March is ‘D-Day’ for emigrating South Africans and expats

Milano

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Feb 7, 2004
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Yes they will make it progressively more and more difficult to get out.
 

Norrad

Expert Member
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Jul 27, 2004
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But I thought they wanted whites out? I mean surely it should be made easier for that? They want Wakanda
You out, yes. Your money out, no. It's the same in Thailand at the moment.
 

Dairyfarmer

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Joined
Apr 17, 2016
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I have moved all my saving off shore and stopped my RA contributions. That money now also goes off shore. I, unfortunately, have 2 RA's that exceed the maximum value for early withdrawal. I have 5 years before I can draw down a third in cash and the remainder at 17% over 5 years. By then the Rand will be cheap toilet paper.
 

R13...

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Aug 4, 2008
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But I thought they wanted whites out? I mean surely it should be made easier for that? They want Wakanda
The fact that this affects persons of every race looking to get out aside it is obvious they want to keep some of your white money before letting you out.
 

azbob

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Nov 18, 2008
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The fact that this affects persons of every race looking to get out aside it is obvious they want to keep some of your white money before letting you out.

But you’re not disputing that they want Wakanda?
 

cguy

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Jan 2, 2013
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7,999
What’s next I wonder? Decreasing yearly allowance for moving money out? Citizenship based taxation?
 

Milano

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They are particularly poor at projecting policy repercussions which is how we reached this dead end economy. This is fully in line with any economy overwhelmingly dominated by political ideology rather than economic best interests.

Through both their actions and inactions they have now reached the unenviable position in which any policy movement has severe negative consequences for the economy. All they can do now is hope to go with policies that cause the least amount of damage.

Unfortunately even at this late juncture they still cannot be relied upon to choose the option which has the fewest negative consequences.
 

Aghori

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May 11, 2009
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It is an inconvenient truth for them that socialism gets nasty much more rapidly as you run out of other people's money.

Reminds me of that old story that goes like this:

An economics professor at Texas Tech said he had never failed a single student before but had, once, failed an entire class. The class had insisted that socialism worked and that no one would be poor and no one would be rich, a great equalizer. The professor then said ok, we will have an experiment in this class on socialism. All grades would be averaged and everyone would receive the same grade so no one would fail and no one would receive an A.

After the first test the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. But, as the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too; so they studied little …

The second Test average was a D! No one was happy. When the 3rd test rolled around the average was an F. The scores never increased as bickering, blame, name calling all resulted in hard feelings and no one would study for anyone else. All failed to their great surprise and the professor told them that socialism would ultimately fail because the harder to succeed the greater the reward but when a government takes all the reward away; no one will try or succeed.
 

maumau

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Aug 13, 2009
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19,134
Help me out guys, is it best to draw our pensions out now (by resigning) and take the money offshore before March 2021?

Can the same company re- employ you and start a new pension fund.

I'm extremely stupid with money matters.
 

Dairyfarmer

Executive Member
Joined
Apr 17, 2016
Messages
6,211
Help me out guys, is it best to draw our pensions out now (by resigning) and take the money offshore before March 2021?
You have to resign AND emigrate before it becomes law. ATM your pension will not be allowed out of SA until you have a tax clearance from SARS. Once the law changes you will only be allowed to take your money (or what's left of it after it has been used to fill the ATM's at LootFreely House) out once you have 3 years as an emigrated person. You will have to prove that you emigrated (basically get a tax clearance as you leave).
 

maumau

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Joined
Aug 13, 2009
Messages
19,134
You have to resign AND emigrate before it becomes law. ATM your pension will not be allowed out of SA until you have a tax clearance from SARS. Once the law changes you will only be allowed to take your money (or what's left of it after it has been used to fill the ATM's at LootFreely House) out once you have 3 years as an emigrated person. You will have to prove that you emigrated (basically get a tax clearance as you leave).

That is a SHOCKER, especially with noises being made about them getting their claws into pension funds :mad: damned if you do, damned if you don't.
 
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