Clearing up misconceptions round South African retirement financial savings and transferring overseas
There was a lot confusion within the expat neighborhood because the idea of formal emigration by the South African Reserve Financial institution was phased out, efficient 01 March 2021. These modifications appear to have raised extra questions than they’ve answered, so we’ve put collectively this fast information that covers the questions we obtain most ceaselessly from South Africans overseas, almost about their retirement annuity financial savings. South African retirement financial savings How do I entry my retirement annuity with out formal emigration? Earlier than 1 March 2021, the South African Reserve Financial institution allowed people who had formally emigrated from South Africa to entry their retirement annuity and preservation fund financial savings earlier than the age of 55. After 1 March 2021, people should change into non-residents by finishing the method of tax emigration . To take action, people should be capable to present the South African Income Service (SARS) that...