What is the difference between emigration and financial emigration?
Emigration and financial emigration may sound the same, but they are two different processes. Emigration is when you physically move with all your belongings from South Africa to another country to start a new life, whereas financial emigration is the process of informing the South African Reserve Bank (SARB) that you have financially permanently left South Africa. With financial emigration, your status with the SARB then officially changes from resident to non-resident for exchange control purposes. It is important to know that this does not happen automatically, even though you have physically emigrated from South Africa.
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