Sharkie 2 Posted January 23, 2019 Share Need your help hubbers.I have a bit of money still stuck in a retirement annuity in South Africa as well as SARS that still owe me a bit of money.Anyone possibly have a contact whom I could use to assist me in the process getting the money into my UK account?I have contacted two firms in SA and the fees are extortionate, obviously willing to pay just not R25k Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted January 23, 2019 Share couple questions (I don't do this myself, but I know of people who have done it, and it takes a fecking long time if you don't keep on it) Which company is the RA with?How old are you?Do you have an SA bank account still, or have you closed up everything?Do you have an accountant & attorney in SA who will be able to liaise with SARS & SARB and set up a blocked account for receipt of the funds? (this is the tedious part) Everything will need to be verified and certified by an authorised person, and originals will need to be sent via reg'd post to the various companies & SARS etc. First Contact may be able to help, from what I understand of their services. Link to comment Share on other sites More sharing options...
Wayne Potgieter Posted January 23, 2019 Share I don’t think you realise the amount of work that goes in to this process. That price seems about right. I paid around the same for mine to Nz. It involves multiple tax returns. Several visits with sars on my behalf. Courier of several packages of documents. Setting up of different bank accounts to receive the funds and lots of communication throughout the process from educated people. It’s really not that simple. Edited January 23, 2019 by Wayne Potgieter DawieO, Captain Fastbastard Mayhem and BigDL 3 Link to comment Share on other sites More sharing options...
Bloukrans Posted January 23, 2019 Share Investec has the option of a UK Investec account- cant you open such an account and transfer???????? Edited January 23, 2019 by Bloukrans Link to comment Share on other sites More sharing options...
SwissVan Posted January 23, 2019 Share Need your help hubbers.I have a bit of money still stuck in a retirement annuity in South Africa as well as SARS that still owe me a bit of money.Anyone possibly have a contact whom I could use to assist me in the process getting the money into my UK account?I have contacted two firms in SA and the fees are extortionate, obviously willing to pay just not R25k Do you want to financially emigrate or just get the RA and Tax return funds into your UK account? Depending on how much the total is and if you still have a SA bank acct (which i assume as you still want to FE), and you only want to transfer the RA and SARS funds, you could have them paid into your SA acct and then ask the bank to transfer an amount to your UK acct as part of your annual amount that you can transfer without having to FE. This would require some form filling with your SA bank. I have done this in the past with minimal fuss if you plan it to coincide with a SA trip Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted January 23, 2019 Share Investec has the option of a UK Investec account- cant you open such an account and transfer????????Short answer: no. Needs to be a blocked account that the capital is transferred into locally, which is looked after by custodians who actually on your behalf. That's my understanding from the very little experience I've had in this Edited January 23, 2019 by Captain Fatbastard Mayhem Bloukrans and Wayne Potgieter 2 Link to comment Share on other sites More sharing options...
Stretch Posted January 23, 2019 Share Following this with interest. If yours cost 25k Wayne then mine should not be nearly as much because I'm not as complicated. I have a tame bookeeper/accountant who I have already proxied to SARS... So hopefully that will reduce things a bit Edited January 23, 2019 by Stretch Link to comment Share on other sites More sharing options...
Wayne Potgieter Posted January 23, 2019 Share Following this with interest. If yours cost 25k Wayne then mine should not be nearly as much because I'm not as complicated. I have a tame bookeeper/accountant who I have already proxied to SARS... So hopefully that will reduce things a bitCashcows quoted me almost R75k. Rand Rescue did it for $2,500 (R25K). I was quie surprised at how much work was involved. Yes, mine was very complicated. 2 RAs several policies. Shares and they had to do several tax returns. Stretch and DawieO 2 Link to comment Share on other sites More sharing options...
GrahamS2 Posted January 24, 2019 Share Cashcows quoted me almost R75k. Rand Rescue did it for $2,500 (R25K). I was quie surprised at how much work was involved. Yes, mine was very complicated. 2 RAs several policies. Shares and they had to do several tax returns. Far easier to wrap much of this up whilst still in SA. Then you just do a transfer of funds out of the country. Link to comment Share on other sites More sharing options...
Bateleur1 Posted January 24, 2019 Share Seems like it might be that we will be forced to FE. In that case we still have 2 RA funds that needs to be cashed in then. Right? Link to comment Share on other sites More sharing options...
IceCreamMan Posted January 24, 2019 Share 25k is cheap. Mine is 51k an that includes a discount. DawieO 1 Link to comment Share on other sites More sharing options...
Wayne Potgieter Posted January 24, 2019 Share Far easier to wrap much of this up whilst still in SA. Then you just do a transfer of funds out of the country.except we couldn’t. Still had to dispose of assets whilst overseas and we (like most people) had not decided at the time to migrate. We were exploring options and checking things out. Irrespective you would not be able to release your RA nor would you be able to do your final tax returns. Most people don’t leave one country with residence to the next one. There is a process of work visas to temporary to permanent. So in our case we had no choice to wait a while before doing financial emigration. Bateleur1 and Captain Fastbastard Mayhem 2 Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted January 24, 2019 Share ^^this. Link to comment Share on other sites More sharing options...
Sharkie 2 Posted January 24, 2019 Share couple questions (I don't do this myself, but I know of people who have done it, and it takes a fecking long time if you don't keep on it) Which company is the RA with?How old are you?Do you have an SA bank account still, or have you closed up everything?Do you have an accountant & attorney in SA who will be able to liaise with SARS & SARB and set up a blocked account for receipt of the funds? (this is the tedious part) Everything will need to be verified and certified by an authorised person, and originals will need to be sent via reg'd post to the various companies & SARS etc. First Contact may be able to help, from what I understand of their services. RA is with Allan Gray, 31 years old, closed my bank account in SA wife still has hers, no for accountant & attorney. SARS has R16k due to me and not releasing this as my tax status has changed, they indicate that I have an estate registered against my profile which is as a result of the insolvency court order, I will need a new tax number and have not earned money in RSA for two years although SARS says I should file a return with my old tax number. So back to the RA, it is only R49k so not worth paying someone more than half of it just to get Allan Gray to release the funds. Do you want to financially emigrate or just get the RA and Tax return funds into your UK account? Depending on how much the total is and if you still have a SA bank acct (which i assume as you still want to FE), and you only want to transfer the RA and SARS funds, you could have them paid into your SA acct and then ask the bank to transfer an amount to your UK acct as part of your annual amount that you can transfer without having to FE. This would require some form filling with your SA bank. I have done this in the past with minimal fuss if you plan it to coincide with a SA tripReason why I want to FE is that in the near future our dear friends at SARS will be asking all SA citizens living abroad to pay tax on the difference they are currently paying tax in the country of residence and what they would have paid in SA. Yes it is more directed at Expats working in tax havens however I do not want to wait until no.99 and have to pay a premium to do the process. RA rules only allow 3 instances where you can access your money, earliest at age 55, emigration and part of this is FE or if the value is less than R7k. I am going back to SA in two weeks time for a week so I can re-open a basic account if someone knows of a way I can get the funds out of the RA without the FE process? Link to comment Share on other sites More sharing options...
Stretch Posted January 25, 2019 Share Reason why I want to FE is that in the near future our dear friends at SARS will be asking all SA citizens living abroad to pay tax on the difference they are currently paying tax in the country of residence and what they would have paid in SA.Only if you spend more than 90 days in the country in the financial year Captain Fastbastard Mayhem 1 Link to comment Share on other sites More sharing options...
Captain Fastbastard Mayhem Posted January 25, 2019 Share I am going back to SA in two weeks time for a week so I can re-open a basic account if someone knows of a way I can get the funds out of the RA without the FE process?You can't. Link to comment Share on other sites More sharing options...
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