Moving is very stressful but anyone who has emigrated before can tell you that moving out of your country to a completely different country is at least ten times more stressful. Not only do you have an entire culture to get used to once you are there, but you have to think about moving furniture, getting a place to either rent or buy, researching whether or not your favourite foods would be available… and then we haven’t even started talking about moving your finances to another country. This last part can be especially stressful if you do not have all the information at your disposal. With this article, however, I will help you to know what you can and cannot do. I will start off with…
How To Formally Emigrate
If you want to formalise your emigration, you should be aware that the following is expected from you:
- You will need to complete an M.P.336(b) “Emigration: Application For Foreign Capital Allowance” form and provide SARS with a certified copy. This will provide you with an Emigration Tax Clearance Certificate (IT21 (a)) from SARS. You can download this form on the website of the South African Reserve Bank.
- You will also need to submit to your bank the completed M.P.336(b) form and, where applicable, the Tax Clearance Certificate. You would also have to submit any other documentation as required by the M.P.336(b) form, which could include a copy of your Permanent Residence Permit if you have been granted permanent residence overseas.
Please keep in mind that it would not be necessary for you to obtain a Tax Clearance Certificate if you have permanently lived outside South Africa for longer than five years and if you do not have any assets other than insurance policies or an inheritance.
The Facilities Available To Emigrants
As an emigrant, you can use your:
- Travel Allowance – You can make use of this allowance to take R1 million per adult and R200 000 per child under the age of 18 years with you; and
- Foreign Capital Allowance – With this allowance, you can move R10 million per calendar year as an adult individual or R20 million per calendar year as a family.
If you are emigrating and want to relieve some of your emigration stress, at least the financial side of it, then get in touch with Grant and Peter right away by filling out the form on the Contact Us page.