be a SA Tax resident without requiring a TCS PIN letter. This is a once-off dispensation and cannot be used in subsequent calendar years. The allowance may only be applied for travel-related purposes.
Kuda FX through our banking partners could facilitate your application and allow the transfer of assets abroad, provided that you meet the following criteria:
- you have ceased to be a resident for tax purposes in South Africa;
- you have obtained a Tax Compliance Status (TCS) in respect of emigration from SARS;
- you are tax compliant upon verification of the tax clearance certificate.
In addition to facilitating your tax migration process, we also ensure the best exchange rates through our bulk buying power. Our fees are transparent when doing your emigration application and there are no hidden costs.
Since 2008, South Africans abroad who have financially emigrated have been able to cash-in and withdraw their Retirement Annuities or large sums of their inheritances. The emigration was done through the SARB and an MP336(b) form was completed. Upon approval, the person’s status at the Reserve Bank changed from resident to emigrant (non-resident), as this was required for Exchange Control purposes. As part of this process, the person also had to obtain an emigration tax clearance certificate from SARS.
From 1 March 2021 formal emigration changed into a tax migration process. The concept of emigration as recognised by the Financial Surveillance Department has since been phased out.
The process by which a private individual ceases to be a resident for tax purposes, is still regarded as emigration, as some individuals’ records failed emigration with SARB due to reasons beyond their control.
Now you do a tax migration and must be a non-resident taxpayer for at least three consecutive years to qualify for such an application to SARS.
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We have acquired decades of specialist skills in FX around allowances and regulations. Having a dedicated team, 100% focused on FX only, means that you will receive expert assistance around what we know and do best. You will also receive the benefit of our market-leading rates. Talk to the experts to handle your forex emigration matters.