If you are emigrating from South Africa, you will face two options when it comes to your finances. You can either choose:
- Formal emigration; or
- Using your R1 Million Single Discretionary Allowance and/or your R10 Million Foreign Investment Allowance.
You will need to be advised on which of these will best suit you while keeping in mind that formal emigration could come with drawbacks such as your right to retain citizenship.
This is where turning to Gapex will help you in the long run. Because we make it our business to deal with currencies, we can negotiate better exchange rates for you than a bank can. We don’t need to charge administrative fees on the previously mentioned transactions and, therefore, we save you a tidy amount on every transaction. Furthermore, we are extremely knowledgeable on currency exchange since this is our core competency. Turn to us if you are ready for personalised advice and service when it comes to your finances.
What Do I Qualify For When I Emigrate?
According to the South African Reserve Bank website, you will qualify for the following facilities:
- Foreign Capital Allowance – R10 million per adult per calendar year or R20 million per family unit per calendar year;
- A travel allowance of up to R1 million per adult and R200 000 per child under the age of 18 years. The travel allowance may not be accorded more than 60 days prior to departure; and
- Export of household and personal effects, motor vehicles, caravans, trailers, motorcycles, stamps, coins, and minted gold bars (excluding coins that are legal tender in South Africa) within an overall insured value of R2 million.
For more advice on emigration and the help you need to transfer money out of the country, get in touch with Grant and Peter by filling out the form on our Contact Us page.