JJV Posted September 28, 2020 Report Share Posted September 28, 2020 (edited) Thank you, I stand corrected on the formal emigration aspect. It would appear that my interpretation of the additional wait period of three years is however correct ("new test" of remaining non-tax resident for at least three consecutive years). For people emigrating now this is not good news. Edited September 28, 2020 by JJV word omitted Quote Link to comment Share on other sites More sharing options...
XXXXX Posted September 29, 2020 Report Share Posted September 29, 2020 (edited) 19 hours ago, JJV said: Thank you, I stand corrected on the formal emigration aspect. It would appear that my interpretation of the additional wait period of three years is however correct ("new test" of remaining non-tax resident for at least three consecutive years). For people emigrating now this is not good news. Yep. It's bad news for people who want to immigrate and need immediate (or short term) access to there RA. They now need to wait 3 years to access. (Previously they could financially emigrate to source their funds). Good news for those that have been off shore for a long time....... Also good news for people that don't want to go through the onerous process of a financial immigration (or incur the unnecessary costs) Its also worth mentioning that its relatively easy to prove non-SA tax residence if. you have genuinely immigrated....... Edited September 29, 2020 by XXXXX update Quote Link to comment Share on other sites More sharing options...
XXXXX Posted September 29, 2020 Report Share Posted September 29, 2020 19 hours ago, JJV said: Thank you, I stand corrected on the formal emigration aspect. It would appear that my interpretation of the additional wait period of three years is however correct ("new test" of remaining non-tax resident for at least three consecutive years). For people emigrating now this is not good news. Almost forgot - also bad news for those unethical migration agencies who hard sell you the concept that the only way to be seen to be a non-south African tax emigrant is to financial emigrate....... I hear once lucrative boiler shop operations are now scratching for business. Quote Link to comment Share on other sites More sharing options...
Erik Posted March 22, 2021 Report Share Posted March 22, 2021 On 9/9/2020 at 2:42 PM, Erik said: Well here we are, one year later and I've finally gotten my behind in gear and am trying to financially emigrate. A year ago I contacted ABSA jhbnonreshub to find out about emigration. They quoted R2500 to do it (set up blocked account and do SARB stuff). I wasted another year and finally sent all the forms electronically to them in August this year to check before sending originals by courier. It's been three weeks and no reply. Not sure if COVID has anything to do with it, but it seems like an awful long time just to check whether I have the right forms. Holly Moly! What a $hit show! Been speaking to a lady at Nedbank. After having to fill in a mountain of paperwork for them and with very little communication in terms of any real help, I sent through a pdf of all the documents to check before couriering the docs. She then gets someone else to ALSO send me a mountain of paperwork to fill in to open a bank account. I lose the will to live at this stage 🙃 and decide to not deal with it until after Christmas. Finally have all the paperwork filled in, signed by a justice of the peace, etc., etc., etc. Couriered it end of Jan 2021 and someone signed for it a week later in Sandton. No word yet to even acknowledge the paperwork has been received. Stay tuned folks, this ride can only get crazier... Quote Link to comment Share on other sites More sharing options...
ChrisH Posted March 23, 2021 Report Share Posted March 23, 2021 23 hours ago, Erik said: Holly Moly! What a $hit show! Been speaking to a lady at Nedbank. After having to fill in a mountain of paperwork for them and with very little communication in terms of any real help, I sent through a pdf of all the documents to check before couriering the docs. She then gets someone else to ALSO send me a mountain of paperwork to fill in to open a bank account. I lose the will to live at this stage 🙃 and decide to not deal with it until after Christmas. Finally have all the paperwork filled in, signed by a justice of the peace, etc., etc., etc. Couriered it end of Jan 2021 and someone signed for it a week later in Sandton. No word yet to even acknowledge the paperwork has been received. Stay tuned folks, this ride can only get crazier... This is exactly why I got somebody to do it for me. I just couldn't be bothered going through all of this myself. Some of the agencies charge an absurd amount of money though so do shop around. Quote Link to comment Share on other sites More sharing options...
Riekie Posted May 30, 2021 Report Share Posted May 30, 2021 On 3/23/2021 at 11:11 AM, ChrisH said: This is exactly why I got somebody to do it for me. I just couldn't be bothered going through all of this myself. Some of the agencies charge an absurd amount of money though so do shop around. I agree. There are always a few dodgy opportunists wanting to make a quick buck from desperate and naive people. We used Cashkows and the process was relatively pain free although still quite involved (you still have to provide all the paperwork, tax clearance certificates etc). I just didn't have the strength do deal with anything or anyone in South Africa. 🤪 Quote Link to comment Share on other sites More sharing options...
ottg Posted May 30, 2021 Report Share Posted May 30, 2021 Dealt with Forexcapital, which have since been taken over by Sableinternational.com They also have a branch in Australia. When Forex their cost structure was acceptable. No idea what Sable charges and if they still do that but see they expanded into immigration too. Doesn't matter who you use you still need to do loads of paperwork self! Quote Link to comment Share on other sites More sharing options...
Zaprime Posted June 6, 2022 Report Share Posted June 6, 2022 I'm in the process of trying to do this myself through SARS and running into the brick walls of bureaucracy. Does anyone have any experience with the new process - submitting documents for a tax clearance certificate for financial emigration? I submitted a bunch of documents including 3 years worth of bank statements, and documents to prove I was living in Australia and I got a generic letter back to say that my request was declined for any number of reasons without any correspondence to say, "We require further information" "Your TCS application was declined due to your failure to submit relevant material, outstanding return(s) or make payment of your outstanding tax debt." Bold is the only relevant portion. I've been through the list https://www.sars.gov.za/individuals/manage-your-tax-compliance-status/supporting-documents-for-emigration/ but it's not entirely clear what they expect in supporting documents. I'm planning on calling them after work but hoping someone can illuminate this for me? Quote Link to comment Share on other sites More sharing options...
Erik Posted June 9, 2022 Report Share Posted June 9, 2022 Hi Zaprime I had to do mine twice and the wife three times. She had to do all her old tax returns and pay a late fine just to lodge 0 returns. So ridiculous! Quote Link to comment Share on other sites More sharing options...
Erik Posted September 29, 2022 Report Share Posted September 29, 2022 This might never happen. Service from South Africa is so poor that I want to give up my citizenship and never have to deal with anything in South Africa. The lady from Nedbank has finally done the thing and now she wants the payment for the services. I reminder her that I sent through the paperwork for opening bank accounts - crickets! So with no way of paying for the service, there is no way to get the paperwork to get the little money we have left in RSA out. Make it stop 😭 Quote Link to comment Share on other sites More sharing options...
DAC Posted March 22, 2023 Report Share Posted March 22, 2023 (edited) I'm interested to hear from others that may have undertaken Financial Emigration after taking up Australian Citizenship, and did NOT apply to retain your SA Citizenship. My confusion relates supplying your ID for the SARS TCS and previously the MP366B Forms for Financial Emigration - But you would have lost your SA Citizenship. What did you do about supplying and using your ID Number on any of the associated forms? I understand that the Financial Emigration could be back dated, which was one of the advantages of using the previous mechanism, and hence you could possibly back date it to when you left SA, which would have been prior to loosing your SA Citizenship, in which case could you then still use the ID Number since you would still have been a Citizen at that point? Edited March 22, 2023 by DAC Quote Link to comment Share on other sites More sharing options...
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