Planning to apply for a foreign passport, but want to retain your South African citizenship?
Don’t forget to apply for the retention of your South African citizenship first, or you’ll lose it, the South African High Commission in London has confirmed in response to recent queries from ”Saffers” in the United Kingdom.
An application for the retention of South African citizenship must be made before one acquires any foreign nationality. Persons under the age of 18 years do not need to apply for retention of their South African citizenship, as they will not lose their citizenship while still minors.
How do I apply?
You need to contact the consular section of the High Commission in your new home country to obtain the necessary forms.
The processing fee for this type of application varies from country to country, as a rule of thumb the cost in the United Kingdom is £25.00.
Turnaround time for applications also varies, usually it is 15 working days.
What happens if I became a foreign citizen without applying to retain my South African citizenship?
A person who has lost South African citizenship by virtue of failure to apply for the retention of South African citizenship will have the right to permanent residency in South Africa if he or she was born there. Such a person will be allowed to apply for the resumption or reinstatement of South African citizenship in South Africa. An application for resumption or reinstatement of South African citizenship is approved on condition that the applicant will live permanently in South African once his or her application has been approved.
IMPORTANT NOTE: Your South African Citizenship is not in any way affected by the process of formal emigration (financial exit) from South Africa.
www.cashkows.com
Friday, 30 March 2012
Wednesday, 28 March 2012
Why is it such a mission to “migrate my finances”?
Many ex-pats or Saffers living abroad have tried it on their own and bear the (emotional) scars of going through the experience…..it is the seemingly simple act of moving ones finances (assets & funds) “closer to home”. Don’t be fooled – just like golf, it seems simple until you try to hit that little white ball with that large club head for the first time! Soon you will be going round in circles and taking the road less traveled….
Here is a short course (excuse the pun) in “migration golf”…..
Lesson #1: The rules of the club
In golf, the club has many rules you have to abide to while navigating the course.
In financial migration, there are many stipulations, documents and regulations to navigate in order to successfully emigrate, cash out policies and/or move funds through foreign exchange controls.
We do not make the rules, but are merely knowledgeable players on the course, with paid up membership.
Lesson #2: The swing – the importance of getting it right from the start
Getting off to a good round of golf requires accuracy from the tee-box and completion of a good golf swing.
Accuracy and completeness from the “player” (i.e. you, our client) when completing and supplying documentation in the migration process is just as important for a successful round through the “migration course”. As in golf, any errors and deviations turns a possible fun outing into a nightmare round.
Lesson #3: It’s a time-consuming game
Golf is not a game for those in a rush. It could take quite a long time to complete a round, normally longer than initially anticipated. There are varying factors that could influence this, including the effort and focus you put into the game, your experience, the team members you choose and the toughness of the course you are playing.
The similarities to financial migration is staggering. Migrating your finances have many impacting factors and various situations could play a roll in extending the time it would take to complete a client’s case. These factors include the bank the client chooses to emigrate through, the insurer(s) of the client’s policies and the tax status of the client at the revenue services.
Lesson #4: It can be a complex game with many variations
Golf is golf, right? Well, no, not exactly. There are many formats and variations, not to mention the complexity of just the basic rules of the game. Some ‘Greek terms” for new players include scramble, best ball, modified stableford, and lone ranger.
Following the trend of the previous lessons, financial migration also follows the same route, with multiple complexities and many parties involved. Each organization involved in the process has its own set of stipulations, processes and documents to complete, e.g. SARS, insurers and banks. There is no “inter-operability” between these organizations, thus information has to be duplicated and provided in multiple formats. Inter-working within the same organization between different departments can also be an issue and causes errors and delays.
Lesson #5: There is a cost to playing, even though you have played before
You might have played golf before and you might even be a member of a club, but it still costs to play a round and costs differ depending on the course and sometimes the season or the timing. The experience of playing should far outweigh the cost though.
Similarly, you might have migrated officially before, but there are still costs involved in confirming such migration and obtaining the correct proof and documentation required to initiate migration of funds. Again here, depending on whom you play with, the experience and value delivered should also far outweigh the cost.
With all this said, arguably the most important consideration when embarking on a round of “migration golf” is choosing your playing partners wisely. Astute, friendly, helpful and considerate playing partners in this sometimes-unforgiving game are paramount!
So, come and join the ‘cashkows fourball’.
www.cashkows.com
Like us on facebook
Here is a short course (excuse the pun) in “migration golf”…..
Lesson #1: The rules of the club
In golf, the club has many rules you have to abide to while navigating the course.
In financial migration, there are many stipulations, documents and regulations to navigate in order to successfully emigrate, cash out policies and/or move funds through foreign exchange controls.
We do not make the rules, but are merely knowledgeable players on the course, with paid up membership.
Lesson #2: The swing – the importance of getting it right from the start
Getting off to a good round of golf requires accuracy from the tee-box and completion of a good golf swing.
Accuracy and completeness from the “player” (i.e. you, our client) when completing and supplying documentation in the migration process is just as important for a successful round through the “migration course”. As in golf, any errors and deviations turns a possible fun outing into a nightmare round.
Lesson #3: It’s a time-consuming game
Golf is not a game for those in a rush. It could take quite a long time to complete a round, normally longer than initially anticipated. There are varying factors that could influence this, including the effort and focus you put into the game, your experience, the team members you choose and the toughness of the course you are playing.
The similarities to financial migration is staggering. Migrating your finances have many impacting factors and various situations could play a roll in extending the time it would take to complete a client’s case. These factors include the bank the client chooses to emigrate through, the insurer(s) of the client’s policies and the tax status of the client at the revenue services.
Lesson #4: It can be a complex game with many variations
Golf is golf, right? Well, no, not exactly. There are many formats and variations, not to mention the complexity of just the basic rules of the game. Some ‘Greek terms” for new players include scramble, best ball, modified stableford, and lone ranger.
Following the trend of the previous lessons, financial migration also follows the same route, with multiple complexities and many parties involved. Each organization involved in the process has its own set of stipulations, processes and documents to complete, e.g. SARS, insurers and banks. There is no “inter-operability” between these organizations, thus information has to be duplicated and provided in multiple formats. Inter-working within the same organization between different departments can also be an issue and causes errors and delays.
Lesson #5: There is a cost to playing, even though you have played before
You might have played golf before and you might even be a member of a club, but it still costs to play a round and costs differ depending on the course and sometimes the season or the timing. The experience of playing should far outweigh the cost though.
Similarly, you might have migrated officially before, but there are still costs involved in confirming such migration and obtaining the correct proof and documentation required to initiate migration of funds. Again here, depending on whom you play with, the experience and value delivered should also far outweigh the cost.
With all this said, arguably the most important consideration when embarking on a round of “migration golf” is choosing your playing partners wisely. Astute, friendly, helpful and considerate playing partners in this sometimes-unforgiving game are paramount!
So, come and join the ‘cashkows fourball’.
www.cashkows.com
Like us on facebook
Thursday, 9 February 2012
What role does technology play in making global financial migration easier?
So the rules have changed. The government has now said yes, if you live permanently overseas and you have a Retirement Annuity in South Africa, you are legally entitled to withdraw those funds, before maturity and before retirement age. Great news isn’t it? But how on earth (or from 10 000 kilometres away) does one practically do that? Insurance forms, bank accounts, SARS, the South African Reserve Bank, tax clearance certificates, MP336, IT21A, blocked rand and asset accounts… it all sounds a little too complicated and bureaucratic to do, even if you were in South Africa, let alone from 1000’s of kilometres away!!
This is where the experience, the staff and the systems at cashkows.com come in – making the whole business of getting your RA paid out and transferred safely and efficiently to you seem quite effortless. We know what forms need to be completed. We know who to talk to at the numerous banks, the SARS offices and the insurance companies. We have learnt how to make completing and submitting the apparently endless and seemingly onerous documentation easy for our clients through our secure and robust online system and our world class couriers. We have the best financial, tax planning and FX team available to ensure that you get as much of your hard earned cash out as is humanly possible. We are also fully up-to-date and aware of the ever changing rules and regulations that govern transactions and processes of this nature and constantly improve our systems to accommodate new processes and simplify the requirements from the client’s perspective.
So what role does technology play in all this I hear you ask. The short of it is that it doesn’t really matter… as long as the best skills are dealing with your case at the right time through the right procedures and our technology and expertise are ensuring the most effective use of your valuable time then ASP.net, MSSQL, SSL, PDF pre-pop, Ajax and JavaScript should mean about as much to you as a Chinese dictionary to a 6 month old baby. (For the record, the above technologies do in fact enable easier global financial migration as they form the foundation of our IT system that has been developed to make the process easier for you).
Yours in technological excellence
The team at cashkows.com
www.cashkows.com
Like us on facebook
This is where the experience, the staff and the systems at cashkows.com come in – making the whole business of getting your RA paid out and transferred safely and efficiently to you seem quite effortless. We know what forms need to be completed. We know who to talk to at the numerous banks, the SARS offices and the insurance companies. We have learnt how to make completing and submitting the apparently endless and seemingly onerous documentation easy for our clients through our secure and robust online system and our world class couriers. We have the best financial, tax planning and FX team available to ensure that you get as much of your hard earned cash out as is humanly possible. We are also fully up-to-date and aware of the ever changing rules and regulations that govern transactions and processes of this nature and constantly improve our systems to accommodate new processes and simplify the requirements from the client’s perspective.
So what role does technology play in all this I hear you ask. The short of it is that it doesn’t really matter… as long as the best skills are dealing with your case at the right time through the right procedures and our technology and expertise are ensuring the most effective use of your valuable time then ASP.net, MSSQL, SSL, PDF pre-pop, Ajax and JavaScript should mean about as much to you as a Chinese dictionary to a 6 month old baby. (For the record, the above technologies do in fact enable easier global financial migration as they form the foundation of our IT system that has been developed to make the process easier for you).
Yours in technological excellence
The team at cashkows.com
www.cashkows.com
Like us on facebook
Monday, 16 January 2012
From the UK to South Africa
As the only “Pommie” in the team at cashkows.com I thought it may be interesting to share just a few of my experiences having done the exact opposite to many of our customers and moved to South Africa from the UK!
Firstly I should say that the term “Pommie” isn’t completely accurate. I am actually from the Isle of Man and whilst the Island is within the UK, I am in fact a “Manxman”…..something I am proud of.
I moved to South Africa in October 2008 after losing my job in offshore banking – a result of the global financial meltdown. What a blessing that proved to be!
The reason we chose the small town of Hermanus in the Western Cape is because my wife is South African and we’d spent many fantastic holidays here over the previous eight years.
Having made the decision to “emigrate” we put the wheels in motion to prepare for the physical move………I’ll spare you the details, suffice to say I have considerably more grey hairs post the move than I did before!
Although we have close family in South Africa I do recall feeling like a fish out of water when we stepped off the plane and the cold realisation hit me: this time it isn’t a holiday, I have to make a living to support my wife and our two daughters.
Anyhow we settled in very well and started to make our way quite nicely. Things improved still further when a chance meeting led to me joining the fold at cashkows.com.
That’s a very brief synopsis of how we got here……now for some of the more humorous highlights during our time in South Africa….thus far!
Home Affairs was one of my first ports of call after arriving and what an interesting “challenge” it proved to be. I hadn’t previously come across the concept of queuing to join a queue in order to get a form to join another queue to make an appointment to see the right person. However heeding the advice of some seasoned “professional queuers” I learned quickly and from my second visit onwards I always pitched up with a packed lunch!
After several “visits” I finally made it to the point at which I sat across the desk from the top dog who would make the decision about issuing me with an ID book or not and quickly got on his wrong side after passing comment about the queues. Feeling as if I was on the back foot at this stage I remember rapidly looked around the office for some means of rescuing the situation and noticed his poster of Manchester United Football Club….bingo! A quick word about my “mate” David Beckham and the deal was done!
Driving in South Africa is very different! In the UK insurance, a licence, road tax, lights, a steering wheel and a windscreen are unfortunately not optional. That said speeding in South Africa is quite a lot cheaper than it is in the UK and it seems you can “undertake” here, on the hard shoulder. I am pretty certain however that reversing on a motorway is not allowed in the UK and sadly we only have one fast lane.
I am impressed with taxi drivers’ efforts to reduce their carbon footprint by keeping the number of vehicles on the road to a minimum………..on a recent drive to Cape Town I was overtaken by a taxi and noticed all the passengers on one side with their arms out the windows carrying a gate as long as the vehicle, thereby avoiding the need for a separate delivery van…..brilliant!
The Braai is clearly a national treasure and possibly my favourite part of South African social culture. I find it amazing that a braai is planned weeks in advance. In the UK a “barbeque” is usually thrown together with just a few minutes notice, as soon as a weather window opens and it is usually over just as quick when the rain puts the fire out! I recall clearly my very first braai in South Africa at which my now father in law explained to me that a “skilpaadjie” was a small tortoise. After a lengthy conversation about how to remove a tortoise from its shell six of them went on the coals and I prepared myself to eat a household pet, being keen not to offend. A great laugh was had at my expense and they never cease to remind me when “tortoises” are on the menu!
Afrikaans is still a challenge but I am doing my best to learn and keep pace with the progress of my eight year old daughter. I do now understand more than half of most conversations (I think!) unless it is late in the evening around the braai and those around me have been “lubricated” by brandy and coke! When it comes to pronunciation I really do struggle, as evidenced by my efforts on 24th December last when I wished the rest of the office “a happy cheese festival”.
South Africa is very different to what we are used to as a family and it comes with plenty of reasons to love it and some not to love it quite so much but at the end of the day for us right now it is home and we choose to embrace and enjoy everything good it has to offer.
When asked what is so special I pause for a second and recall the words a local shared with me shortly after we arrived………… ”AFRICA HAS LIFE”
www.cashkows.com
See cashkows.com on facebook:
http://www.facebook.com/cashkows
Firstly I should say that the term “Pommie” isn’t completely accurate. I am actually from the Isle of Man and whilst the Island is within the UK, I am in fact a “Manxman”…..something I am proud of.
I moved to South Africa in October 2008 after losing my job in offshore banking – a result of the global financial meltdown. What a blessing that proved to be!
The reason we chose the small town of Hermanus in the Western Cape is because my wife is South African and we’d spent many fantastic holidays here over the previous eight years.
Having made the decision to “emigrate” we put the wheels in motion to prepare for the physical move………I’ll spare you the details, suffice to say I have considerably more grey hairs post the move than I did before!
Although we have close family in South Africa I do recall feeling like a fish out of water when we stepped off the plane and the cold realisation hit me: this time it isn’t a holiday, I have to make a living to support my wife and our two daughters.
Anyhow we settled in very well and started to make our way quite nicely. Things improved still further when a chance meeting led to me joining the fold at cashkows.com.
That’s a very brief synopsis of how we got here……now for some of the more humorous highlights during our time in South Africa….thus far!
Home Affairs was one of my first ports of call after arriving and what an interesting “challenge” it proved to be. I hadn’t previously come across the concept of queuing to join a queue in order to get a form to join another queue to make an appointment to see the right person. However heeding the advice of some seasoned “professional queuers” I learned quickly and from my second visit onwards I always pitched up with a packed lunch!
After several “visits” I finally made it to the point at which I sat across the desk from the top dog who would make the decision about issuing me with an ID book or not and quickly got on his wrong side after passing comment about the queues. Feeling as if I was on the back foot at this stage I remember rapidly looked around the office for some means of rescuing the situation and noticed his poster of Manchester United Football Club….bingo! A quick word about my “mate” David Beckham and the deal was done!
Driving in South Africa is very different! In the UK insurance, a licence, road tax, lights, a steering wheel and a windscreen are unfortunately not optional. That said speeding in South Africa is quite a lot cheaper than it is in the UK and it seems you can “undertake” here, on the hard shoulder. I am pretty certain however that reversing on a motorway is not allowed in the UK and sadly we only have one fast lane.
I am impressed with taxi drivers’ efforts to reduce their carbon footprint by keeping the number of vehicles on the road to a minimum………..on a recent drive to Cape Town I was overtaken by a taxi and noticed all the passengers on one side with their arms out the windows carrying a gate as long as the vehicle, thereby avoiding the need for a separate delivery van…..brilliant!
The Braai is clearly a national treasure and possibly my favourite part of South African social culture. I find it amazing that a braai is planned weeks in advance. In the UK a “barbeque” is usually thrown together with just a few minutes notice, as soon as a weather window opens and it is usually over just as quick when the rain puts the fire out! I recall clearly my very first braai in South Africa at which my now father in law explained to me that a “skilpaadjie” was a small tortoise. After a lengthy conversation about how to remove a tortoise from its shell six of them went on the coals and I prepared myself to eat a household pet, being keen not to offend. A great laugh was had at my expense and they never cease to remind me when “tortoises” are on the menu!
Afrikaans is still a challenge but I am doing my best to learn and keep pace with the progress of my eight year old daughter. I do now understand more than half of most conversations (I think!) unless it is late in the evening around the braai and those around me have been “lubricated” by brandy and coke! When it comes to pronunciation I really do struggle, as evidenced by my efforts on 24th December last when I wished the rest of the office “a happy cheese festival”.
South Africa is very different to what we are used to as a family and it comes with plenty of reasons to love it and some not to love it quite so much but at the end of the day for us right now it is home and we choose to embrace and enjoy everything good it has to offer.
When asked what is so special I pause for a second and recall the words a local shared with me shortly after we arrived………… ”AFRICA HAS LIFE”
www.cashkows.com
See cashkows.com on facebook:
http://www.facebook.com/cashkows
Thursday, 1 December 2011
Die vlug na Sydney
Ja, die kinders het gevlug… party vir die politiek, party vir die misdaad en party net van die besige lewe… Jy kan nie jou lewenstyl verander waar jy is nie, nee, te veel verwagtinge, te veel sekuriteit, te veel gemak… nee, as jy wil verander aan jou lewenstyl moet jy jouself regmaak vir ‘n “total make-over”. Hello Sydney! My nuwe begin, my nuwe lewe!
Maar hierdie gaan nie oor die vlugtelinge nie, nee, hierdie is vlug SA7700 (operated by Quantas) Dit is ongelooflik om net te sit en kyk na almal op hierdie vlug. Ons vlieg natuurlik ekonomiese klas, Jy herken die karrakters… die ouens met die “JEEP” hemde is die “khaki brigade” van 10 jaar gelede… stoere boere.. sing Nkosi in Afrikaans….
Dan is daar die lot op LSD.. nee, nie op wit poeier of pille nie… Look, See, Decide. Jip, hulle is die lot wat giggel oor alles… wat “The Australian” lees … en met almal op die vlug gesels, soek redes hoekom AUZ en redes hoekom nie meer uit die “Blou van onse berge” nie…
Ek geniet die “babyboomers” die meeste. As hulle kinders nie na Sydney “gevlug” het nie, sou hulle sekerlik nooit op enige ander plek vakansie gaan hou het as Badplaas of Chipees nie… Ook hulle is in twee kategoriee… Die op hulle eerste vlug na die verre vreemde… hulle geld is stewig om hulle middel in “a money belt”, doen al die oefeninge soos voorgeskryf om swelling te voorkom en hulle nuwe “gemaklike” klere pas nie by hulle onseker gesigte nie… Dan is daar die “frequent flyers” – die oueres van dae wat vir ‘n tweede of derde keer vir die kinders gaan kuier… deel graag raad uit, vol self versekering en ondersteuning, maar vol verwagting om die kinders en kleinkinders weer te sien.. oupa en ouma kom kuier!
Die tranerige families of die rooi dikgehuilde oe is die nuwe emmigrante, vir die eerste keer op pad na die vreemde, en moes nou net finaal van die familie en vriende afskeid neem. Emmigrasie is nie maklik nie, ten spyte van die nuwe avontuur wat voorle moet jy die emmosionele bagasie van die afskeid met jou saamdra.
Daar is net een swart person op die vlug, en hy sit langs my… Ek kan my nuuskierigheid nie meer inhou nie en vra waar kom hy vandaan… Zimbabwe! ( Die buurland wat meeste van die Suid Afrikaanse emmigrante se grootste rede vir emmigrasie is) Ek assosieer hom sommer met sy president en kry so ‘n warm gevoel onder die kraag. “ Nou waarom vlieg jy Sydney toe” wil ek verder weet… “I’m attending a Deliverance conference, we’re trying to raise money for orphaniges in Zimbabwe” is die skugter antwoord. Sy laptop lyk of hy saam met die man deur die burgeroorlog is. Sy voorlegging begin speel… ek het ‘n knop in my keel…. Kinders bly kinders… honger bly honger. Ek kyk na die gesiggies en besef dat hulle het nerens om heen te vlug nie, daar is nie vir hulle ‘n vlug na Sydney toe om ‘n beter lewe te gaan probeer skep nie, hulle probeer net vandag oorleef.
Ek sit terug, sluit my oe en dank my hemelse Vader vir sy genade vir my… dis al wat ek het…GENADE
www.cashkows.com
See cashkows.com on facebook:
http://www.facebook.com/cashkows
Maar hierdie gaan nie oor die vlugtelinge nie, nee, hierdie is vlug SA7700 (operated by Quantas) Dit is ongelooflik om net te sit en kyk na almal op hierdie vlug. Ons vlieg natuurlik ekonomiese klas, Jy herken die karrakters… die ouens met die “JEEP” hemde is die “khaki brigade” van 10 jaar gelede… stoere boere.. sing Nkosi in Afrikaans….
Dan is daar die lot op LSD.. nee, nie op wit poeier of pille nie… Look, See, Decide. Jip, hulle is die lot wat giggel oor alles… wat “The Australian” lees … en met almal op die vlug gesels, soek redes hoekom AUZ en redes hoekom nie meer uit die “Blou van onse berge” nie…
Ek geniet die “babyboomers” die meeste. As hulle kinders nie na Sydney “gevlug” het nie, sou hulle sekerlik nooit op enige ander plek vakansie gaan hou het as Badplaas of Chipees nie… Ook hulle is in twee kategoriee… Die op hulle eerste vlug na die verre vreemde… hulle geld is stewig om hulle middel in “a money belt”, doen al die oefeninge soos voorgeskryf om swelling te voorkom en hulle nuwe “gemaklike” klere pas nie by hulle onseker gesigte nie… Dan is daar die “frequent flyers” – die oueres van dae wat vir ‘n tweede of derde keer vir die kinders gaan kuier… deel graag raad uit, vol self versekering en ondersteuning, maar vol verwagting om die kinders en kleinkinders weer te sien.. oupa en ouma kom kuier!
Die tranerige families of die rooi dikgehuilde oe is die nuwe emmigrante, vir die eerste keer op pad na die vreemde, en moes nou net finaal van die familie en vriende afskeid neem. Emmigrasie is nie maklik nie, ten spyte van die nuwe avontuur wat voorle moet jy die emmosionele bagasie van die afskeid met jou saamdra.
Daar is net een swart person op die vlug, en hy sit langs my… Ek kan my nuuskierigheid nie meer inhou nie en vra waar kom hy vandaan… Zimbabwe! ( Die buurland wat meeste van die Suid Afrikaanse emmigrante se grootste rede vir emmigrasie is) Ek assosieer hom sommer met sy president en kry so ‘n warm gevoel onder die kraag. “ Nou waarom vlieg jy Sydney toe” wil ek verder weet… “I’m attending a Deliverance conference, we’re trying to raise money for orphaniges in Zimbabwe” is die skugter antwoord. Sy laptop lyk of hy saam met die man deur die burgeroorlog is. Sy voorlegging begin speel… ek het ‘n knop in my keel…. Kinders bly kinders… honger bly honger. Ek kyk na die gesiggies en besef dat hulle het nerens om heen te vlug nie, daar is nie vir hulle ‘n vlug na Sydney toe om ‘n beter lewe te gaan probeer skep nie, hulle probeer net vandag oorleef.
Ek sit terug, sluit my oe en dank my hemelse Vader vir sy genade vir my… dis al wat ek het…GENADE
www.cashkows.com
See cashkows.com on facebook:
http://www.facebook.com/cashkows
Monday, 21 November 2011
'n Boer maak 'n plan
A while ago, while holidaying in Hermanus, I asked an old school friend who now lives in London ... "How come so many South Africans who've left the country end up successful, having moved to a strange country". He put down the Castle which he was drinking from the bottle and replied "Easy ... 'n boer maak 'n plan"
I just loved hearing the expression and reminded myself - you can take the boy out of South Africa, but you can never take South Africa out of the boy! The real reason for success however lies in the fact we're an honest, proud and hardworking nation - and a curious bunch.
People don't leave here thinking the grass is greener on the other side, for there are few countries in the world offering a greener life than sunny South Africa. Irrespective of the reason for leaving they know there are both challenges and adventures out there! They also know there are many opportunities, ready for the picking. All one has to do is to bend down to pick them up!
And therein lies South Africans' success - we'll do whatever it takes get to the top. It's in our genes to be innovative and forward thinking. Real go-getters, great at successfully reinventing ourselves, making our nation proud and adding value to the lives of others.
The one invention we're all passionate about? We're constantly practicing, perfecting and enjoying the art of braaing ...
My friend loaded the boerie on the braai, opened another Castle, put his bare feet up while calling out to his son "How many cray's you guys pulled today Boetie?". Looked at me he said "You know what? We're really privileged - we live the best of both worlds"
I thought to myself once a South African ...
I just loved hearing the expression and reminded myself - you can take the boy out of South Africa, but you can never take South Africa out of the boy! The real reason for success however lies in the fact we're an honest, proud and hardworking nation - and a curious bunch.
People don't leave here thinking the grass is greener on the other side, for there are few countries in the world offering a greener life than sunny South Africa. Irrespective of the reason for leaving they know there are both challenges and adventures out there! They also know there are many opportunities, ready for the picking. All one has to do is to bend down to pick them up!
And therein lies South Africans' success - we'll do whatever it takes get to the top. It's in our genes to be innovative and forward thinking. Real go-getters, great at successfully reinventing ourselves, making our nation proud and adding value to the lives of others.
The one invention we're all passionate about? We're constantly practicing, perfecting and enjoying the art of braaing ...
My friend loaded the boerie on the braai, opened another Castle, put his bare feet up while calling out to his son "How many cray's you guys pulled today Boetie?". Looked at me he said "You know what? We're really privileged - we live the best of both worlds"
I thought to myself once a South African ...
Wednesday, 26 October 2011
Emigration is not for the faint hearted…
Emotionally as well as financially, emigration is tough!
It is not only difficult to leave the family and friends behind; it is also tough to handle the guilt trips people dump on you. This can range from “you’re not a Christian if you emigrate due to security” to “you’re a racist” or “we’ll stay behind until the end, you run…” The fact is, we just want to do what is best for our family, no hidden agendas!
Strangely, over the last couple of years, sentiment has changed a great deal. So many people have told us that we are fortunate the have the opportunity and given the chance, they would do exactly the same! It still doesn’t make it easy.
There are so many uncertainties – how does the school system work? – will we be able to fit in their culture? – will we be able to maintain a good standard of living?
Talking about standard of living, what will our retirement look like? Luckily legislation changed two years ago and one can now withdraw your South African retirement annuity before the age of 55. In Africa nothing comes easy, and this process can feel worse than a bad year at the dentist. The documents you’ll be required to submit at SARS are: Tax clearance certificate, Tax directive, Proof of migration (of your tax status, not your citizenship), supporting documents, etc. You also need a blocked account and assistance with the forex transaction.
It just makes sense to get a professional to assist you in withdrawing your money from your South African retirement annuity. This person or institution should however be a tax specialist (for example a chartered accountant) as well as a registered financial planner in order to assist you with the tax issues involved as well as your insurance issues (retirement annuity, life policy, endowments, shares, etc). It also makes sense that these professionals have a South African footprint. A presence to sort matters out with SARS on a face to face basis is essential. Did I mention that the Reserve Bank must recognise your migration? Whew!!
Taking enough money with you when you are emigrating helps sort out many of the uncertainties, therefor you need to take all that you can. One of the reasons why you should take as much cash as possible with you is to give yourself the opportunity to manage your investments (and their return) which is very difficult to do if you are thousands of kilometres away from your investments.
Risks such as the strength of the currency as well as economic and political factors should also be taken in consideration.
Cashkows.com will take care of a lot of your headaches in the early withdrawal of retirement annuities in South Africa, one less uncertainty in your migration…
See cashkows.com on facebook: http://www.facebook.com/cashkows
It is not only difficult to leave the family and friends behind; it is also tough to handle the guilt trips people dump on you. This can range from “you’re not a Christian if you emigrate due to security” to “you’re a racist” or “we’ll stay behind until the end, you run…” The fact is, we just want to do what is best for our family, no hidden agendas!
Strangely, over the last couple of years, sentiment has changed a great deal. So many people have told us that we are fortunate the have the opportunity and given the chance, they would do exactly the same! It still doesn’t make it easy.
There are so many uncertainties – how does the school system work? – will we be able to fit in their culture? – will we be able to maintain a good standard of living?
Talking about standard of living, what will our retirement look like? Luckily legislation changed two years ago and one can now withdraw your South African retirement annuity before the age of 55. In Africa nothing comes easy, and this process can feel worse than a bad year at the dentist. The documents you’ll be required to submit at SARS are: Tax clearance certificate, Tax directive, Proof of migration (of your tax status, not your citizenship), supporting documents, etc. You also need a blocked account and assistance with the forex transaction.
It just makes sense to get a professional to assist you in withdrawing your money from your South African retirement annuity. This person or institution should however be a tax specialist (for example a chartered accountant) as well as a registered financial planner in order to assist you with the tax issues involved as well as your insurance issues (retirement annuity, life policy, endowments, shares, etc). It also makes sense that these professionals have a South African footprint. A presence to sort matters out with SARS on a face to face basis is essential. Did I mention that the Reserve Bank must recognise your migration? Whew!!
Taking enough money with you when you are emigrating helps sort out many of the uncertainties, therefor you need to take all that you can. One of the reasons why you should take as much cash as possible with you is to give yourself the opportunity to manage your investments (and their return) which is very difficult to do if you are thousands of kilometres away from your investments.
Risks such as the strength of the currency as well as economic and political factors should also be taken in consideration.
Cashkows.com will take care of a lot of your headaches in the early withdrawal of retirement annuities in South Africa, one less uncertainty in your migration…
See cashkows.com on facebook: http://www.facebook.com/cashkows
Subscribe to:
Posts (Atom)
Follow us by Email
