Are you planning to start a new chapter abroad? Perhaps you are already a South African living and working outside of South Africa? At Apostil.co.za, we understand that South African imigration involves more than just packing your bags. That’s why we offer an enhanced service – bespoke financial assistance services for South Africans relocating overseas (through our third-party registered FSP). On this page, we look at your common financial and tax questions and answer them as thoroughly as possible.
Important update: As of early May 2025, a ConCourt ruling has effectively nullified the need for a Retention Letter. Please read more here.
Who is Apostil & how can they assist me with South African immigration?
Apostil.co.za is a document concierge service that partners with top-tier financial immigration services providers to bring you expert assistance with finances and tax for immigration purposes. We offer comprehensive help in navigating the financial tax emigration process.
Our services start with an initial consultation to understand your unique situation and objectives, providing tailored advice. We also assist in gathering and preparing all necessary documents required for the application, handle the submission of your financial tax emigration application to SARS and other relevant authorities, ensure compliance with South African tax laws, and assist in obtaining tax clearance certificates.
How secure is my data and information?
At Apostil.co.za, we are committed to respecting and protecting the privacy of our clients. We use data and personal information in always lawful, reasonable, and relevant ways to our business. You can read all about our privacy policy.
Financial assistance questions
What are the steps involved in emigration regarding my finances?
Tax emigration involves changing your tax residency status from being a South African resident to a non-resident for tax purposes. This process, overseen by the South African Revenue Service (SARS), requires individuals to inform SARS that they no longer meet the criteria for tax residency in South Africa. While not mandatory upon permanent relocation, tax emigration can offer several advantages based on individual circumstances and financial planning goals.
Can I maintain my South African citizenship if I emigrate?
If your new citizenship in another country allows dual citizenship, you can apply for a certificate of Retention of South African Citizenship. All South Africans considering citizenship abroad need to apply to retain their SA citizenship.
How do I access my Retirement Annuity If I am emigrating?
Regarding retirement annuities, individuals can access these funds after a specified period of non-residency. However, it’s crucial to understand the tax implications and procedures for accessing these funds post-emigration.
Can I move my pension and other savings offshore?
If you have not yet retired: Upon undergoing tax emigration through the South African Reserve Bank, you become eligible to cash in your retirement annuity early, even before age 55, subject to tax and fund penalties. After settling taxes and penalties, your remaining retirement savings will be transferred to a non-resident bank account in South Africa, from where you can remit it abroad.
If you already live abroad but have not yet cashed in your retirement annuity: You Must Complete the tax emigration process with SARS to become eligible for full withdrawal of your retirement annuity savings.
Can Apostil help me move money offshore and open a bank account overseas?
By working with leading financial service providers, Apostil can assist its clients with moving money offshore and opening bank accounts overseas as part of our South African immigration assistance services.
Tax in South Africa: Tax advisory and residency questions
What is a tax clearance certificate, and why do I need one for South African immigration?
Tax clearance certificates demonstrate current compliance with all tax liabilities. They are required in various situations, such as estate planning or business transfers.
How does South African immigration affect my taxes?
Tax emigration can result in exit tax (Capital Gains Tax), issuance of a Non-Resident Confirmation Letter from SARS, freedom from taxation on worldwide income in South Africa, and eligibility to withdraw retirement annuity savings after three years of non-residency.
How do I know if I am considered a tax resident in South Africa?
Until you officially cease tax residency with SARS and receive confirmation of the status change, you may still be treated as a resident for tax purposes.
If I leave South Africa, how does capital gains tax work?
Upon ceasing residency, there may be potential capital gains tax liabilities. This excludes certain assets like South African immovable property and retirement annuities.
How do I get started with Apostil’s services?
To begin using our South African immigration assistance services, contact our team of experts.
Alternatively, Go to Fin Global, and our dedicated third-party registered FSP will reach out to you for a personalised consultation.
We understand that every individual’s financial situation is unique. Our goal is to provide tailored solutions that align with your specific needs.
