Calls and letters can be included in these activities just as in the past. We spoke with the experts to find out if your plan to escape your debts by fleeing the country is of any use. Whether or not you were able to take away your assets may affect how likely it is that they will be confiscated and whether you may be able to reduce your debts through bankruptcy. You must repay the personal debts by explaining how the debt is repaid, such as making transfers from abroad, local sources, etc.
Can you leave South Africa if you are in debt?
Financial emigration allows you to cancel your SARS tax residence status and SARB residence status for foreign exchange control purposes. You can go home as often as you like, but if you immigrate, you must record your return with the SARB to regain permanent residence in South Africa. If you leave the country to live abroad without notifying SA Reserve Bank, you are subject to the same tax laws and financial regulations as if you were still living in South Africa. However, if you owe money to the South African Revenue Service (SARS), they will not issue a tax statement.
References:
- https://www.debtbusters.co.za/articles/long-debt-written-off-south-africa/
- Can you financially emigrate from South Africa if you have debt? | Financial Emigration Guide
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.