Frequently Asked Questions
Most frequently asked Financial Emigration Questions
Does ceasing my tax residency affect my South African citizenship?
No, ceasing your tax residency does not affect your South African citizenship or permanent residency. Likewise, surrendering South African citizenship does not automatically change your tax residency status. SARS will not recognise your client’s non-residency status until it’s officially declared.
Do I need an Approval International Transfer (AIT) pin for moving funds abroad?
As a non-resident you will need an AIT pin from cent one. However, if you have not yet ceased your tax residency status and are still noted as a tax resident you do not require an AIT for any transactions below R1 million.
If I have financially emigrated prior to the 1 March 2021, do I need obtain a non-resident confirmation letter?
Yes, to evidence your non-residency status, you will need to obtain a non-resident confirmation letter.
Do I need to wait for 3 years before you cease South African tax residency?
No, the 3-year lock-up rule applies to a lumpsum withdrawal of retirement vehicles after your client ceases to be a South African tax resident.
What happens to my inheritance after becoming non-resident?
You may still receive your South African inheritance; however, you will need to have obtained your non-residency confirmation letter to be able to access the funds.
In the News
Ceasing of South African Tax Residency: A Back-to-Basics Approach09/30/2024 - 08:26
Timing Is Everything For SA Expatriates When It Comes To Two-Pot System Withdrawals09/25/2024 - 11:45
South African Expats: How Will SARS Find You?09/06/2024 - 09:24
SARS Non-Residency Verification Risk For Expats Filing 2024 Tax Returns08/16/2024 - 10:10
Navigating Last-Minute Changes for Expats: A Guide to the Two-Pot Retirement System08/14/2024 - 12:06