July 23, 2021

Market News

The new Tax Migration process

The new Tax Migration process

Regulatory changes to Financial Emigration which came into effect in March 2021 have given rise to a new “Tax Migration” process, which includes:

The new process entails:

• Confirmation of tax residency in terms of the South African tax residency tests by SARS
• An Emigration Tax Clearance Certificate application with SARS, requiring supporting documentation to confirm the non-resident status
• An “exit tax” calculation on worldwide assets, in terms of section 9H of the Income Tax Act
• SARS approval before any funds may be expatriated by an authorised dealer
• Withdrawals of Annuity and Pension policy funds once non-resident status has been held for 3 consecutive years

Currency Partners, together with our tax and emigration specialists, will navigate these onerous requirements for you, while a dedicated FX Dealer monitors the markets and manages your currency risk so you can benefit financially too.

Annual emigration allowances are currently set at R10 million per individual, per calendar year. However, our specialist team can assist with applications to externalise assets in excess of these allowances.

Our tax migration service includes:

  • • A SARS “change in tax residency” application
  • • Annuity and Pension policy withdrawals
  • • Emigration Tax Clearance Certificate application with SARS
  • • Opening of non-resident bank accounts to expatriate funds
  • • Preferential exchange rates so you save on your currency transfers

The following schedule of fees applies (incl. VAT):
– Individual Tax Migration applications – R15 500
– Family Unit Tax Migration – R19 500

Fees are only payable once we have confirmation from the South African Revenue Services that your application was successful. No success, no fee.

Please note: In order for us to process your application, your tax status with SARS must be fully compliant.  This additional work is not covered by the aforementioned fees and varies based on your requirements.  Please contact us for more information and assistance with your tax affairs if required.

How it works:

1. Begin the process by completing our short tax migration questionnaire here

2. Our specialist team will contact you to discuss and assist with your individual requirements, including if you need to register with us online

3. Receive paperless application for signing and send us the necessary supporting documentation

4. A dedicated FX Dealer will assist you in securing a favourable exchange rate so you can save on your currency conversions

5. Receive your detailed Trade Confirmation and a Payment Confirmation once the onward payment of your foreign currency has been completed


We look forward to hearing from you and saving you money on the exchange rates.