When relocating abroad, one of the most complex aspects South Africans face is managing their bank accounts and tax responsibilities back home. Even after settling in a new country, you might still have investments, retirement annuities, or property in South Africa — all of which have financial implications that must be managed correctly to remain compliant with the South African Revenue Service (SARS).
This guide explains how to handle your banking and tax affairs after emigrating, and how Apostil.co.za can help ensure your documentation is properly prepared and legalised for international use.
Understanding your South African tax residency status
The first step to managing your post-move finances is to determine whether you are still considered a South African tax resident.
SARS applies two main tests to determine residency:
- The ordinarily resident test – You are considered tax resident if South Africa remains your true home.
- The physical presence test – You may be considered resident if you spend a certain number of days in South Africa over a given period.
If you’ve permanently relocated and no longer meet these criteria, you can apply for tax emigration. This officially ends your tax residency and changes how SARS taxes your worldwide income.
For an in-depth look at the process, visit our Tax Emigration Guide.
Closing or maintaining your South African bank accounts
Once you’ve emigrated, you have two main options for handling your bank accounts:
Option 1: Close your local accounts
Many South Africans choose to close their standard resident accounts and open a non-resident bank account. This type of account is designed for individuals living abroad who still need to move money in and out of South Africa.
Non-resident accounts allow you to:
- Receive funds from South African investments or pension withdrawals
- Repatriate money abroad through authorised channels
- Maintain access to your financial history with your bank
Each bank has its own procedures, so you will need to contact your financial institution directly. Most will require FIA documentation, proof of address, and certified identification before converting your account.
Option 2: Keep your existing accounts (temporarily)
If you still have ongoing obligations in South Africa — such as rental income, bond repayments, or dependents — you may wish to keep your account open for convenience.
However, remember that once your tax residency changes, your status must be updated with your bank. They will convert your existing profile to a non-resident status for exchange-control purposes.
Handling funds and currency transfers
After emigrating, transferring money out of South Africa must comply with South African Reserve Bank (SARB) exchange-control regulations.
Here’s what to keep in mind:
- You can transfer up to R1 million annually under your Single Discretionary Allowance without tax clearance.
- For larger transfers, you’ll need a Tax Compliance Status (TCS) Pin from SARS confirming your compliance.
- All transfers must go through authorised dealers, typically major banks or licensed forex providers.
If you require assistance preparing supporting documents such as tax certificates, proof of residence, or certified IDs, Apostil.co.za can help legalise these quickly through our Notarisation Services.
Tax responsibilities after emigration
Even after leaving South Africa, you may still have tax obligations if you:
- Earn South African-sourced income (e.g. rent, dividends, royalties)
- Hold investments or pension funds locally
- Receive annuities or capital gains from property sales
To remain compliant, you’ll need to continue filing annual tax returns until you are officially marked as a non-resident by SARS. Once your tax emigration is complete, only income derived from South African sources will be taxable locally.
Dealing with double taxation
If you’ve moved to a country that also taxes global income, you might face double taxation. Fortunately, South Africa has Double Taxation Agreements (DTAs) with many countries, including the UK, Australia, and New Zealand.
These agreements prevent you from being taxed twice on the same income. To benefit from a DTA, you may need to provide notarised or apostilled documents proving your tax residency in your new country.
Apostil.co.za can assist with obtaining and legalising the required documentation for submission to SARS or foreign tax authorities.
Updating your financial institutions and SARS
After completing tax emigration, it’s crucial to notify:
- Your bank, to update your exchange-control status
- SARS, to reflect your new residency and ensure correct tax handling
- Investment houses or pension administrators, so they can correctly process withdrawals or transfers
You may be asked to submit certified copies, police clearances, or notarised proof of identity, all of which Apostil.co.za can prepare for international acceptance.
Visit our Police Clearance Services page if you need an updated clearance certificate for your emigration portfolio.
Why use Apostil.co.za for your financial and tax documentation
Managing bank and tax affairs across borders involves extensive paperwork. Apostil.co.za simplifies this by providing:
- End-to-end document handling – from notarisation to apostilles and embassy legalisations.
- Fast turnaround times – ideal for urgent banking or SARS deadlines.
- Expert support – ensuring all your paperwork meets international standards for financial institutions and tax authorities.
Conclusion
Successfully managing your South African bank accounts and tax obligations after moving abroad requires careful planning and the right documentation. Whether you’re closing accounts, applying for tax emigration, or transferring funds internationally, Apostil.co.za can help ensure your paperwork is accurate, compliant, and accepted globally.
Need help legalising documents for your bank or SARS?
Contact Apostil.co.za today to simplify your post-emigration financial admin.
