Emigration is a widely used term today, in the past “financial emigration” was used as a term to describe the financial implications of leaving South Africa. The concept or term “financial emigration” have become absolute as result of recent regulatory changes.

The correct description is “becoming a South African Tax Non-Resident” and the focus in context is on the tax, exchange control and financial planning or advice implications as a result of such a status change. 

The focus of this webinar will be to unpack the practical implications that South African financial advisers have to deal with when advising clients embarking on the emigration journey. 

Is it a threat or an opportunity? 

The practical implications we will cover include: 

• Impact on South African Life Insurance Policies
• Impact on South African Retirement Pots
• Impact on Offshore Endowments

Lastly we will touch on whether it is practically possible for South African advisers to maintain advice relationships with clients that are emigrating or clients with beneficiaries that have emigrated.

There is a potential immigration opportunity, which is spectacularly ignored, and have long been a very vibrant and active market segment in South Africa.

Learning outcomes:

• Correct terminology and focus on what exactly is means to emigrate from a financial perspective
• Planning and advice in advance is essential
• Consider the use of international life insurance policies and ensure beneficiaries to South African policies have their SA tax status formalised in advance
• Plan for the eventual externalisation of retirement assets
• Restructure offshore endowments because the consequences could be dire