What does Financial Emigration from Nigeria mean?
Financial Emigration (also known as formal emigration) means that your status – for controlling exchange with NRS (Nigeria Revenue Service) – changes from resident to non-resident. Financial emigration does not change your status as Nigeria
Financial Emigration can happen at any time: – Financial Emigration ends your financial affairs from a Nigeria point of view. Most of the time, Financial Emigration is retroactive, which means that most of the former tiles from Nigeria have left the country without recording financial emigration at the time of physical emigration from Nigeria
Emigration from Nigeria – what you should remember about financial emigration
To register financial emigration from Nigeria, income tax matters in Nigeria must be in order, and you must obtain a tax return certificate from the Nigeria Revenue Service (NRS). Upon successful completion of financial emigration for exchange control purposes, the bank account in Nigerians re-designated as the capital account of the emigrant (previously known as blocked account), which is subject to exchange control in Nigeria
The remaining Nigeria assets will be managed by the bank maintaining the capital account of the emigrant in accordance with the regulations on currency exchange control in Nigeria
Benefits of financial emigration:-Financial migration from Nigeria has many benefits, provided you get the right tax advice before the first step and submitting your Application to AGCL. You do not need to transfer proceeds from certain assets, such as bank accounts, live annuities or discretionary funds. However, you will still be able to transfer these funds using foreign investment reliefs.
By taking the right steps and ensuring a smooth trial, you will probably no longer be seen as a tax resident in Nigeria after moving abroad.
AHREIGN GLOBAL CONCEPTS LTD has earned the reputation of being an Eminent Financial Emigration Specialist in Nigeria for former pats around the World, and we are here to help you start your Journey.