Newsletter - September 2019
- Featured article by LAWYERS-ONLINE.CO.ZA - April 2019
The next step is a legal step.
Emigration experts have reported enquiries are up 70%, so you are not alone.
Emigration is on the rise, and South Africa has seen record numbers of people leaving the country or enquiring about leaving in search of a better economic climate.
There are two ways a South African citizen can emigrate, and that is formally or informally. If you are happy to leave your assets in South Africa and simply want to explore new opportunities, the informal option may be the best.
The formal option is more applicable when it comes to financial matters, such as moving vast sums of money or assets out of the country and it is often the more costly. If this is your choice, you will have to talk to SARS and The South African Reserve bank for your tax clearance and to open a foreign capital allowance account. Formal emigration has no bearing on your status as a South African resident, it simply means your financial stake is no longer in this country. You will always be a citizen with a passport, who is welcome in their home country.
Your Authorised Dealer
It sounds far shadier than it actually is, and this term simply refers to the entity who will work with you and The South African Reserve Bank to get all your paper work in order.
In this case, your authorised dealer is actually your bank and all you need to do to get things moving is ask a consultant for an M.P.336(b) form.
From there you will be advised on which forms to submit in order to keep everything above board. Once everything is in order for your formal emigration process, you will be allocated a “blocked account” in the country of your choice. This is where your capital will be moved until you are able to access it. It should be noted that there are limits to the amount of money a citizen may have in these accounts, known as a foreign capital allowance. Currently that amount sits at R10 million or R20 million per family.
This process really covers money matters. There is a lot more involved …
To Each Their Own
Though we can’t break down the law for each country in the world in one article, it is worth noting that each country has their own regulations when it comes to immigration and it is vital to thoroughly research your intended destination.
Some countries require you to have a job as a means of security, while other countries will grant citizenship in exchange for an investment in their economy.
Emigration can be costly, and each case is unique. We have broken down some of the most common costs below for The UK, one of the more popular emigration destinations for South Africans. Note that these figures are merely an estimate and are subject to fluctuations in the exchange rate and other factors.
- Visa: Depending on the type of Visa, costs can range between R5 000 and R24 000
- There is also a £400 immigration health surcharge to keep in mind
- Your flights, which depending on the class and airline can range between R7 000 and R15 000 for economy seats
- Various documents: This can cost up to R20 000 in total depending on the amount of documents required
As you can see, the fees to emigrate can add up very quickly, and that’s not even mentioning the myriad of agency costs.
Using an immigration lawyer can:
- Smooth out the application and roll out process.
- Reduce extra costs on steps you might otherwise have taken if not guided through. the correct process.
- Give you some peace of mind.
- Improve your chances of success.
If you need any help or want to discuss emigration and legality thereof, we would love to hear from you.