bluebonnet Posted October 15, 2007 Report Share Posted October 15, 2007 I left SA a long time ago (15 Years.) became a citizen of US and want to know if the authorities in SA decide I am a "legal emigrant" (they are still busy "thinking"- and by the way, I never considered to keep my SA citizenship) will they give me trouble to have my funds transferred to me (inheritance) The funds are on a money market account. I believe the maximum amount is R2 million for an individual, it has been over 5 months now, since my application was submitted by the bank. There should be no problem, is this delay normal? Once the SARB gives the "OK" should there be any more delays, or will the bank just transfer the funds without any further delays? I am also not sure what the fees will be. This process is very frustrating, I should think I am a citizen of another country, left SA 15 years ago, have no business there, and never will, what is the problem they have? This is actually MY money, that my late father left me, how can they make it so difficult for me? Edwina Quote Link to comment Share on other sites More sharing options...
Guest Bronwyn Posted October 16, 2007 Report Share Posted October 16, 2007 (edited) Hi EdwinaDid you need to get Tax Clearance from SARS for your bank? They are just going to tick the boxes, and that is one thing I think they need. I have never heard of it taking so long. To my knowledge the lifetime limit per adult is R2mill, above that you pay a 10% penalty (like an additional tax).Please check the SA Reserve Bank and SA Revenue Services websites to make sure it hasn't changed.The actual charges to Swift the money shouldn't be too bad, maybe R100 or so? Phone your bank and ask them what they charge to Swift the funds over.You should call the bank, your application is probably lying in someone's desk... It does make you very angry, considering it is your money. Edited October 16, 2007 by Bronwyn Quote Link to comment Share on other sites More sharing options...
Springbok Posted October 16, 2007 Report Share Posted October 16, 2007 (edited) This is actually MY money, that my late father left me, how can they make it so difficult for me? That's the way 3rd world Africa operates... paranoid, inefficient and unfortunately nothing you can do about it. Best to refer to the Exchange Control Manual at www.reservebank.co.za, paragraph 6.2.5.4, section T (PDF file):"Emigrants can, on application, request to transfer blocked assets in excess of the limit of R4 million per family unit or R2 million per single person, subject to an exiting schedule, at the discretion of the Exchange Control Department of the South African Reserve Bank, and an exit charge of 10% of the amount."Persons who have emigrated, but have not fully utilised the current authorised foreign capital allowance, may be accorded additional capital transfers, provided the total amount availed of does not exceed the current limits."In other words, if for example, you want to transfer R10 million out of S.A. as a single person, you can transfer your legal limit of R2 million, while the balance of R8 million will be subject to an exit charge of 10%, or R800,000. So your net proceeds would be R2 million + R8 million - R800,000 = R9.2 million. Edited October 16, 2007 by Springbok Quote Link to comment Share on other sites More sharing options...
Cindylou Posted October 16, 2007 Report Share Posted October 16, 2007 The issue here, as far as I can ascertain, is that Edwina did not officially emigrate when she left SA. We have, on previous threads, discussed this as a factor to take into account when deciding whether to relocate or emigrate. You also need to read Section M of the Excon manual which deals with assets arising from an estate late. I would suggest that you need to get professional advice, perhaps contact the specialised forex staff from your (previous) bankers, who are Authorised Dealers, as per SARB. My bank (Nedbank) has a "Cross Border Retail" division that deals with Non Res and Emigrant banking and they would know how to deal with this type of situation.Good luckC'Lou Quote Link to comment Share on other sites More sharing options...
Nilo Posted October 16, 2007 Report Share Posted October 16, 2007 Charl!You never cease to amaze me!Wat weet jy nie? Quote Link to comment Share on other sites More sharing options...
bluebonnet Posted October 16, 2007 Author Report Share Posted October 16, 2007 The issue here, as far as I can ascertain, is that Edwina did not officially emigrate when she left SA. We have, on previous threads, discussed this as a factor to take into account when deciding whether to relocate or emigrate. You also need to read Section M of the Excon manual which deals with assets arising from an estate late. I would suggest that you need to get professional advice, perhaps contact the specialised forex staff from your (previous) bankers, who are Authorised Dealers, as per SARB. My bank (Nedbank) has a "Cross Border Retail" division that deals with Non Res and Emigrant banking and they would know how to deal with this type of situation.Good luckC'LouThanks C'Lou, I understand. But if this is their problem that I did not "officially emigrate" why don't they just tell me, I will gladly do so then. NO, instead the bank (Forex) just keep on telling me to be patient. I left SA because my husband is from Switzerland and we moved there. I did not even think about emigrating officially, to be honest, I remember I did the tax clearance, but it is long ago, I honestly cannot recall. Anyway, I will contact the bank again (ABSA) , unfortunately that is where the funds are. I cannot change banks now. I think the system is very very strange in SA, comparing to Switzerland and USA. But I will have to be nice I guess, it seems the SARB controls now what is mine. What are they investigating that takes 5 months now? They have all the documents, and all the information they requested. One more question, I never applied for dual citizenship, as far as I understand I am not a SA citizen anymore. Am I not an emigrant now? Since I am a US citizen and also Swiss, and have no connections in SA, why can they just not let it be? Any explanation for that, or is it just the system. Do you have the web-site where I can find the Excon Manual, no idea what that is. Thanks a lot.EdwinaThe issue here, as far as I can ascertain, is that Edwina did not officially emigrate when she left SA. We have, on previous threads, discussed this as a factor to take into account when deciding whether to relocate or emigrate. You also need to read Section M of the Excon manual which deals with assets arising from an estate late. I would suggest that you need to get professional advice, perhaps contact the specialised forex staff from your (previous) bankers, who are Authorised Dealers, as per SARB. My bank (Nedbank) has a "Cross Border Retail" division that deals with Non Res and Emigrant banking and they would know how to deal with this type of situation.Good luckC'LouThanks C'Lou, I understand. But if this is their problem that I did not "officially emigrate" why don't they just tell me, I will gladly do so then. NO, instead the bank (Forex) just keep on telling me to be patient. I left SA because my husband is from Switzerland and we moved there. I did not even think about emigrating officially, to be honest, I remember I did the tax clearance, but it is long ago, I honestly cannot recall. Anyway, I will contact the bank again (ABSA) , unfortunately that is where the funds are. I cannot change banks now. I think the system is very very strange in SA, comparing to Switzerland and USA. But I will have to be nice I guess, it seems the SARB controls now what is mine. What are they investigating that takes 5 months now? They have all the documents, and all the information they requested. One more question, I never applied for dual citizenship, as far as I understand I am not a SA citizen anymore. Am I not an emigrant now? Since I am a US citizen and also Swiss, and have no connections in SA, why can they just not let it be? Any explanation for that, or is it just the system. Do you have the web-site where I can find the Excon Manual, no idea what that is. Thanks a lot.Edwina Quote Link to comment Share on other sites More sharing options...
JanCPT Posted October 17, 2007 Report Share Posted October 17, 2007 (edited) Hi EdwinaThe answer to your question hasn't got anything to do with the limitation on emmigration ito of exchange control.It also seems as if the bank has accepted that you are not a resident for exchange control, because they want to know whether you "formally" emmigrated - hereby accepting that you have "practicially" emmigrated and are not a SA resident.Normally, when a non SA resident recieves an inheriance from a SA source, there will not be a problem expatriation of funds.Where such non SA resident is an "emmigrant" - read as someone who has previously emmigrated from SA, the bank is required to ensure & confirm that such person has formally emmigrated, on the alternative, to refer the matter to the Exchange Control authorities. i.e. because you did not formally emmigrate, they do not have a choiceThis does not mean that you will not get the funds, but merely that you will have to prove to the authorities that you did in fact emmigrate (and when you emmigrated) and will have to formalise the emmigration, with the effective date backdated.The bank will probably manage the process for you, but it will take a while for the wheels to turn.Unfortunately, this is one of those things that happen when you don't dot the i's & cross the t's - did not formally emmigrate from SA.From an Exchange Control point of view, the requirement makes good sense, if you consider that the purpose of the Act is to maintain the capital of the country, else any person who inherits can just leave the country & claim that they are a non SA resident & take the money out of the country - you are just paying the price for the fact that such people do exist & the Act has to counteract such attemptsAlthough a schlep, I have no doubt that you will get the moneyRegardsjanPS once you give the SARB your actual (backdated) date of emmigration, they will obviously go through their records and ensure that any funds taken out of the country, subsequently, comply with the Exchange Cont. regs in place at that time (i.e. amongst other, make sure that you haven't been squirelling funds out as an annual allowance, or if you have, that these do not exceed the amount that would have been allowed to an emmigrant at that time) Edited October 17, 2007 by JanCpt Quote Link to comment Share on other sites More sharing options...
Cindylou Posted October 18, 2007 Report Share Posted October 18, 2007 Exactly - as I stated in my previous (admittedly much shorter) post: the issue here is that you did not officially emigrate, Edwina. You are now going to have to jump through all the hoops. This is not because the SA Banks are backwards or anything, it is as a result of the Government implemented Exchange Control Regulations. C'Lou Quote Link to comment Share on other sites More sharing options...
JanCPT Posted October 18, 2007 Report Share Posted October 18, 2007 Hi C'LouGuess I cant be accused of being short of breath ...CheersJan Quote Link to comment Share on other sites More sharing options...
bluebonnet Posted October 18, 2007 Author Report Share Posted October 18, 2007 Exactly - as I stated in my previous (admittedly much shorter) post: the issue here is that you did not officially emigrate, Edwina. You are now going to have to jump through all the hoops. This is not because the SA Banks are backwards or anything, it is as a result of the Government implemented Exchange Control Regulations. C'LouThanks to you all. Well, as I said before, I understand. I will officially emigrate. I have no idea where to start. The bank said once the SARB makes a decision, - I think there is still hope that they will regard me as an emigrant- I was told that the SARB has to decide first. Well, then if I have to, I will do so. Hopefully the bank will be of some assistance, they said that they will send me the forms.This is very complicated, must say, I was young and did not think much at that time. Now I have to struggle. But I will be patient, I am waiting for the SARB to let the bank know what is the next step. We must remember, this is a LONG time ago, I do not even know what is expected of me now, but I will have to do as told. One advantage of the delay is that I make good money in this time, it "grows" very well on the money market account, must say. I will "Jump through the hoops" all of them, but as I mentioned, I will need some advice what to do. Believe me, I have been busy with sending documents and paperwork for a long time now, and hopefully someday I will send the last one.You guys have been helpful, you all seem so experienced, I feel a little stupid sometimes. Anyway, take care, Edwina Quote Link to comment Share on other sites More sharing options...
Cindylou Posted October 18, 2007 Report Share Posted October 18, 2007 Hi C'LouGuess I cant be accused of being short of breath ...CheersJanSorry Jan, no offense meant - your response was much appreciated as it stated the case very clearly and in great detail! thanx, CindyThanks to you all. Believe me, I have been busy with sending documents and paperwork for a long time now, and hopefully someday I will send the last one.Anyway, take care, EdwinaGood luck Edwina, it must be frustrating at times!C'Lou Quote Link to comment Share on other sites More sharing options...
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