MAINTAINING SOUTH AFRICAN BANK ACCOUNTS AND FINANCIAL TIES AFTER EMIGRATION

Exchange Control Perplexity

South Africans who have taken the leap to finalise their cessation of tax residency often overlook the banking regulations and financial consequences that may follow. Understanding these concepts is crucial to ensuring that you remain fully compliant as a non-resident taxpayer and will help you avoid setbacks when engaging with the financial institutions and moving funds abroad.

The South African Reserve Bank (SARB) through various banking and financial institutions also maintain records of residency for all South African banking customers. This is for the purpose of their financial surveillance control and compliance. This has recently been further heightened by South Africa’s greylisting status.

Nikolas Skafidas
SARS Tax Compliance and Process Supervisor