What are the requirements to financially emigrate from South Africa?
The financial emigration process is the only way to change your status from South African resident to non-resident for exchange control purposes. To record your financial emigration from South Africa, you have to adhere to the following requirements:
- Your South African income tax affairs must be in order and you must obtain a Tax Clearance Certificate – Emigration through the South African Reserve Bank (SARB).
- You must also complete and submit a Form MP336(b) to your South African bank.
- After you have applied and received tax clearance from the South African Revenue Service (SARS), you have to submit your application to your bank to change your exchange control status to non-resident.
Once you have successfully concluded your financial emigration, for exchange control purposes, your South African bank account will change to an emigrant’s capital account (previously known as a blocked account), or you have to open such an account if you still have assets in South Africa that you want to liquidate.