Emigrating to South Africa
Expat banking in South Africa with Barclays
According to some commentators, an increasing number of South Africans who chose to emigrate during the early post-apartheid years are now returning to the country. Their numbers are being swelled by people of other countries, such as the UK, who are now emigrating there too.
Many are attracted to the idea of emigrating to South Africa by the tempting mixture of sun, surf and space; bush, beach and barbecues. Others have family connections and a belief in the country's future.
If you have plans to emigrate to South Africa, the process of buying property there can often be complex and time-consuming. Legislation, foreign exchange regulations and economic factors can all act as obstacles. Fortunately, Barclays can do a great deal to help. Depending on your needs and circumstances, we may be able to offer you:
- Offshore bank accounts, savings and investments
- A free, detailed guide to living and working in South Africa
- Great value mortgages
- Help and advice about emigrating abroad
- Loans (subject to application and status)
- Access to our International Telephone and Online Banking Service.
If you would like to know more about emigration and how Barclays international banking can help you, simply click the link below and we'll call you at a convenient time.
Expat banking in South Africa
If you're emigrating to South Africa, it will probably be in your interests to open an offshore account with Barclays. There are three main benefits to doing this:
- Your money will be placed in a politically stable and financially regulated environment
- It offers potential tax planning opportunities. Interest on your savings and investments is normally paid gross of tax, giving them the potential to grow much quicker. However, you may incur a tax liability elsewhere. Our preferred partners, international tax advisers Ernst & Young, can advise you1
- It gives you more flexibility. An offshore account allows you to choose from a range of currencies, giving you more flexibility in the management of your finances. It also makes it easy to transfer money across borders.
South Africa property - the real estate market
South Africa has a buoyant property market. There's a huge variety of architectural styles to choose from and houses are typically solid and spacious. Some have extensive grounds with large pools, some have spectacular views and a surprisingly large number have all of the above. As with everywhere, however, in-depth research is essential before choosing your house and, more importantly, your location.
South African mortgage
The Barclays team is dedicated to making it easier for you to buy a property in South Africa - whether you're looking for an investment property or planning to settle in South Africa. Absa, member of the Barclays Group and the largest consumer bank in South Africa, will guide you through the process of selecting the right Absa mortgage for your needs and offers great products and guidance to help you along the way. With Absa, you know you'll be in safe hands.
Working in South Africa
South Africa operates a progressive tax system with a top rate of 40%. You will be regarded as being a resident of South Africa for tax purposes if your stay in the country exceeds the following:
1. 91 days in aggregate during the year of assessment; AND
2. 915 days in total during the preceding five years of assessment AND
3. 91 days in aggregate in each of the preceding five years.
Open an account today
Contact us on +44 (0)141 352 3902† to open your account, or click on the link below and we will call you at a convenient time.
1 You have sole responsibility for the management of your tax and legal affairs, including making any applicable filings and payments and complying with any applicable laws and regulations. We have not provided and will not provide you with tax or legal advice and recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances.
† Lines are open 24 hours a day, 7 days a week except for 25 December when the lines are closed. Call costs may vary - please check with your telecoms provider. Calls may be recorded so that we can monitor the quality of our service and for security purposes.
The products and services described on this page are provided by the following companies, which are part of Barclays: Barclays Bank PLC in London and Barclays Private Clients International Limited in the Isle of Man, Jersey and Guernsey. For further Information on these companies and Barclays please read the Important Information.
Products and services on this site may not be available in certain jurisdictions. In particular, these products and services are not being offered in Japan or the United States or to US residents. For full details of exclusions and disclaimers please see the Important Information before proceeding. Each Barclays company reserves the right to make a final determination on whether or not you are eligible for any particular product or service.