A comprehensive list of articles on this topic:

• Emigration ins and outs
• Get money out of SA
• Pension and emigration
• SARS around the world
• RAs chop and change
• Emigrating? Cash it in!
• Selling from afar
• Sending a pension abroad
• Moving money abroad

Question:
Our family is relocating to Australia. We would like to transfer the proceeds from the sale of our properties from ABSA to the Commonwealth Bank of Australia.

How much may be taken overseas and what are the tax implications? Where could I get more info regarding this topic?

Answer:
Although sad to note, emigration is a topic often brought up at social events and one that conjures up lively debate with an eventual truce being the likely victor. Of course, the South African Reserve Bank decides how much of your wealth gets the same international flavour. When it comes to exchange controls, the South African Reserve Bank is pretty clear regarding the allowances given to South African residents who take up permanent residence in any country outside the Common Monetary Area (CMA).

Application for emigration facilities

Prior to application to the Reserve Bank for clearance, written tax clearance must have been obtained from the South African Revenue Service to confirm that one's tax commitments have been met or that suitable arrangements have been made to liquidate any obligations in this regard.

In addition to this, full details of the nature and value of one’s assets, both in and outside the RSA as well as similar information pertaining to any liabilities which will be outstanding in the Republic after one’s departure, must be detailed and submitted.

Declaration must also be given as to whether any assets, cash or otherwise were received as donations or gifts within the last three years or as capital distributions from Inter Vivos Trusts within the last three years, prior to the date of emigration.

Emigration facilities

There are essentially three 'allowances' outlined for which emigrants will qualify:

1. A cash allowance (equal to a travel allowance);

2. a foreign capital allowance; and

3. the exporting of personal and household effects (as listed below).

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