How do I externalise funds from South Africa – the new TCS process
Following the end of “emigration” as an exchange control concept in 2020, several changes have been effected by SARS and specifically its Tax Clearance Status (“TCS”) application process. The previous MP336 application which related to “emigration” was notorious for its red tape. It is trite that each taxpayer 18 years and older has a single […]
We are leaving South Africa – Part 2
In this article, we deal with the consequences in relation to retirement funds when relocating abroad as well as exchange control considerations. Exchange control considerations The concept of emigration as recognised by the South African Reserve Bank (“the Reserve Bank”) was phased out with effect from 1 March 2021 and was replaced by a verification process with […]