KUDA FX FOR EMIGRATION
100% FX FOCUSSED ON A SOFTER LANDING
MOVE YOUR MONEY
We convert your South African Rand offshore allowance into Dollar, Sterling, Euro, and other currencies for transfer abroad.
Your Single Discretionary Allowance is a maximum of R1-million per calendar year. No SARS tax clearance is required for this. Foreign exchange for travel and other foreign transactions form part of this R1m allowance.
Your Foreign Investment Allowance is R10-million per calendar year. A compliant SARS tax clearance for foreign investment is required before funds may be converted from ZAR to the nominated foreign currency.
A compliant SARS tax clearance for purposes of foreign investments is required to make use of the Foreign Investment Allowance. Kuda FX offers a service of applying for the tax clearance on behalf of our clients. Once approved, the tax clearance is valid for 12 months.
WHY WOULD YOU TAX MIGRATE?
- To access the proceeds of your retirement annuity before retiring, you have to be a non-SA taxpayer for three consecutive years.
- To move funds from your inheritance from an estate late or a will trust
- Death benefit on life insurance policies (excluding lump sum benefits from pension and provident preservation funds).
DO I QUALIFY FOR THIS?Kuda FX through our banking partners could facilitate your application and allow the transfer of assets abroad, provided that you meet the following criteria:
- you have ceased to be a resident for tax purposes in South Africa;
- you have obtained a Tax Compliance Status (TCS) in respect of emigration from SARS
- you are tax compliant upon verification of the tax clearance certificate
DON’T PAY MORE TO EMIGRATEIn addition to facilitating your tax migration process, we also ensure the best exchange rates through our bulk buying power. Our fees are transparent when doing your emigration application and there are no hidden costs.
WHY THIS PROCESS?
Since 2008, South Africans abroad who have financially emigrated have been able to cash-in and withdraw their Retirement Annuities or large sums of their inheritances. The emigration was done through the SARB and an MP336(b) form was completed. Upon approval, the person’s status at the Reserve Bank changed from resident to emigrant (non-resident), as this was required for Exchange Control purposes. As part of this process, the person also had to obtain an emigration tax clearance certificate from SARS.
From 1 March 2021 formal emigration changed into a tax migration process. The concept of emigration as recognised by the Financial Surveillance Department has since been phased out.
The process by which a private individual ceases to be a resident for tax purposes, is still regarded as emigration, as some individuals’ records failed emigration with SARB due to reasons beyond their control.
Now you do a tax migration and must be a non-resident taxpayer for at least three consecutive years to qualify for such an application to SARS.
WHAT PEOPLE ARE SAYING
TALK TO THE EXPERTS
100% FX FOCUS
We have acquired decades of specialist skills in FX around allowances and regulations. Having a dedicated team, 100% focused on FX only, means that you will receive expert assistance around what we know and do best. You will also receive the benefit of our market-leading rates. Talk to the experts to handle your forex emigration matters.
Beulah is our Forex Relationship Manager at our Cape Town office.
Her career in forex started at Rennies Foreign Exchange, and for over two decades she has worked in Bidvest Bank Corporate Foreign Exchange. She then moved into the private foreign exchange space and was key account manager for the top Investment Fund Management companies as well as facilitated the foreign exchange portion of the offshore investment process for clients.
Beulah, now part of the Kuda FX team, is able to facilitate all your requirements around Tax Migration. She will also assist with your SARS tax clearance applications and move your money to your nominated account abroad.