Posted on: 6th August 2021 in Expats
Moving out of South Africa is something that many country residents are considering. Corruption, high tax rates, unemployment, insecurity and the recent riots are just some of the problems that make South Africans consider relocation. In our article, we will share some tips that would help you make relocating abroad an easy task for you.
Moving out of South Africa doesn’t mean that you stop having obligations back home. There are many things you have to consider and deal with before boarding the flight to your next country of residence.
Another matter is your financial obligations in South Africa. What is going to happen to your pension and your tax requirements now that you are not going to be living in South Africa? Even people with thorough financial knowledge find it difficult to understand what is needed as they are already focused on the new destination country and they become overwhelmed by incoming information.
Questions such as “what about my pension?” or “what am i going to do with my savings in such an unstable economy?” could create stress and unwanted uncertainty. If you would like to avoid confusion, firms such as Holborn have teams of fully qualified and experienced financial advisers who are able to help you with building the right financial plan.
If you have already decided to move out of South Africa, you probably have already found a job and you have made arrangements to get the right visa. If you don’t have a job offer, you will be able to work in most countries if you find an employer who would be willing to hire you and arrange everything related to the visa application.
However, for people who have sufficient funds, there are many options related to citizenship and residency by investment programmes. Many countries across the world such as some in the Caribbean and several members of the European Union offer residency visas which could lead to obtaining citizenship. All you need to do is to invest the requested amount of money in property, government bonds or even start a business in the country that you want.
The Portuguese and the Spanish “golden” visa programmes are among the most famous and straightforward in the European Union. Depending on the perks of each programme, by obtaining an EU visa, you would be able to work or travel in the bloc just like an EU citizen would do.
Moving to a new country might make you feel optimistic about the future. Some people become overconfident and neglect to build a contingency plan that would be helpful in case of an emergency. However, having a contingency plan is of utmost importance, especially when you live in a new country without much help from family and friends.
Emergency medical problems or paperwork issues related to visas are usually at the top of the list of situations that could cause stress, uncertainty or unexpected costs. Planning ahead would save you from trouble. For example, taking out a medical insurance policy with broad coverage ensures that regardless of the problem, you would be getting the right medical treatment. There are numerous insurance products that could act as safeguards for expats. All you need to do is get in touch with a qualified financial adviser who will listen to your needs and suggest the right solutions.
For example, one of the questions that would bother you is what would happen to any property you leave behind. If you don’t have any relatives to take care of it, you would have to rent or even sell it. This requires a time-consuming process involving agents, tenants or buyers which you simply have to take into consideration and adjust your schedule accordingly. A good real estate agent would be the ideal solution to the problem.
Moving out of South Africa is an important decision. Some would call it a life-changing one. If you would like to ensure that everything will go smoothly, you need to take the right advice from professionals with many years of experience in such situations. Our teams at Holborn South Africa are ready to assist you, offering unique solutions at the right prices. Don’t miss out on the opportunity to change your life; get in touch with us by using the contact form below.
We have 18 offices across the globe and we manage over $2billion for our 20,000+ clientsGet started
Is it true that grey clouds gather over South Africa’s economy? Recent media reports have noted that South Africa is at risk of being placed on the FATF’s Grey list...Read more