emigration servicesTHE REQUIREMENTS OF FORMAL EMIGRATION
What are the requirements of formal emigration?
To formally emigrate, if there are assets in South Africa, it is necessary to get a tax clearance and to submit a tax return at date of emigration which would tax income until date of immigration. On the date of immigration all assets other than fixed property would be valued and any capital gains would be taxed as an effective exit tax.
If there is income on fixed properly, they would continue to be taxed in South Africa after immigration. Capital gains would be taxed when realised. All assets held in South Africa after immigration would be held on the bank handling the emigration and held in a blocked account.
The amount of capital that can be taken overseas on emigration is as follows:
- Single person R10 Million per year
- Family unit R20 Million per year
- Application to the South African Reserve Bank can be made to remit larger amounts.
- These are reduced by foreign capital investments
- A travel allowance of up to R1 million per adult and R200 000 per child under the age of 18 years. The travel allowance may not be accord more than 60 days prior to departure, and
- Export of household and personal effects, motor vehicles, caravans, trailers, motorcycles, stamps, coins and minted gold bars(excluding coins that are legal tender in South Africa) within an overall insured value R2 million.