Exchange Control and Tax Residency in South Africa
The South African Reserve Bank (SARB), in collaboration with various financial institutions, maintains a comprehensive record of the residency status of all South African banking customers.
Navigating Tax Residency: A Guide for South African Expats
For South Africans who have ceased their tax residency, unlocking one’s retirement savings becomes a nuanced journey filled with complexity and uncertainty.
Further Changes to the Approval for International Transfer Process
On 24 April 2023, the South African Revenue Service (SARS) released new enhancements to the Tax Compliance Status (TCS) process, with immediate effect. The changes made by SARS mainly concerned the approvals required by individuals when transferring funds out of South Africa. Now, SARS has made further changes – but what are these changes, and […]
Do my retirement funds come with me when I leave South Africa?
For those looking to move from South Africa, a burning question often remains: what happens to their hard-earned retirement funds? How, and when, will they be able to withdraw their retirement interests in South Africa; and of course, where will these be taxed?
The 3 year lock up rule misconception – What South Africans abroad need to know
Expatriates are often under the impression that they need to wait three years before they can formalise their non-residency status. This can be due to various reasons such as misunderstanding the legislative amendments, advisors wanting to monetize on the withdrawal of these retirement funds and the subsequent remittance offshore or lack of professional guidance.
From Departure To Encashment: The Two-pot Retirement System
The much anticipated two-pot retirement system, introduced as a “knight in shining armour” for South Africans, has received a new implementation date of March 2024. Expats are cautioned to pay attention to the effects that this will have on the encashment of their retirement savings.
Demystifying the Cease Tax Residency Process – Back to Basics
South African expatriates are often faced with a challenging decision – whether or not to cease their tax residency in South Africa (SA). However, this process has evolved drastically over the last few years, causing confusion for expatriates and tax professionals alike. Many remain unaware of what ceasing their tax residency in SA means and […]
SARS Continues to Place South African Expats at a Crossroads
In recent years, the South African Revenue Service (SARS) and National Treasury have implemented several legislative and policy changes that have paved the way to enforcing the tax obligations of South Africans living and working abroad.
Decoding Expat Tax
Expatriate tax is complex, intricate and can be challenging to understand – especially if one does not have the basics, such as what is an expat, down pat.
Splitting the Difference: New Rules for Taxpayers Ceasing Tax Residency
On 31 July 2023, National Treasury published the new draft tax law amendment bills for public comment. The public can submit their comments on the proposed amendments until the close of business on 31 August 2023. Whilst a number of the proposed amendments will not impact the average taxpayer, expatriates – specifically those who have […]
In the News
Understanding and Changing Your Tax Residency Status in South Africa12/02/2024 - 14:00
Avoid nasty tax surprises by checking your tax residency status with SARS11/26/2024 - 12:23
Reporting Requirements for Ceasing South African Tax Residency11/20/2024 - 07:53
Financial Emigration: Legal and Compliance Considerations11/13/2024 - 08:55
Expatriates Navigating the Complexities of Tax Filing Before the Deadline10/18/2024 - 07:14