Lynnie Posted August 17, 2017 Report Share Posted August 17, 2017 Hi Everyone, I need some advice, please? Hubby and I have been Australian Citizens (not dual) for 2 years now. Hubby still has an FNB account in SA as well as a retirement annuity and some shares. I have closed my FNB account years ago already. I only have a retirement annuity in SA. I have received the necessary forms from our retirement annuity funds, but I am unsure what to do first. Do both hubby and I need to open separate blocked accounts (and do we do this via SARB?) or at FNB? Do we request Tax clearance certificates from SARS or will our retirement annuity funds do this? We do not want to make use of a company to do this for us, for financial reasons. Just not sure where to begin and what order to follow... Any advice will be appreciated, thanks :-) 1 Quote Link to comment Share on other sites More sharing options...
Hugo2 Posted August 17, 2017 Report Share Posted August 17, 2017 In box me Quote Link to comment Share on other sites More sharing options...
Kodplessis Posted August 23, 2017 Report Share Posted August 23, 2017 Hi all, With the imminent change to SARS and double taxation, financial immigration seems to be one of the preferred options. We are currently holding dual SA/AUS citizenship. I do have a couple of questions though and any help/advice would be appreciated: 1. Is renunciation of South African citizenship another simpler option to 'deregister' with SARS, because then you will not be deemed a South African citizen anymore? 2. If the renunciation is an option, what will happen to our two small RA's in South Africa? Can we 'cash it out' of does one need to financially immigrate in order to get RA's cancelled and paid out before retirement age? 3. If you go the route to financially immigrate, do you need to still travel of SA passports to South Africa? I assume so as you are still deemed a citizen? I am sure I will have a number of other questions, however my wife and I want to start looking at options and get thing moving. Regards, 1 Quote Link to comment Share on other sites More sharing options...
RichardH Posted August 24, 2017 Report Share Posted August 24, 2017 On 8/17/2017 at 10:49 AM, Lynnie said: Hi Everyone, I need some advice, please? Hubby and I have been Australian Citizens (not dual) for 2 years now. Hubby still has an FNB account in SA as well as a retirement annuity and some shares. I have closed my FNB account years ago already. I only have a retirement annuity in SA. I have received the necessary forms from our retirement annuity funds, but I am unsure what to do first. Do both hubby and I need to open separate blocked accounts (and do we do this via SARB?) or at FNB? We did this through FNB. Search the forum for Zenda Grobler Do we request Tax clearance certificates from SARS or will our retirement annuity funds do this? We got a tax clearance agent to do this, we used Anita Huyser at Exchange4free Foreign Exchange Services We do not want to make use of a company to do this for us, for financial reasons. Just not sure where to begin and what order to follow... Any advice will be appreciated, thanks :-) Hi Please see my comments. I seem to recall the process was to start by contacting FNB. They can assist with opening a blocked account and getting a MP336 completed. The MP336 then gets sent to the agent getting your tax clearance certificate. Once you have the tax clearance certificate then your retirement company apply for the necessary tax directives and get the amount paid to the blocked rand account. This was done 4 years ago, but if you search the forums then you should be able to work out the process. Good luck! Quote Link to comment Share on other sites More sharing options...
Lynnie Posted August 24, 2017 Author Report Share Posted August 24, 2017 Thank you very much for the advice :-) Quote Link to comment Share on other sites More sharing options...
Shampoo Posted August 25, 2017 Report Share Posted August 25, 2017 FNB will NOT do it for you. You have to do it yourself and submit the documents to FNB who will then become your "agent" for any SA transactions. You would have to do it via an agency acting on your behalf. Sure, they charge a hefty fee but rather do it by an expert like Hugo1 above. Although he is highly qualified in this field, he works alone and is so much cheaper than companies. I used him and saved myself a hefty R180K tax bill. This is no lie as I'm sure he has long forgotten me as it was 3 years ago. 1 Quote Link to comment Share on other sites More sharing options...
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