AntoinetteG

Proof of Funds

Recommended Posts

AntoinetteG

Hi Everyone

I have been making steady progress with the whole application process...until...the dreaded proof of funds came up. (Side note: I haven’t yet created my EE profile as I need to sort out PoF first)...

I was planning on using my RA’s and Pension Fund (Sanlam and Discovery) as PoF, as this is well over the required amount and selling my property won’t make up the amount. After a consultation with Deanne (Canada Abroad) I was told that although I can use my RA and Pension Fund (no problem there), the money would need to be in my account when I leave RSA, and not after landing (which makes sense).

My understanding of Financial Emigration however is that it can only happen once I am in Canada?

Has anyone had any success in getting money out of RA’s and a Pension Fund BEFORE leaving RSA and used the money as PoF? 

I am totally stuck, and my broker is unable to help me...I have now been told to find out for myself from Sanlam and Discovery as they keep on telling my broker I need to do financial emigration first...and the broker can’t help me further, mainly because the message just gets relayed.

Any ideas? Help? I would really appreciate it!

Thanks in advance!

 

 

Share this post


Link to post
Share on other sites
MaryJane

Hey @AntoinetteG

So here it is.....

Showing proof of funds and bringing it are two different actions. For the application, the biggest thing is to be able to show you have the funds to settle in Canada. As you've mentioned you should be able to use your RA and pension fund.

Whether you bring these monies into Canada when it is time for you to land or delay it is another thing. Why do you need to bring it all with you at the time of landing is the question.

There is really no reason why you can't receive the monies after you land. It's dangerous to be carrying this amount. At landing, you only need to show that you have access to the amount you said you have. Normally, statements should be able to do that. Make sure you have arranged for what you need to be able to transfer the funds without you being present in SA. (POA, bank managers, etc. if you need it)

This is just my 2c. This doesn't really address your question on whether you can get RA and pension out before leaving but hope it gives some food for thought.

PS So when we did ours, I showed some liquid funds plus our property to top it off. By the time we were leaving, the property was not sold and we had a few thousands with us for settling. The rest of the funds came way after.

Share this post


Link to post
Share on other sites
graciax452

@AntoinetteGExactly as @MaryJane said you can apply with your RA etc where it is and you don't need to move it before you leave as long as you have enough cash to go with for a few months/days.

If you are planning on financially emigrating before you leave you need to go SARS a month or two before you leave show them you are going, visa, contract etc and get a specific tax clearance certificate then apply to withdraw funds form your RA's, can usually be done online or with broker and they get the tax certificate and the rest is paperwork. You do need a blocked account for the funds to go into. If you do this after you leave it takes a bit more time as someone has to be your POA and do the running around for you, but it can and has ben done. (Or you come on holiday and do it then)

But there is NO NEED to do this to move, most people just leave their funds where they are till they know they are never coming back or want their retirement money to grow elsewhere...

PS you don't need your proof of funds to open EE profile only ECA and IELTS. Proof of funds is only required after you get ITA :) and you have 90 days to get that sorted after ITA, so get in the pool ASAP :) 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.