Cash tied up in retirement annuities in South Africa?

Would you like these funds in your bank account in Perth?

Following a change in tax legislation in 2008 it is now possible for South Africans living overseas
to extract in full, the value of their retirement annuities held with insurance companies in South
Africa, before maturity and transfer the proceeds to wherever they chose.

Many South African expats are not aware of this opportunity and have either forgotten about or
written off investments left behind in South Africa whilst others have chosen to simply let their
policies run until maturity and deal with the bureaucracy to extract and move funds then. However
for those who want to use these funds now, perhaps to get started in Australia or maybe to help
purchase a house, there is a solution. The opportunity also allows those who simply want eliminate
currency risk from their pensions to move funds to Australia and effect retirement planning in
their local currency: this is perhaps a particularly pertinent point given the medium to long term
forecast of a weaker rand.

The process to extract funds is complex and necessitates engaging with the South African Reserve
Bank, the South African Revenue Service, your bankers (past or present) and your individual
insurers. One of the key steps requires that you record your emigrant status with the South African
Reserve Bank. This is a fiscal process and essentially constitutes your formal financial exit from
the country: when recording your emigrant status you do not relinquish your citizenship and can
retain your South African passport, so you are not closing off the opportunity to return to the
country at a later date. The emigration process does not affect or interfere with your immigrant
status in Australia, in any way.

You will also require tax clearance certificates and directives from SARS at certain points within
the process and must have in place a “blocked” bank account with an authorised dealer in South
Africa, for exchange control purposes.

Because this legislation and its application is new, it is difficult to find the suitable expertise
to facilitate the process. One company that does however specialise in this particular area is
cashkows.com, an Authorised Financial Services Provider (No. 42872) based in South Africa.

The MD of cashkows.com, Ryno Viljoen, will be in Perth from 28th June 2011 until 8th July and will
be pleased to meet with you should you wish to discuss this opportunity or indeed any other issues
relating to your financial interests in South Africa.

Steve Porter
email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it   skype: steve.cashkows

cell: +27 72 810 0315  tel: +27 28 312 2764  fax: +27 28 312 2467