R1M Discretionary Allowance

You can move far more than that, you just need to get approval.
Speak to whoever handles your money/taxes/etc, they will handle it for you. And do not use random online services to do it.
 
As far as I know you can move up to R10m overseas per person per year. You just need to check what approvals are required or who you have to inform. Depending on your bank, they might be able to help you.
 
Jehosefat said:
As far as I know you can move up to R10m overseas per person per year. You just need to check what approvals are required or who you have to inform. Depending on your bank, they might be able to help you.
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Yep.
The R1m doesn't need approval and is aimed for travel.
 
So if I sold everything - I can just pack my bags and 10bar and leave?
 
xrapidx said:
So if I sold everything - I can just pack my bags and 10bar and leave?
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Yes (Well, you need to first apply to take the R10m, but yes).
You don't need to leave. You can just transfer the money into your bank account overseas
 
TysonRoux said:
We have sold our home and have just under R2mil that we need to move abroad to our US Bank accounts.

We plan to split the available funds between my wife and I, using R1M Discretionary Allowance and https://exchange4free.co.za/

Is this the best method and is exchange4free a good choice?
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E4F are good, and will sort out the 10M approval in about 5 days for you. Have used them numerous times without hitch.
 
Jehosefat said:
As far as I know you can move up to R10m overseas per person per year. You just need to check what approvals are required or who you have to inform. Depending on your bank, they might be able to help you.
Click to expand...

You can take up to R10m with tax clearance certificate in respect of foreign investment for which you can apply online.

If you are in Pretoria area, PM me can assist with additional information face to face or via email.
 
xrapidx said:
So if I sold everything - I can just pack my bags and 10bar and leave?
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From Exchange Control perspective, you are emigrating so your tax clearance certificate will be in respect of emigration and not foreign investment, unless you will be working abroad temporarily.
 
Zukat said:
From Exchange Control perspective, you are emigrating so your tax clearance certificate will be in respect of emigration and not foreign investment, unless you will be working abroad temporarily.
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Regardless of all that who wants to jump through hoops and fill out paperwork if you have yourself and another person who can take the cash with a far lesser effort. Just because you are emigrating doesn't mean you are getting tax clearance certs either. 99% percent of people who emigrate never get clearance as they either still have homes or other assets in the country, and SARS won't clear you until you last tax return is submitted, which in this case they would be unlikely to get clearance until the end of the year (after the tax season). Furthermore, from those that have gone through the process, they recommend not bothering because of how much work it is, unless you have substantial retirement benefits that you want to cash in now.

I haven't used exchange4free myself although going through the process of moving to Aus I have come across many many people who have, all of whom were very happy with the service and cost. I used Forex Capital myself and some people have used CashKows but as far as I am aware E4F is the cheapest.

I would not recommend going through a bank or similar. They are generally very unaware of the proper process (my brother tried ABSA and was messed around from pillar to post as they self admittedly said they are not sure of the process) and it cost far more than services that specialise in this type of work.
 
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Exchange for free will save you on fee's - best is obviously to compare different quotes.

sad part -> 10 Mil is 750kUSD . maybe just enough for a start
 
Neo_X said:
Exchange for free will save you on fee's - best is obviously to compare different quotes.

sad part -> 10 Mil is 750kUSD . maybe just enough for a start
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750K USD is better than just a start. It's more than the net worth >75% of Americans at retirement. You can comfortably retire in many countries or even US states with that amount of money.
 
JayM said:
750K USD is better than just a start. It's more than the net worth >75% of Americans at retirement. You can comfortably retire in many countries or even US states with that amount of money.
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I think for many saffers, when they reach the top 1% locally, they get a little scared, and want to rejoin the 10%, which is only possible by moving elsewhere. And by taking a massive purchasing-power hit. Maybe this is a thing. "I want to be a little less well-off relative to my neighbours."

It would contradict the research that says increasing relative wealth contributes to life satisfaction / wellbeing. Maybe it does but only up to a point.
 
Tomtomtom said:
I think for many saffers, when they reach the top 1% locally, they get a little scared, and want to rejoin the 10%, which is only possible by moving elsewhere. And by taking a massive purchasing-power hit. Maybe this is a thing. "I want to be a little less well-off relative to my neighbours."

It would contradict the research that says increasing relative wealth contributes to life satisfaction / wellbeing. Maybe it does but only up to a point.
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Relative wealth may buy satisfaction for some, however, there are many things one just cannot get in SA: No matter how much money one has, one can't recreate the New York, Chicago, San Francisco, LA, London, Sydney, Singapore, Tokyo, etc. experience, or the midwestern suburban family ideal (kids play hockey in the street, build snowmen and sled in winter, no locked doors, etc.), or whatever it is that floats your boat (can't stand the suburbs, personally).

There are also specifics such as moving somewhere more stable, and less corrupt, or even career opportunities that just don't exist in SA. For very many people, checking one's ego at the door and dropping from the 1st to 50th percentile is a no brainier. I personally took a knock from the top percentiles by at least 20-30% when I first moved.
 
cguy said:
Relative wealth may buy satisfaction for some, however, there are many things one just cannot get in SA: No matter how much money one has, one can't recreate the New York, Chicago, San Francisco, LA, London, Sydney, Singapore, Tokyo, etc. experience, or the midwestern suburban family ideal (kids play hockey in the street, build snowmen and sled in winter, no locked doors, etc.), or whatever it is that floats your boat (can't stand the suburbs, personally).

There are also specifics such as moving somewhere more stable, and less corrupt, or even career opportunities that just don't exist in SA. For very many people, checking one's ego at the door and dropping from the 1st to 50th percentile is a no brainier. I personally took a knock from the top percentiles by at least 20-30% when I first moved.
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I agree. The old big-fish-little-pond thing probably only works if you aren't aware of, or bothered by, how small your pond is. And with increasing connectedness, it's increasingly impossible not to be aware, and to feel claustrophobic.

On the other hand, connectedness means we can consume the world's intellectual product without having to be crushed up against it in the subway. I'm pretty relaxed about remaining in SA for the time being, but I'm lucky enough to have been born with the option, i.e. a passport, and to work in a field that isn't dependent on geography, i.e. the Internet. Since kids aren't on the horizon just yet, I'm living cheaply and saving heavily -- something I couldn't possibly do at the same standard almost anywhere else I'd want to live.

If/when I do (s)emigrate, I'll probably maintain strong connections here, be a true soetie, or more generally, a citizen of the world... that's the dream, anyway.

I'm not as scared as some in this forum about the prospects for the country and currency, partly because so many people have already done what I'm planning... never before in history have strong national borders been so tenuous an economic proposition. But I digress...
 
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