Financial Emigration

Changing your status

While you may have physically emigrated, you will remain a resident with the South African Reserve Bank until you go through the process of financial emigration.

While this is essentially an administrative process, the effort required, and the time taken to achieve this will depend on your personal circumstances. Going through the process is not obligatory but if you:

  • are either
    • in the process of emigrating from South Africa and have no intention to return or
    • in the planning stages of moving abroad
  • have already emigrated from South Africa and have no intention to return and have not formally emigrated with the South African Reserve Bank (Sarb)
  • are living temporarily abroad and thinking of making the move permanent

Then you should seriously contemplate the formalisation of your financial emigration.

Formalising your financial emigration is logical once you have left South Africa as you want to wrap up your financial affairs, have the ability to move all of your assets to your new home and not have to concern yourself with South African laws, regulations and Rand volatility etc.

A Layman’s Guide to Financial Emigration

Understand what Financial Emigration is, what is involved and what you have to consider in this FREE eBook.

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Financial Emigration Services

Adarna is able offer you an end-to-end service that will relieve you of most of the effort required to formalise this process including:

  • MP330(b) completion and submission
  • Obtaining the relevant tax clearance status
  • Dealing with your Authorised Dealer

We are also able to assist should you be below 55 years of age and want to transfer your retirement annuities to your new country of residence.

Financial Emigration Webinar

Join Derekas as he explains what you need to consider if financial emigration is necessary for you, what the advantages are and how to go about it.

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Guide to completing your MP330(b)

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Guide to exchange control affecting South Africans

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Guide to tax issues for individuals leaving SA

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Get Financial Emigration Assistance

Fill in the below form and we will get back to you regarding your Financial Emigration enquiry!

Tax implications of accessing your retirement benefits

Tax Implications of accessing your retirement benefits

Have you considered the following:

You will pay additional tax on any early withdrawal of your retirement savings
All of your previous withdrawals are aggregated when calculating the tax on a withdrawal
If you elect to take a lump sum on retirement it is taxable
An assessed loss cannot be set off against the taxable lump sum
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Tax consequences of emigrating

Tax consequences of emigrating

Have you considered the following:

You will only pay tax to SARS on any South African sourced income
When you break your tax residency you are deemed to have disposed of your assets to yourself which could give rise to a capital gains tax liability
You may be able to apply the provisions of a double tax agreement (DTA) and potentially receive a refund from SARS.
You may still be considered a South African resident taxpayer
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Need more assistance?

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Maximising the tax breaks

Maximising the tax breaks

Have you considered the following:

Up to 27.5% of your retirement fund contributions are tax deductible subject to a maximum of R350 000 per year
Investing in a tax free investment will ensure that the interest income is fully exempt and not subject to the interest exemption limits.
Contributions to a medical aid will earn you Medical Scheme Credits which could reduced your tax by R12 816 for a family of 4
If you use your car for work purposes you can claim a deduction.
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Tax Services

Focused and Efficient

With the focus on SARS becoming more efficient and as tax compliance is becoming ever more important make sure that you have the peace of mind knowing that your tax affairs are in order.

Tax deadlines always seem to come around a lot quicker than we think so avoid having to constantly worry about meeting these deadlines by letting us handle this for you.

Whether you are a normal or a provisional taxpayer we offer an end to end solution so you can focus on other life issues than tax compliance.

Are you maximising the tax breaks available to you?

Maximise Benefits

Thinking of emigrating?

Understand the tax consequences

Understand Consequences


What are the tax implications of accessing your retirement benefits

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Personal Tax Services

The tax regulations and provisions are forever changing which requires taxpayers to keep abreast of the latest requirements. We take care of all your tax requirements by offering the following:

  • Income tax registrations
  • Registration on SARS E-filing
  • Provisional tax returns
  • Annual tax returns
  • Tax Clearance Certificates
  • Dealing with tax audits, objections and appeals
  • Tax directives
  • Verification documents

Tax Dates 2020/2021

1 July 2020

Tax Season Opens

31 October 2020

Branch filing Closes

4 December 2020

Non-provisional taxpayers eFiling Closes

31 January 2021

Provisional taxpayers eFiling Closes

Do I have to submit a tax return?

This is not as straightforward as people would like to believe. Read the below article to learn more!

Make Sure

What is a provisional taxpayer

This can be a person or a company. Read the article below to see if this affects you!

Find out

Other Frequently Asked Questions

What interest is exempt from tax?

Interest from a South African source, earned by any natural person under 65 years of age, up to R23 800 per annum, and persons 65 and older, up to R34 500 per annum, is exempt from income tax

What are medical scheme credits(MSTs) and how do they work?

If you belong to a medical aid the principal member is entitled to tax credits depending on the number of dependents on the medical aid. These are calculated per month. The tax credits are deducted from any income tax due.

Do I need to record the daily odometer readings?

No, SARS does not require the daily odometer readings for opening and closing kilometres. You do need to record the opening and closing kilometres for the year of assessment.

When will a non-resident be required to submit a tax return?

Non-residents are taxed on income received or accrued from a South African source (such as annuities which accrue to a person as a result of services rendered in SA, rental income from property in SA or interest income from a local bank, etc.)

Get Tax Assistance

Fill in the below form and we will get back to you regarding your tax enquiry!