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What to consider before you emigrate
Emigration is a complex process with significant implications. Here's what you need to consider.
Emigrating to another country needs careful consideration.
There's no doubt that South Africa has its challenges (just like many other countries around the globe). Many South Africans have already left the country looking for greener pastures, but before you make this life-changing decision, you should know that emigration is a complex process that will have a significant impact on various aspects of your life.
So, before you start packing your bags, first ask yourself these important questions.
Are you ready to let go of South Africa?
South Africa is a beautiful country. We have some of the most breathtaking natural scenery in the world and fantastic weather. We also have a mosaic of cultures that makes our country one of the most diverse and interesting places to live in. On top of that, we have one of the best human rights bills globally that protects citizens. While reasons like these may not necessarily convince you to stay, it is important to have a balanced view and to acknowledge the good things.
Why do you want to leave?
People leave South Africa for different reasons. Some want to get away from the challenges facing the country, for example the misuse of tax money by corrupt officials and high crime rates. Others want to leave because of a good job or educational opportunity or simply to join other family members who are already living abroad. It's important to think about and even write down the reasons why you want to go, and to weigh up all the pros and cons.
What about family and friends?
What you may not find in another country are your family and friends. Your loved ones may be your core support network, and giving up this support structure while adapting to a new country and culture, a new job and a different way of doing everyday things can be challenging. Technology does make it easier to stay in touch with loved ones all over the world, but if, for example, you work long hours and have kids, and your parents regularly step in to help look after them, you need to consider the practical implications.
How will your pocket and long-term financial outcomes be affected?
As advised in our budget 2021 information document, from 1 March 2021 emigration is determined by the cessation of South African tax residency. The term ‘emigration’ that the South African Reserve Bank had previously recognised was phased out and a verification process with the South African Revenue Service was put in place.
Cessation of South African tax residency triggers a deemed disposal of worldwide capital assets for capital gains tax purposes (excluding South African immovable property). The size of this tax cost associated with ceasing to be tax-resident depends on the value of the capital assets you own. It is also important to remember that from 1 March 2021 individuals who cease to be South African tax residents must be tax-non-resident for an uninterrupted period of three years or longer before they can access their ‘restricted’ retirement preservation or annuity fund, with ‘restricted’ meaning that one withdrawal has already been made.
Please read our Emigration Guide to help you understand the tax implications of your options.
Professional, personalised advice is critical
In short, everyone’s situation will be different. Depending on your financial situation in South Africa and the country you are moving to, the implications will vary. That is why getting help from a professional financial advisor can go a long way in helping you make an informed decision.
Want to know more?
- Contact your wealth banker.
- If you’re not a client yet and want to find out more about how we can help you, we would love to hear from you. You can contact us on 0800 111 263 or complete an online contact form.
- Find out more about our fiduciary offering.
Read our disclaimer here.
