What is the difference between financial emigration and formal emigration from South Africa?
There is no difference – financial emigration is also known as formal emigration – and both refer to the process that formalises your permanent exit from South Africa for exchange control purposes. When you financially emigrate, you inform the South African Reserve Bank (SARB) that you have financially permanently left South Africa and then your exchange control status with the SARB changes from resident to non-resident.
It is important to understand that financial emigration is a SARB process, and that it does not change or affect your status as a South African. You and your family can ‘formally’ emigrate and still have the right to South African citizenship and your South African passports.