Emigrating from South Africa: Financial Checklist

Tax residency vs financial emigration

Ceasing tax residency triggers an exit charge on worldwide assets under section 9H for individuals — with exclusions and timing rules that need professional advice. 'Financial emigration' through the Reserve Bank channel has evolved; understand current SARS and SARB requirements.

Retirement funds may be inaccessible until normal retirement age even after you leave — do not assume you can cash out and transfer immediately.

Assets left behind

Property, bank accounts and investments in South Africa still need management, tax returns and exchange control reporting. Non-resident tax on rental and CGT applies.

Close or convert medical aid, cancel debit orders and update will and mandates for SA assets.

Cash-flow in two countries

Model six months of duplicate costs — rent in both places, relocation, school deposits, vehicle purchase.

MyGenie's Major Life Change event supports large structural shifts in income and expense — use it before you resign and sell.

This article is illustrative and educational. It is not financial, tax, or legal advice. Figures are examples only — model your own situation in MyGenie or speak to a licensed financial adviser.