South Africa’s High-Net-Worth Individuals’ Exodus: Tax, Wealth and Relocation Strategies

This article will explore the most prominent reasons for South Africa’s high-net-worth individuals’ exodus and the broader trend of financial emigration from South Africa.

It will also outline the critical considerations for individuals planning expatriation, including tax residency, exchange control, and cross-border wealth structuring factors that should inform a relocation strategy.

Why Are HNWIs Leaving South Africa?

The primary reason for the rising expatriation of South African HNWIs is a combination of relatively high marginal tax rates and political and economic uncertainty. As of this writing, the income tax in South Africa reaches 45% for those in the highest bracket, which typically includes HNWIs.

In addition, there have been periodic policy discussions around the potential introduction of a wealth tax, although no formal proposals or draft legislation currently exist in South Africa. As such, any future implementation remains uncertain and should not be relied upon for financial planning purposes.

If such measures were introduced, they could substantially erode the wealth of HNW and UHNW individuals, particularly those with concentrated domestic exposure. Consequently, many wealthy South Africans are proactively exploring jurisdictions with more favourable and predictable tax environments.

Additional contributors to the outbound migration include:

• Infrastructure challenges: South Africa continues to experience energy supply constraints and infrastructure inefficiencies that disrupt both commercial activities and daily life.
• Political and policy uncertainty: Ongoing governance concerns and shifting policy priorities have eroded confidence in the country’s long-term economic direction.
• Lifestyle and intergenerational considerations: Many HNW families prioritise access to globally competitive education and healthcare systems, as well as long-term security for future generations.

These trends have led private wealth research estimates to suggest that several thousand South African dollar millionaires have emigrated over the past decade, although figures vary depending on methodology.

If you are considering the same decision, you should prepare for complex regulatory, tax, and wealth-transfer considerations to ensure a structured, tax-efficient relocation.

Pre-Departure Planning: Why Timing and Sequencing Matter

For high-net-worth individuals, relocation is not a single event but a multi-stage process that should ideally begin 12 to 24 months before departure as part of a structured financial emigration plan from South Africa.

The sequencing of financial, tax, and legal decisions can materially affect both immediate tax exposure and long-term wealth preservation across jurisdictions.

One of the most critical considerations is the interaction between asset disposals and South Africa’s deemed disposal rules triggered on cessation of tax residency.

In some cases, it may be advantageous to realise gains gradually while still tax resident, rather than triggering a single large capital gains tax (CGT) event upon cessation of residency.

Conversely, premature disposals without a coordinated plan can accelerate tax liabilities unnecessarily or result in suboptimal use of available exemptions and reliefs.

Exchange control allowances also benefit from forward planning. By utilising the Single Discretionary Allowance (SDA) and Foreign Investment Allowance (FIA) over multiple calendar years, individuals can externalise capital in a controlled and compliant manner before formal emigration and prior to becoming non-resident for exchange control purposes.

Liquidity planning is equally important. As exit tax liabilities are triggered in the year of residency cessation, individuals must ensure sufficient liquid assets are available to meet these obligations without forcing distressed asset sales or unplanned repatriation of offshore funds.

Importantly, once tax residency has ceased, certain planning opportunities are no longer available.

This makes early, coordinated advice essential to achieving a tax-efficient and operationally smooth transition and avoiding unintended South African tax exposure post-emigration.

Ceasing South African Tax Residency: Legal and Procedural Framework

If you wish to expatriate from South Africa and avoid ongoing exposure to its worldwide taxation system, you must cease South African tax residency by no longer meeting the statutory residence requirements.

This is a factual determination based on your circumstances, and must then be disclosed to the South African Revenue Service (SARS) for assessment and confirmation.

The process begins by submitting the Registration, Amendments and Verification Form (RAV01) through SARS eFiling to update your tax residency status. If you are not registered for eFiling, you have two options:

1. Contacting SARS via email
2. Scheduling an in-person appointment

Regardless of your selected method, you must submit a completed and signed Declaration Form, supported by:

• A statement outlining the legal basis for ceasing tax residency
• A letter of motivation outlining the related circumstances
• A copy of your passport
• Supporting evidence demonstrating a permanent or indefinite departure from South Africa (such as visa status, foreign residency permits, or proof of relocation)

SARS will assess your status based on whether you still meet either of South Africa’s two residency tests:

Even if you are considered a resident according to the physical presence test, you may cease tax residency if you have spent 330 or more consecutive days outside South Africa, provided you do not otherwise meet the ordinary residence criteria and can demonstrate that your centre of vital interests has shifted abroad.

In cases where dual residency arises, applicable double tax agreements may apply tie-breaker tests to determine which jurisdiction has primary taxing rights.

Given the formality and complexity of the tax residency cessation process, professional support is strongly recommended.

Careful management of both tax residency status and supporting documentation is essential, particularly for high-net-worth individuals with ongoing South African connections.

Our financial advisers at Titan Wealth International can help you navigate the cessation procedure and understand your future tax obligations.

Managing Dual Tax Residency Risk

Ceasing South African tax residency does not automatically eliminate the risk of being considered tax resident elsewhere.

In practice, many high-net-worth individuals may find themselves temporarily subject to the domestic tax rules of two jurisdictions.

Where dual residency arises, double tax agreements (DTAs) apply “tie-breaker” tests to determine which country has primary taxing rights.

These tests typically assess factors such as the location of a permanent home, centre of vital interests, habitual abode, and ultimately nationality.

However, these determinations are highly fact-specific and may be subject to interpretation by tax authorities. For example, retaining significant personal or economic ties to South Africa, such as property, business interests, or family connections, may complicate the ability to demonstrate a clear break in residency.

This creates a risk that SARS could challenge a taxpayer’s non-resident status, particularly in cases involving high-value assets or ongoing South African connections.

As such, managing residency is not purely administrative but requires careful alignment of lifestyle, financial interests, and legal documentation.

For HNW individuals, proactive treaty analysis and residency planning are essential to avoid unintended dual taxation and potential disputes between jurisdictions.

Exit Tax Considerations for HNW South Africans

South Africa imposes an effective “exit tax” through its capital gains tax (CGT) regime, as the cessation of tax residency is treated as a deemed disposal.

Upon expatriation, SARS deems you to have disposed of most worldwide assets at fair market value, meaning any unrealised gains are subject to CGT (with a maximum effective rate of 18%, based on a 40% inclusion rate and top marginal tax rate of 45%).

South African immovable property is excluded from this deemed disposal mechanism. Certain other assets, including qualifying retirement interests, are also excluded. However, you will still need to pay tax on such assets when an actual CGT event occurs, such as:

• Sale
• Donation
• Exchange

For exit tax purposes, SARS determines the taxable gain according to the market value of your assets on the day before residency officially ceases.

Any resulting tax liability is payable in the same tax year, which may create a significant liquidity issue if sufficient liquid assets have not been set aside in advance.

You may leverage several exclusions and relief provisions to mitigate the exit tax burden, including:

• The annual CGT exclusion of ZAR 40,000 (approx. $2,400)
• A ZAR 2 million exclusion (approx. $121,000) on the disposal of a primary residence
• Exemptions for qualifying retirement benefits

Due to the potentially substantial CGT exposure, strategic timing and pre-expatriation planning are critical.

In certain cases, it may be advantageous to crystallise gains gradually or restructure assets before ceasing residency rather than triggering a single large tax event upon relocation, particularly where reliefs or lower marginal rates can be utilised more efficiently prior to exit.

After you officially cease your South African residency, South Africa will generally no longer tax your foreign-sourced income and gains.

However, you may still be liable for tax on any South African-sourced income, which continues to be taxed at your marginal rate unless an applicable double taxation agreement (DTA) prescribes otherwise.

In addition, certain anti-avoidance provisions, such as controlled foreign company (CFC) rules, may continue to apply depending on your ongoing connections to South Africa.

Treatment of South African Retirement Funds After Emigration

South African retirement funds are treated differently from other asset classes in the context of emigration and require careful planning as part of a broader cross-border wealth strategy.

Importantly, retirement interests are generally excluded from the deemed disposal rules that apply when ceasing tax residency. This means they are not subject to immediate capital gains tax upon exit. However, this does not eliminate future tax considerations or regulatory constraints.

Under current legislation, individuals who have ceased South African tax residency must typically remain non-resident for a continuous period of at least three years before being eligible to withdraw their retirement savings as a lump sum (subject to meeting SARS verification requirements for non-residency).

These withdrawals are then subject to South African tax according to the applicable lump sum tax tables, which are applied on a progressive basis depending on the total value withdrawn.

Alternatively, individuals may choose to preserve their retirement assets within South Africa. While this may defer immediate taxation, it can result in ongoing exposure to South African regulatory and policy risks, as well as currency concentration in rand-denominated assets and potential limitations on future access or flexibility.

Unlike some jurisdictions, South Africa does not offer broad portability of pension assets into foreign retirement schemes, and transfers to overseas pension arrangements are generally not permitted outside of limited or highly structured scenarios.

As a result, decisions regarding withdrawal, preservation, or restructuring should be made within the context of an individual’s broader cross-border financial plan, taking into account tax timing, currency exposure, and long-term jurisdictional strategy.

Can You Transfer All Your Wealth Out of South Africa?

While it is technically possible to externalise wealth upon expatriation, South Africa’s exchange control regime imposes strict limits on the amount of capital individuals may transfer offshore while they remain South African tax residents.

These controls are administered by the South African Reserve Bank (SARB) and apply until an individual is formally recognised as non-resident for exchange control purposes.

You must comply with two key allowances that govern outward capital flow for individuals:

1. Single Discretionary Allowance (SDA): Every adult South African resident (with a valid ID) can transfer up to ZAR 1 million (approx. $61,000) per calendar year abroad for any legal purpose without needing documentary proof or approval from the South African Reserve Bank (SARB).
2. Foreign Investment Allowance (FIA): An adult taxpayer is allowed to invest up to ZAR 10 million (approx. $610,000) annually into assets outside of the Common Monetary Area (CMA), provided that they obtain a Tax Compliance Status (TCS) PIN from SARS beforehand.

Transferring more than ZAR 10 million in a year requires a formal application to the SARB, along with proof of tax compliance.

The procedure may be time-consuming and complex, which is why professional guidance is strongly recommended, particularly for high-net-worth individuals seeking to externalise substantial portfolios or business interests.

It is also important to distinguish between tax residency and exchange control residency. Even after ceasing South African tax residency, individuals may still be subject to exchange control restrictions until their status is updated with an authorised dealer and recognised by SARB.

Failure to comply with exchange control regulations may result in significant penalties. The SARB’s Financial Surveillance Department (FinSurv) may impose settlement penalties typically within a discretionary range (often cited between 10% and 40%, depending on the nature and severity of the contravention).

Additional consequences may include:

• Administrative fines of up to ZAR 250,000 (approx. $15,000).
• Criminal sanctions in serious cases, including potential imprisonment.
• Monetary penalties equal to the value of the assets involved in the contravention.

Cross-Border Banking and Wealth Transfer Considerations

Transferring wealth offshore is not solely a regulatory exercise, but it also involves navigating the practical realities of international banking and financial systems and increasing global compliance standards.

Financial institutions in major jurisdictions have significantly increased their due diligence requirements, particularly for clients originating from countries with exchange control regimes or higher perceived regulatory risk.

As a result, South African HNWIs may encounter extensive source-of-funds and source-of-wealth verification processes when opening offshore accounts or transferring substantial capital, often requiring detailed historical financial records and tax compliance evidence.

Even where funds have been transferred in full compliance with South African Reserve Bank (SARB) regulations, delays or restrictions may arise if documentation is incomplete or inconsistent or if offshore institutions require additional verification under anti-money laundering (AML) frameworks.

This can affect both personal banking arrangements and the implementation of broader investment strategies, including the timely deployment of capital into international investments.

Jurisdiction selection also plays a role. International financial centres such as Switzerland, the United Arab Emirates, and Singapore are commonly used due to their established banking infrastructure and experience in handling cross-border wealth.

However, each jurisdiction applies its own regulatory standards and onboarding criteria, and acceptance of South African clients may vary between institutions.

To avoid disruption, banking arrangements should be established in parallel with tax and legal planning, ensuring that liquidity, custody, and reporting requirements are aligned across jurisdictions and that sufficient documentation is prepared in advance to satisfy both South African and offshore compliance requirements.

Key Wealth Planning Considerations for HNW South African Expats

Relocating and externalising your wealth from South Africa requires a strategic approach comprised of several components:

1. Asset structuring
2. Portfolio diversification
3. Managing currency and country risk exposure
4. Estate and succession planning coordination
5. Tax treaty utilisation
6. Anti-avoidance rules and residual South African tax exposure

Asset Structuring

Utilising appropriate legal and financial structures is essential to tax optimisation and long-term wealth preservation across jurisdictions.

Domestic structures may be suboptimal (or even counterproductive) once wealth is internationalised, making offshore asset structuring financially sensible for many HNW South African expats.

Trusts are a representative example. South African HNWIs typically utilise them to achieve objectives such as:

• Asset protection.
• Succession planning.
• Confidentiality.

However, South African trusts are subject to relatively high effective taxation, with income taxed at up to 45% and an effective CGT rate of 36%, which can materially erode wealth over time.

By contrast, a well-structured offshore trust, particularly one with non-South African resident trustees, may benefit from tax deferral or more favourable tax treatment depending on the jurisdiction and structure.

However, South African anti-avoidance and attribution rules may still apply, potentially resulting in income and gains being taxed in the hands of South African founders or beneficiaries.

Jurisdiction selection is therefore critical, with commonly used international financial centres including:

• British Virgin Islands
• Mauritius
• Isle of Man

Establishing a trust in such jurisdictions involves complex legal, tax, and governance considerations.

Seeking specialist financial and tax advice is therefore highly recommended to ensure compliance and tax efficiency across all relevant jurisdictions.

Portfolio Diversification

Diversification across regions and asset classes is a cornerstone of capital preservation, particularly amid global market volatility and uncertainty. For HNW South Africans and their families, diversification must also be pursued within the limits of South Africa’s exchange control regulations.

To remain within the SDA and FIA, many HNW South African families pre-plan their portfolios and gradually externalise capital before expatriation. They typically allocate capital across a mix of:

• Equities
• Real estate
• Fixed-income assets
• Alternative investments

Meanwhile, geographical diversification allows South African HNWIs to reduce country-specific, regulatory, and currency risks, contributing to more resilient long-term growth and reducing concentration risk in South African markets and the rand.

Diversification should continue after expatriation. Upon relocating, reassess asset allocation to reflect new economic exposures and regulatory environments.

For instance, a portfolio heavily concentrated in South African retirement funds may be disproportionately exposed to domestic policy risks, even after tax residency cessation and may not align with future currency or jurisdictional needs.

Managing Currency and Country Risk Exposure

For South African investors, currency risk is a central component of long-term wealth preservation. The South African rand has historically exhibited periods of volatility, which can materially affect the global purchasing power of domestically held assets.

As a result, many HNW individuals prioritise the gradual externalisation of wealth into hard currency-denominated investments.

This approach not only reduces exposure to local economic conditions but also aligns portfolios with global consumption and investment patterns.

However, currency diversification must be managed carefully within the constraints of exchange control regulations.

Phased externalisation strategies, combined with globally diversified portfolios, can help mitigate timing risk associated with currency movements and avoid concentration risk from large single transfers at unfavourable exchange rates.

Following emigration, currency considerations remain relevant. Aligning assets with future liabilities, lifestyle expenses, and jurisdictional exposures is essential to maintaining financial stability across borders.

Estate and Succession Planning Coordination

After relocating from South Africa, estate planning becomes a multi-jurisdictional concern. Each country has its own inheritance laws, estate duties, probate procedures, and potentially forced heirship rules, making coordination essential to avoid conflicts.

Without adequate coordination, the same asset could also be subject to both foreign inheritance tax and South African estate duty, increasing the tax liability for heirs, particularly in the absence of an applicable estate tax treaty (of which South Africa has a limited network).

Specifically, you must align wills, trusts, and beneficiary designations with the laws of each relevant country. There are numerous ways to achieve this, such as:

• Drafting separate wills for South African and offshore assets
• Utilising offshore trusts to mitigate probate delays and cross-border legal friction
• Leveraging available exemptions, such as the 100% estate duty deduction for assets bequeathed to a surviving spouse

Tax Treaty Utilisation

South Africa maintains an extensive network of double tax agreements (DTAs), which allocate taxing rights between jurisdictions and outline mechanisms to prevent the same income from being taxed twice.

DTAs typically determine which country has the primary right to tax certain income streams, such as dividends, interest, pensions, and employment income. They may also provide exemptions or foreign tax credits in the secondary jurisdiction.

Most importantly, DTA relief is not automatic. Relief is generally claimed through tax filings and supported by appropriate documentation, such as:

• Passport and visas to demonstrate physical presence.
• Proof of foreign residence.
• A certificate of tax residence issued by the foreign jurisdiction.

In some cases, additional disclosures or applications may be required depending on the nature of the income and the specific treaty.

SARS will evaluate your application and confirm eligibility for the relief. If relief is denied and you believe the decision does not reflect your circumstances, you may file a formal objection within 80 business days of receiving the rejection.

Anti-Avoidance Rules and Residual South African Tax Exposure

Emigration does not automatically eliminate all South African tax exposure. A range of anti-avoidance provisions may continue to apply, particularly where individuals retain economic interests connected to South Africa.

Controlled foreign company (CFC) rules are a key consideration. Where a South African tax resident or, in certain cases, groups of South African residents holds a controlling interest in a foreign company, a portion of that company’s income may still be attributed to the individual and taxed in South Africa.

In addition, attribution rules can apply to trusts and other structures where assets have been transferred offshore.

Depending on how these structures are established and managed, income and capital gains may still be taxed in the hands of the original donor or South African-resident beneficiaries, particularly where effective control or benefit is retained.

Even after ceasing tax residency, South Africa retains taxing rights over South African-sourced income, including income derived from immovable property, local business activities, or certain investments.

For high-net-worth individuals, this underscores the importance of structuring offshore holdings carefully and reviewing any ongoing South African connections to ensure that unintended tax exposure is minimised and that post-emigration structures remain compliant with South African tax legislation.

Choosing the Right Jurisdiction: A Strategic Framework

Selecting a destination jurisdiction is one of the most consequential decisions in the relocation process for South African high-net-worth individuals pursuing financial emigration or international structuring.

While tax efficiency is often a primary consideration, it should be assessed alongside a broader set of structural, legal, and practical factors to ensure long-term stability and alignment with your overall wealth strategy.

A robust jurisdiction selection framework should typically include:

• Tax regime: Whether the jurisdiction operates a territorial or worldwide tax system, and how foreign income, capital gains, and remittances are treated. The availability and application of double tax agreements with South Africa should also be assessed to minimise double taxation risk.
• Tax residency rules: The criteria for becoming and maintaining tax residency, including physical presence requirements, substance expectations, and potential exposure to dual residency or conflicting tax claims between jurisdictions.
• Legal and regulatory stability: The strength and predictability of the legal system, particularly in relation to property rights, financial regulation, and long-term policy consistency, which is critical for preserving wealth across generations.
• Succession and estate laws: The presence of forced heirship rules or inheritance taxes, and how these may interact with existing estate planning structures such as wills and trusts, particularly for internationally held assets.
• Banking and financial infrastructure: Access to reputable international banks, custody platforms, and investment services, as well as the jurisdiction’s experience in supporting cross-border wealth and high-value international clients.
• Exchange control and capital mobility: The ease with which funds can be moved into, within, and out of the jurisdiction, including any restrictions on capital flows or repatriation of funds.
• Lifestyle and family considerations: Factors such as healthcare, education, personal safety, and overall quality of life, which are often central to relocation decisions for HNW families and long-term residency planning.
• Regulatory and reputational considerations: The jurisdiction’s international standing, including its relationship with global regulatory bodies and exposure to blacklisting or increased scrutiny, which may affect banking access and investment structuring.

For high-net-worth South Africans, the optimal jurisdiction is rarely defined by a single advantage.

Instead, it reflects a careful balance between tax efficiency, legal certainty, financial infrastructure, and long-term personal and family objectives, as well as the ability to adapt to future regulatory and tax changes across multiple jurisdictions.

Using RBI and CBI Programmes as Strategic Planning Tools

Expatriating through residence-by-investment (RBI) or (CBI) programmes can provide a structured pathway to international relocation. However, for high-net-worth South Africans, these programmes are most effective when used as part of a broader wealth planning strategy rather than as standalone solutions.

At a strategic level, RBI and CBI programmes serve different but complementary purposes:

• Residence-by-investment (RBI)
  Typically used to establish tax residency in a new jurisdiction. RBI programmes can provide access to favourable tax regimes, while allowing individuals to retain their original citizenship and maintain flexibility over long-term relocation decisions.
• Citizenship-by-investment (CBI)
  Primarily used to enhance global mobility and provide geopolitical diversification. A second citizenship can act as a long-term hedge against political or economic uncertainty, while facilitating visa-free travel across multiple jurisdictions.

It is important to distinguish between citizenship and tax residency. Acquiring residency or a second passport does not, in itself, determine where an individual is tax resident.

Tax residency is generally based on physical presence, intention, and domestic legal tests, and must be managed separately as part of a coordinated cross-border plan, particularly where individuals are transitioning from South African tax residency to a new jurisdiction.

Key Programme Considerations for South African HNWIs

While specific programme requirements vary and are subject to change, most RBI and CBI options can be assessed against the following criteria:

• Investment structure: Options may include government contributions, qualifying investment funds, or real estate (where still permitted). In Europe, real estate routes have been restricted or removed in several jurisdictions as part of ongoing regulatory reforms.
• Minimum investment thresholds: Thresholds vary significantly by jurisdiction and have increased in many cases, particularly in response to regulatory pressure and demand and efforts to align with international standards.
• Residency requirements: Some programmes require minimal physical presence, while others impose stricter conditions to maintain residency status and support tax residency claims.
• Family inclusion: The ability to include spouses, children, and in some cases extended dependants, is a key consideration for HNW families.
• Mobility benefits: Certain programmes provide access to visa-free travel, including within the Schengen Area, although rights and limitations vary and may change over time.
• Processing timelines and due diligence: Enhanced due diligence standards have been introduced across many jurisdictions, increasing both scrutiny and processing times, particularly in response to international regulatory pressure.

Jurisdictional Trends and Considerations (2026)

European and Caribbean programmes remain popular among South African HNWIs, but the landscape has evolved:

• Europe (RBI programmes) — Countries such as Portugal and Greece continue to attract interest, although:
  • Real estate options have been restricted or removed in some cases
  • Investment thresholds have increased, particularly in high-demand areas
  • Greater emphasis is placed on genuine economic contribution and compliance
• Malta — Malta offers structured residency and citizenship-by-naturalisation pathways, subject to strict due diligence, minimum residency periods, and a combination of financial contributions and property requirements, rather than a direct citizenship-by-investment model.
• Caribbean (CBI programmes) — Jurisdictions such as St. Kitts and Nevis, St. Lucia, and Dominica remain established options, but:
  • Minimum investment thresholds have increased in recent years
  • International scrutiny has intensified, particularly from the EU and US
  • Due diligence processes have become more stringent, with increased coordination between jurisdictions.

Strategic Considerations

When selecting an RBI or CBI programme, tax efficiency should be considered alongside broader objectives, including:

• Long-term tax residency planning
• Asset protection and jurisdictional diversification
• Family mobility and succession planning
• Political and regulatory risk mitigation

Given the pace of regulatory change and increasing international scrutiny, programme selection should be based on current rules, long-term viability, and alignment with an individual’s overall wealth strategy, rather than headline investment thresholds alone or short-term immigration outcomes.

Professional advice is typically required to ensure that the chosen route integrates effectively with tax residency, exchange control, and cross-border structuring considerations, particularly for South African HNWIs managing assets across multiple jurisdictions.

How To Ensure Adequate Reporting and Compliance After Leaving South Africa

Even after a successful expatriation, maintaining continuous compliance with SARS regulations is essential.

Wealth-driven emigration is increasingly scrutinised in South Africa, and HNW expats must implement robust reporting and governance processes to avoid regulatory issues and potential challenges to their non-resident status.

To remain compliant with the relevant laws, you must:

• Formally cease South African tax residency once you no longer meet the relevant residency tests and ensure this status is correctly reflected with SARS.
• Accurately report any income and transfers that SARS requires disclosure of, (e.g., SA-sourced income or transfers exceeding the SDA or FIA).
• Manage your residency to prevent an unintended re-establishment of South African tax residency, particularly where ongoing ties such as property, business interests, or family connections remain.
• Maintain appropriate documentation (such as tax residency certificates, travel records, and financial statements) to support your non-resident status if reviewed by SARS.

If tax defaults or reporting lapses arise, the Voluntary Disclosure Program (VDP) may provide relief from the related penalties or other adverse consequences, subject to meeting the applicable eligibility criteria.

However, such matters are highly sensitive, so it is not recommended to make the related decision without adequate guidance.

Always consult a financial expert before taking any action with long-term consequences, particularly where cross-border tax reporting or historic non-compliance is involved.