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PR0718

To financially emigrate or not??

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PR0718

Hi everyone,

I am planning on moving to Toronto in Jan 2019 and am still in the early stages of deciding what to do with regard to financial emigration. My partner and I have been researching like crazy and are nowhere closer to the real implications of choosing to financially emigrate or not. 

We have no plans to return to SA, but we also don't want any hassles/blocks to certain things because we are no longer tax residents for example.

I would really appreciate any advice or insights you may have regarding the pro's and con's of financially emigrating if you have gone through the process or are in the same boat as us.

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Gary van der Westhuizen

Hi 

Having gone through this ourselves, in fact my wife is still trying to get this resolved, I would say if you don't need to do it right away, wait 5 years so you don't need the clearance. 

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Jules

We didn’t emigrate financially mainly because 14 years ago we didn’t have much money to move out. So the decision is definitely impacted by your financial situation. We were way under the radar so I couldn’t be bothered. 

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Nelline
48 minutes ago, Jules said:

We didn’t emigrate financially mainly because 14 years ago we didn’t have much money to move out. So the decision is definitely impacted by your financial situation. We were way under the radar so I couldn’t be bothered. 

Agreed - this was our scenario too.

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DocMartin
On 12/21/2018 at 10:23 AM, PR0718 said:

Hi everyone,

I am planning on moving to Toronto in Jan 2019 and am still in the early stages of deciding what to do with regard to financial emigration. My partner and I have been researching like crazy and are nowhere closer to the real implications of choosing to financially emigrate or not. 

We have no plans to return to SA, but we also don't want any hassles/blocks to certain things because we are no longer tax residents for example.

I would really appreciate any advice or insights you may have regarding the pro's and con's of financially emigrating if you have gone through the process or are in the same boat as us.

Hi PR0718

As long as you stay below your annual discretionary allowance of R1million, you won't have to declare the money you take over.

The only real incentive for financial emigration is that, once the certificate is obtained from SARS, you can then move over any retirement policies, life policies and the like that you have on this side to another investment firm in Canada. Without the certificate, the only other way to get the money invested in such policies in SA is for it to be paid out in cash before you go over, if that is possible. Also, once you have declared your financial emigration, your bank accounts in SA will be frozen. So, if you do want to move over any policies and so on, I would wait until you have all your affairs set up that side, say at least a year, until you declare your financial emigration.

Hope this helps. I found most of this stuff on the SARS website. Good luck for the big move! 

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OutOfSa

We waited 5 years too, you have many other things to worry about. It also makes it easier to tie up loose SA ends after you leave. You'd be surprised what will pop out of the woodwork after you leave.

Also, you need to keep paying your SABC tv licence, because it's not possible to get rid of it 😂😡...no really it's not.....the SABC has no delete button and no delete capable operatives 😂

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