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South African Reserve Bank
 
 
     
 
 

Emigrants 

  • If I emigrate from South Africa, do I have to relinquish my South African citizenship?

    No. Emigrating from South Africa formalises your exit from South Africa for exchange control purposes. It does not mean that you have to relinquish your South African citizenship. You can retain your South African passport.
  • I have been living abroad for a number of years, how do I formalise my emigration?

    In terms of exchange control policy, private individuals (natural persons) who reside permanently in a country outside the Common Monetary Area are required to formalise their emigration by completing a Form MP336(b).
     
    Your emigration should be formalised through a local commercial bank of your choice in South Africa as follows:
    (i) Complete a Form MP336(b) – Emigration: Application for foreign capital allowance. The form is available from the South African Reserve Bank website www.reservebank.co.za by following the links:
    (ii) Publications and Notices > Forms > Filter By Category: Financial surveillance and exchange controls and Year: current year > Form MP336(b) Emigration: Application for foreign capital allowance.
    (iii) Apply for a Tax Clearance Certificate - Emigration via the South African Revenue Service (SARS) eFiling system. The Tax Clearance Certificate - Emigration is based on the Form MP336(b), therefore, you will also have to provide SARS with a certified copy of the completed Form MP336(b).
    (iv) If you have resided permanently outside South Africa for a period longer than five years and you do not possess any assets other than an inheritance or insurance policies, it would not be necessary to obtain a Tax Clearance Certificate - Emigration.
    (v) Submit the Form MP336(b) and the Tax Clearance Certificate - Emigration, if applicable, to your bankers. You will also have to submit any other documentation as required on the Form MP336(b), which includes a copy of the permanent residence permit, if you have been granted permanent residence abroad.
  • What facilities will I qualify for when I emigrate?

    Emigrants qualify for the following facilities:
    (i) Foreign Capital Allowance – R10 million per adult per calendar year or R20 million per family unit per calendar year;
    (ii) 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
    (iii) 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.
  • What is an emigrant's capital account?

    It is an account to which exchange control restrictions have been applied. Once your emigration status has been recorded, all capital transfers must flow offshore via this account.
  • What will happen to my remaining South African assets?

    (i) The remaining South African assets of the emigrant must be brought under the physical control of the bank that finalised the emigration to ensure that all capital accruing after date of emigration and the proceeds of any asset subsequently sold are placed to the credit of an emigrant's capital account.
    (ii) Such funds may be utilised locally for any purpose.
    (iii) The Financial Surveillance Department of the South African Reserve Bank will, on application, consider requests to transfer the emigrants’ remaining liquid assets or the export of quoted/unquoted securities in lieu of cash, exceeding the foreign capital allowance limits.
  • Can I transfer the proceeds from the insurance policy directly to my overseas bank account?

    Yes. The proceeds from insurance policies may be transferred directly to the emigrant abroad where the emigrant has no bank account in South Africa, provided the person’s emigration has been formalised and that the foreign capital allowance limit will not be exceeded.
  • Who do I submit my completed Form MP336(b) – Emigration: Application for foreign capital allowance to?

    The completed Form MP336(b) and supporting documents must be submitted to your Authorised Dealer, i.e. commercial bank in South Africa at which you bank, or any commercial bank in South Africa if you no longer have an account at a local bank. The local bank will be in a position to assist you in finalising your emigration as far as exchange controls are concerned.
 
 
 
     
 
 
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