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How South African Expats Can Cash Out Their Retirement Annuity

“I was completely lost. My RA was stuck in South Africa, and every bank I spoke to gave me a different answer. Currency Assist explained the process clearly and got the funds paid into my overseas account without the headaches.”

— Client, now based in Canada

Retirement & Wealth Transfers

You’ve worked hard. You’ve built up savings in your pension, provident, or retirement annuity (RA) back home in South Africa. But now you live abroad, and you’re wondering:

“Can I access those funds without moving back?”

The answer is yes — and Currency Assist can help you make it happen.


The challenge with retirement annuities

South African law is strict when it comes to retirement savings. Normally, you can only touch your RA between the ages of 55 and 65. If your money is in a company fund, the only way to access it early is by leaving that company.

For expats, this creates a frustrating problem. Your money is sitting in South Africa, while you’re building a new life overseas.


The new way forward: tax emigration

Before 2021, you had to go through a lengthy “financial emigration” process just to unlock your RA. That’s no longer the case.

Today, the solution is tax emigration. This means telling SARS that you are no longer a South African tax resident. To prove it’s genuine, SARS applies the three-year rule — you need to show that you’ve truly settled abroad, not just left to cash out your RA.

Once SARS confirms your non-resident status, they’ll issue a tax directive. Your RA provider will deduct the applicable tax, and the balance is finally yours.


Moving your funds abroad

There’s one more step. Once your RA is encashed, you’ll need a SARS Approval for International Transfer (AIT) to move the money offshore. If you no longer have an active South African bank account, Currency Assist can help you open one remotely — so the entire transfer runs smoothly.


How Currency Assist helps

We take care of the complexity so you don’t have to. Our team will:

  • Handle your tax emigration process with SARS
  • Secure the necessary tax directives
  • Arrange your AIT approval
  • Help with bank account setup if required
  • Ensure your funds are transferred securely abroad


Your next step

If you’re a South African expat with a retirement annuity or pension fund back home, don’t let your savings gather dust.

Complete our quick online form, and a Currency Assist consultant will be in touch to guide you from start to finish.

“I thought I’d need to fly back to South Africa to sort this out. Instead, Currency Assist handled everything remotely and kept me updated the whole way. It was easier than I imagined.”

— Client, now based in New Zealand

Have a Question about your Retirement Annuity?

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Currency Assist Insight Series

Read on, and discover how Currency Assist can make your international money matters simpler, faster, and safer — so you can focus on what’s ahead, not on the red tape behind.

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