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Financial Advice for returning South Africans |
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South Africa Financial Advice – considerations when coming home
The lure of the South African sun, the quality of the beaches, the friendly culture, the wine, the food – too mention just a few of the home country's qualities must also be tempered with the practical when making the decision to move home.
There are of course careers, businesses, housing and schooling to consider and in addition to this personal financial planning.
Often viewed as a necessary evil, financial planning becomes particularly important in South Africa as there is no real social security net to fall back on. The onus is therefore on the individual to ensure adequate and suitable protection and investment is made on theirs and their family’s behalf.
For Homecomers it may well be a case of starting again as what is good in the UK is not necessarily good in South Africa.
Much of the home work can be done before returning home and the areas that should be considered include:
- Tax
- Reclaiming overpaid tax in the UK
- Establishing future resident status
- Completing UK tax obligations
- Confirming SA tax obligations
- Establishing the effect on investments and pensions held in UK and SA
- Foreign Exchange
- Registering with an appropriate currency dealer
- Understanding the repercussions of exchange control
- Medical Insurance
- A must have in South Africa
- Banking
- Personal
- Business
- Offshore
- Life Assurance
- Is your UK life assurance valid still if you move back to SA
- Obtain quotes for SA life cover and disability
- Pensions
- What to do with your UK private and personal pensions
- National Insurance contributions made
- Commencing SA retirement arrangements
- Exploring Self Invested pensions
- General Insurance (Short Term)
- Transit Insurance
- House and Home cover
- Car Insurance
- Commercial Insurance
The links and articles on the right hand side will provide you with a good starting point but any specific enquires can be made to the contributor of this article.
The Incompass Group can be contacted here.
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