Moving to South Africa

Expat banking in SA with Barclays

Whether you're working in South Africa or planning to retire there, you'll have a challenging number of tasks to carry out before you leave. Top of that list should be setting up an international bank account with Barclays.

For people moving to Johannesburg, or moving to South Africa in general, an international bank account will facilitate so many of the things you wish to achieve. It offers:

• A choice of the account balance being held in euros, sterling, or US dollars
• A safe haven for your wealth
• Freedom from any constraints imposed by local banking regulations
• Easy management of your finances
• A fast and secure way to facilitate cross-border financial transactions
• An easy way to pay local bills.

Apply now for an international bank account from Barclays. Call
+44 (0)141 352 3902^† or click on the link below and we'll call you.

Working in South Africa

South Africa's financial services industry is just one of the many sectors that have seen a boom in recent years. The country's telecoms and IT companies are also growing fast, with excellent pay prospects for skilled workers, while South Africa's hosting of the 2010 World Cup saw a huge increase in construction and infrastructure throughout the country.

According to UK Trade & Investment, other opportunities exist in the water, airports, healthcare, education, and tourism sectors. As a result the expat community is expected to grow.

However, 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.

As their system taxes you on your worldwide income, not just income earned in South Africa, it makes sense to set up an offshore bank account.

South Africa offshore banking and investment in South Africa

Our international bank account, available in US dollars, sterling or euros, is ideal for people moving to South Africa. If you choose to base your account in an offshore location such as the Isle of Man or the Channel Islands, you may benefit in the following ways:

• Your savings could grow quicker. Tax isn't generally deducted at source from interest in an offshore bank, although you may incur a tax liability elsewhere¹
• Your savings and investments are held in a safe haven
• Your account can be held in a choice of currencies, making it easy to move money from one jurisdiction to another.

Barclays offers an offshore investment service in South Africa with assets managed from Switzerland, the UK or Isle of Man.

For more information, call us on +44 (0)141 352 3902^† or click the link below.

Buying property in South Africa

South Africa has a well-established rental market so you may wish to consider that option if you're moving to South Africa on a temporary basis. If you are intent on buying, solid research is essential - even to the extent of renting in your preferred area first.

Absa, a 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.

For more information, call +44 (0)207 114 7301^†† or click the link below.

Living in South Africa

South Africa offers an enviable lifestyle, utterly magnificent scenery, clear blue skies and a low cost of living. However, living there is not without its challenges and care must be exercised at all times, especially away from the main business centres and at night. You can obtain an assessment of the local crime environment before relocating by calling the Head of Absa Capital Security on
+27 795 296575.