Am I Eligible
What you will need:
You have decided to cash out your South African Retirement Annuity. (Don’t know which policies you own?)
Expatri8 will provide you with a personalized, customized Roadmap to take you through the process of doing so.
However, before you get going: there are a few requirements that you’ll have to meet in order to follow through on RA surrendering by way of a change in your residency status. These include:
Proof of Foreign Residency
This can take one of many forms, but essentially the SA Reserve Bank wants to see proof that you have legal permission to permanently reside in the foreign country. The options are:
– If you have already acquired foreign citizenship in your country this is easy, simply have the document ready to submit as proof.
– If you do not have foreign citizenship yet, but have acquired Permanent Foreign Residency approval, then this will suffice too.
– If you do not have either citizenship or Permanent Residency approval yet, but you do have a valid work visa providing for Temporary Residency in the country that will allow you to become a permanent resident or citizen after a specified period, then this can serve if accompanied by a letter from you indicating that it is your intention to become a permanent resident or citizen (we will assist with the drafting of this letter).
However, if you do not have any of the above, you will not be able to satisfy the SARB that you are indeed permanently abroad, a critical step in cashing out your RA. Simply working or travelling out of SA is not sufficient.
Your South African ID Number
Every South African resident is issued with an ID number, the first 6 digits of which denotes your date of birth. The ID number provides proof of your past SA Residency, and will be required in several steps along the way.
The SA Identity Document has changed format over the years, from the old Book of Life (blue book) to the green, bar-coded ID, to the current biometric ID card.
– First prize is being in possession of a green bar-coded ID. Copies of this document can easily be certified and provided.
– Second prize (in the absence of still having a copy of the actual document) will be to at least have the 13-digit ID number. This will still allow for the policy cash-out process.
Not having an ID number at all will pose a problem. Please ask Claire for asssistance to see if there may be a work-around or if we can assist you to find your number.
A Valid Passport
Your bank will require a certified copy of a valid (i.e. not expired) passport for FICA and Exchange Control purposes. This does not have to be a South African passport, it can be a valid passport of any country.
That’s it! Now get a quote.
If you have proof of foreign residency, your SA ID number and a valid passport, you will be eligible to cash out your RA.