The South African economy has been left frustrated by the number of citizens moving abroad, and failing to resolve their domestic tax issues. This was noted in the Parliamentary hearings in 2017 as one of the main reasons why the tax laws on South Africans working abroad had to change. As SA faces the prospect of […]
Immigration (physical relocation) – to another country from South Africa. Emigration (financial emigration) – from an exchange control perspective, is the financial exit from South Africa. On completion of this process your financial status in South Africa changes from resident to non-resident.
A previous limitation to criteria which enabled South Africans working abroad to make early withdrawals from their retirement annuity funds has had unintended policy consequences. This has prompted proposed measures in the Draft Taxation Laws Amendment Bill whereby individuals will have to formally emigrate to be able to make early lump sum withdrawals from their […]