The process of Financial Emigration as a South African resident is a way to terminate your tax residency with the South African Revenue Service (“SARS”). The SARS component of the financial emigration process is a large part of financial emigration as proved by an “Emigration Tax Clearance Certificate” which is part of the South African Administrative Law and comes with a guarantee as disclosed in section 33 of the South African Constitution.
The true benefits of Financial Emigration will be hugely beneficial to yourself and your finances and will ensure that you do not have to pay “Expat Tax” on your hard earned foreign income. Offshore-Wealth specializes in connecting South African residents who are looking to emigrate their capital, with a brokerage that can ensure a safe and financially efficient service throughout the process.
The Financial Emigration process allows you to:
discharge your onus of proof that you have ceased to be a tax resident of South Africa;
remove any ambiguity from a compliance perspective, and
proves your subjective intention to remain abroad in terms of our case law when dealing with SARS.
With a lot of misleading information online, the Financial Emigration process does not require the giving up of citizenship, handing in of passport, selling of property or cancelling of bonds and financial products.
To find out more, and to be connected with a brokerage who can assist you in Emigrating your wealth, Contact Us.