The steps involved to arrange a client’s formal emigration.
1. As soon as a client has registered on our website, we will forward an emigration questionnaire and authority letter to him, whereby the client will authorise Rand ReUnite to check the status of his SARS tax account and to obtain policy values. Before we can start the emigration process, a client’s tax account must be up-to-date, e.g. no outstanding returns and no monies owing.
2. We will then advise the client on his values and tax status, as determined by SARS.
3. We will use the information supplied by the client on his emigration questionnaire to send him the correct documentation which he will need to complete, as well as the list of the supporting documents required by the Banks and SARS.
4. These documents include the MP336(b) Exchange Control form, SARS IT21(a) Tax Clearance Certificate Application form, bank account opening forms (if required) which are to be completed and returned to us by post or courier.
5. Upon receipt of the documents, the process will start as follows:
• We will have a copy of the Form MP336(b) certified by the bank for SARS.
• We will lodge the certified copy of the Form MP336(b) with SARS, together with the original IT21(a) and supporting documentation.
• SARS will then issue the Tax Clearance Certificate (TCC).
When we receive the Tax Clearance Certificate from SARS, we will lodge the original with the bank, together with supporting documents.
6. The client’s bank will then apply to the South African Reserve Bank (SARB) for an Exchange Control Approval Number (ECA), and will open a blocked account for him. If the client has an existing account, that bank account will be converted into a blocked account upon receipt of the clients documents. The bank will charge a fee of approximately R1 500 to make the application to the SARB. The SARB application can take up to 8 weeks.
Note: You are obliged to declare ALL your South African assets to the bank.
7. After the blocked account has been opened and the ECA received, we will send the client the surrender forms which we will lodge with the assurers upon receipt thereof by email.
8. Once the documents have been lodged, the assurer will apply for a Tax Directive at SARS before they will pay the funds into the blocked account.
9. After the client has been paid, we will send him completion documents, which will include copies of the TCC and ECA letter from the bank. We will also send him a fee instruction letter which he will need to sign, in order to enable the bank to pay the Rand Reunite Invoice. The bank will then process the Rand Reunite fee at the same time the bank transfers the client’s funds to their nominated bank account. The funds will clear within two working days. The client may close the bank account or keep it open at his discretion.
From the time the documents are received at our South African Processing Office, the process can take up to 6 months.
We will ReUnite you with your Rands!