What South African expats need to know about financial emigration and recession

With the South African economy currently in recession, lessening the effects of Rand volatility is a top priority for many people at the moment. Many expatriates have retirement funds and other assets in South Africa that they would like to withdraw and transfer offshore. This is known as the process of financial emigration. SAFFA.com had a look at the most common questions about this process below. What exactly is financial emigration? Financial emigration is the process of officially changing your status with the South African Reserve Bank (SARB) from a permanent resident, or resident living temporarily abroad, to that of a non-resident of South Africa. This means that you have permanently left South Africa and relocated abroad. The process of financial emigration is daunting and admin-heavy. The average turnaround time to complete the entire process is three months. We recommend using an experienced, certified South African financial emigration specialist to complete the …
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