Effective 1 March 2021, the South African Reserve Bank (SARB) removed themselves from the process of Financial Emigration. The move was gladly welcomed by Authorised Dealers (banks), as this took away the burdensome process banks had to follow guided by Exchange Control Rulings. Lovemore Ndlovu SARS and Exchange Control Specialist This eliminated the completion of…
In search for opportunities abroad, many South Africans have taken to the seas. It might not be the same as working in a new country, but it offers a change of scenery while earning a foreign income. Labert Roberts Expatriate Tax Team Manager Working on a rig, a yacht or a cruise ship is not…
With various countries closing their borders since the inception of the COVID-19 pandemic, the Netherlands has emerged as one of the new frontrunners as a destination for emigrating South African to further their careers. Not only is the Netherlands attractive in terms of their work / life balance, but the Dutch government offers enticing tax…
The Budget Review 2022 was far from a “good news” budget for South Africans working abroad (“expats”). For the 5 th consecutive year, there has been changes proposed that clearly indicate that SARS is still targeting expats and view them as low-hanging fruit to boost revenue collection. The three main points directly impacting expats are…
The Minister of Finance, Enoch Godongwana, delivered his maiden Budget Speech this afternoon. Discussed below are 10 key highlights from the 2022 Budget Review. 1. Tax rates have not been increased – Government refrained from increasing personal income tax rates. The Budget Review noted that increasing the top tax rates yields marginal returns. Therefore, rather…
Tax Non-Residents can acquire and sell South African immovable property in South Africa as there are currently no restrictions prohibiting them from doing so. The only restriction is that illegal aliens may not own immovable property in South Africa. Lovemore Ndlovu SARS and Exchange Control Specialist Martin Bezuidenhout Expatriate Tax Attorney The various implications of…
South Africans working abroad seldom follow the correct procedures when it comes to matters pertaining to tax. Most of the concerns originate from the uncertainties surrounding the ceasing of their tax residency, with many not even sure what the term really means. With the South African Revenue Service (SARS) on high alert for non-compliant expats,…
Given the nature of finances, particularly the tax component of finances, it is fair to say that it is a complex and ever-changing part of life. No matter how up to date you think are, once you start relooking your tax obligations, you will probably find that things are never quite as rosy as they…
Access to current information has become the saving grace for expatriates. However, with the advent of social media platforms, came an accompanying surge of opportunistic advisors who unknowingly, and sometimes knowingly, mislead vulnerable expatriates in their quest for clarity, and in so doing, potentially harm their relationship with the South African Revenue Service (“SARS”). Thomas…
The South African Revenue Service (“SARS”) recently expressed its intentions to dive into its recruitment drive with renewed vigour. First on the block, is the employment of 250 young South Africans. This presents a grave concern for expats working, or planning to work, abroad. Thomas Lobban Legal Manager, Cross-Border Taxation Victoria Lancefield General Manager Financial…
