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Guest Barbara

Officially Emigrate ????

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Sheryl

Thanks Karen and Barbara,

Does it take long, just wondering how long one has to apply before actually leaving.

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Guest Barbara

It took about a week, all the bank wanted was tax clearance. We did that and got R2000 back anyway.

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Tracey22

As mentioned in the Money topic, my SARB approval for official emigration has come through. For me this has various benefits:

1. I can now buy a house in Canada while I am in SA. Foreign Exchange regulations prevent SA residents forom owning property for passive reasons. Therefore if you want to buy property overseas, it has to be bought with the intention of earning an income.

2. I can now transmit all my money across to canada including RAs

3. I can still keep my SA bank accounts op-en for debit orders that still need to run - medical aid, cellphone, life insurance etc

4. In the event my parents pass on when I am in Canada, I can receive any inheritences.

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Guest Barbara

Exactly the same reasons we did it Tracey. Now that our RA's have been paid over here I can say it was worth it.

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happystones
Exactly the same reasons we did it Tracey. Now that our RA's have been paid over here I can say it was worth it.

Barbara, Tracey

I want to get my money out of SA, but my financial guy in SA seems to think, it is better not to emigrate. If I can get my RA moved over to Canada, or cash them out that would be best for me.

At the moment the RA is locked, I have been told. Is it a condition to get them unlocked/paid out, to emigrate? Does it make a difference if have the RA paid into a RSP in Canada?

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whitemale

You have to officially emigrate if you want your RA paid out. I did not officially emigrate when I came here and I`m in the process of doing it now to get mine paid out.

Edited by whitemale

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Tracey22
Barbara, Tracey

I want to get my money out of SA, but my financial guy in SA seems to think, it is better not to emigrate. If I can get my RA moved over to Canada, or cash them out that would be best for me.

At the moment the RA is locked, I have been told. Is it a condition to get them unlocked/paid out, to emigrate? Does it make a difference if have the RA paid into a RSP in Canada?

I do not know the ins and outs of RSPs. Ask you financial guy why he advises against financially emigrating? I have all my money out now, including RAs. I have a non-resident Rand account set up at FNB so that I can still invest in the JSE, keep my life insurance etc.

Remember, if God forbid, a family member should die in SA or you are a beneficiary of life insurance, you can not take the proceeds from SA unless you financially emigrated.

Now, in terms of moving funds from an RA to an RSP: RAs are retirement vehicles constituted under South African law. Under these laws, the life insurance companies can only pay the proceeds into a bank account or other retirement vehicle constituted under SA law. If you want the proceeds to go to an RSP, you would have to transfer the money in under Canadian laws. As I understand, there is a limit to how much can be transferred, and this is dependent on your Canadian taxable income.

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johankok

Consider the following: You can take out R 4 million per year at this stage. Then there is also quite a reasonable travel allowance you can take out on a yearly basis. Both those benefits are lost should you go the formal emigration route. You can also keep your accounts open in SA - and use the R 4 million limit should you wish to take it out. If it is important to get the RAs out of country ASAP, e.g. for expectation in exchange rate drop over the longer period in SA, yes that may be a positive motivator in formally emigrating, otherwise I do not see the direct bearing around finances to force such. In my case we have very little in terms of RAs in SA, thus that effect is not pertinent to our long term "well being" .

There is the coin side - where the nature of investments and funds in SA is such that a decision around that does not matter.

Something that does "swing" my mind, is when I feel warm, i.e. going out with a long-sleeve shirt with nothing over that, and the ice is not melting. In my mind the temperature are such the ice should be melted, but is is still there (typical -3-5). - Our temperature "experience" are then the same as being at +15-18 on the highveld

Edited by johankok

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happystones

Hmmm. Thanks for the replies. Sad to say but I don't have R4milloin ,or even close,to take out, so the limits won't come into play.

The reason to bring everything out, is more based on the long term view. I can invest the money here, and manage it better here and grow it and it is in $.

When we left in 2003, I put some money in investments in SA, and it has grown ok since then in R terms, but the exchange rate has gone from about R4.2=$1 to about R7.2 at the moment, and I think it was almost R10 at a stage. At the moment in $ value in 2003 to now, I think I am pretty much the same, if not 1 or 2% down on what I put in.

Those dream numbers the advisers in SA always love to show, projected value at maturity, is lovely, but how realistic are those numbers, and at the same time, what will the exchange rate be in 2033?

So, I am thinking for me it makes sense to just emigrate, get everything out, and grow the investments here in $ in Canada.

Any thoughts? What does your crystal ball show for R to $ exchange in 2033?

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Tracey22
Hmmm. Thanks for the replies. Sad to say but I don't have R4milloin ,or even close,to take out, so the limits won't come into play.

The reason to bring everything out, is more based on the long term view. I can invest the money here, and manage it better here and grow it and it is in $.

When we left in 2003, I put some money in investments in SA, and it has grown ok since then in R terms, but the exchange rate has gone from about R4.2=$1 to about R7.2 at the moment, and I think it was almost R10 at a stage. At the moment in $ value in 2003 to now, I think I am pretty much the same, if not 1 or 2% down on what I put in.

Those dream numbers the advisers in SA always love to show, projected value at maturity, is lovely, but how realistic are those numbers, and at the same time, what will the exchange rate be in 2033?

So, I am thinking for me it makes sense to just emigrate, get everything out, and grow the investments here in $ in Canada.

Any thoughts? What does your crystal ball show for R to $ exchange in 2033?

From investment purposes, you can not only look at the exchange rate. Interest rates have to come into play. If you invested money in SA in equities in 2000, and bought similar equities in europe (FTSE, CAC) and america (NYSE), your investments in SA outperformed the rest of the world in 2010. The return in SA over the last 10 years has been greater than the rest of the world.

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Impala

We left SA 15 years ago and did not officially emigrate. My husband kept 2 small policies in SA - one is maturing at the end of 2013 and the other is maturing at the end of 2014. We were thinking of going to SA for a holiday at the end of 2014 with the money of the policies. How will they pay us out? Our problem:

  1. we did not officially emigrate
  2. we do not have any bank accounts in SA
  3. our SA passport, ID, drivers license expired a long time ago and we didn’t renew

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CptCanuck

This is brilliant information. Thank you thank you thank you. I have a questions re bank fees. If I keep my SA account open what would the additional charges be to pay my monthly bank fees in SA? What methods can I use to pay and roughly what are the charges?

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Helanie

I know that this thread has been going for quite some time and I have VERY mixed feelings about what to do once we get to the point of being accepted and actually making the move to Canada.

I don't hope you mind but are their people who would be so kind as to share their recent move to Canada? Officially financally immigrated or went the silent way. And why did you prefer your method instead of the other? I know each person will probably have their own answer but this will give the rest of us still having to go through this a better understanding for the future and what to do : beat suite our needs as I believe some things / legislation might have changed since this thread was started.

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AlidaJ

Good day, we are thinking about emigrate to Canada. Can someone assist us on where you start if you want to emigrate?

Thank you and have a wonderful evening.

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Guest

Hi Alida.

Firstly welcome to the forum. You will find so much of information here that it will leave you confused and your head will explode.

To answer your question - firstly check out the Foyer ( http://www.sacanada.org/forum/34-foyer/ ) where a lot of people come to introduce themselves and you will start finding clues from other members as to what steps to follow. Also check out the Citizenship and Immigration Canada (CIC) website ( http://www.cic.gc.ca/english/immigrate/index.asp ) which will give you the information in detail.

To answer your question as to where to start - first determine which stream you wish to apply under as there are many options available to you (for instance Provincial Nomination Program or PNP, Federal Skilled Worker or FSW or Work Permit, WP) and what steps you follow will be determined by which stream you apply under.

Good luck and feel free to ask questions. But get ready for a journey or reading lots, feeling frustrated and most of all - WAITING..... But we all get to the other side in (reasonably) good nick.... LOL

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Helanie

Welcome Alida!!

Werner pretty much said all that needs to be said!!!

Enjoy this adventure - applying for immigration is not for the faint-hearted BUT it will all be worth it in the end!!

Good Luck!! :ilikeit:

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Mr.ShaunF

Hello all, I'd also like to know if anyone has some recent experience in this regard.

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ansuya

Hi all

I am a new member to this forum. My name is Ansuya Moodley and I have been wanting to emigrate to Canada for awhile now. Now I have decided to do so and want to apply for the express entry. However I see that I need to do the IELTS tests first as well as have my qualifications verified through a Canadian education authority before I can submit my profile on the express entry. I would like to know some experiences of going through this express entry. I have tried applying for jobs in Canada however nothing fruitful. I have the following qualifications:

- BSc (chemical engineering) - University of kZN

- BSc Honours (Environmental Engineering) - University of Pretoria

- Masters in Business Leadership - UNISA

Does anyone know how these qualifications may differ in Canada? I also have 14 years work experience in oil and gas industry.

If anyone can provide some info would be great. Its overwhelming not knowing where to begin.

Thank you

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Tracey22

Hi, welsome.

I have not had my cerdentials verified, though there are people on the forum who have. they have used WES, as far as I am aware.

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MaryJane

Welcome, Ansuya. First step is to visit the CIC website and try to read through the information available there with regards to Express Entry.

I have no idea what the Canadian equivalent of your qualifications are but with regards educational credential assessments (ECA), I had mine assessed by WES.

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AlidaJ

I would just like to find out if anyone has made use of brightervisas.com for emigration purposes and if they are reliable?

Thank you

Jeanette

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Guest

I would just like to find out if anyone has made use of brightervisas.com for emigration purposes and if they are reliable?

Thank you

Jeanette

Amazing how we seem to be getting this question every second week..... Just shows you how active they are.....

Jeanette, do a quick search on this forum site for Global visas. You will quickly see that they and brighter visas are one and the same company and a bunch of crooks, including a carte Blanche expose on them.

Stay very very very far away.

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AlidaJ

Thank you Cathy and Werner.

There are so many people like them that I told my husband I'm going to get feedback from the forum and I'm glad I did.

Can you maybe suggest an agent that one can trust in assisting with immigration to Canada.

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