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Do it yourself financial emigration


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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 by JJV
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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 by XXXXX
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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.

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  • 5 months later...
Erik
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...

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ChrisH
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.

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  • 2 months later...
Riekie
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. 🤪

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ottg

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!

 

 

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