There are many South Africans working abroad who have made the decision to return to their home country. For many, the pandemic was the roll of the dice that sealed their fates. For others, the idea of being far away from extended family was the drawing card that tugged at their heart strings. Regardless of…
As the South African Revenue Service (SARS) intensifies its focus on the tax compliance of high net-worth individuals (HNWI), a self-governing island nation located in the Irish Sea has steadily emerged as an appealing emigration destination for prospective South African expatriates. HNWI’s targeted A longstanding trade, economic and financial partner to South Africa, the uptick…
What Are The New Rules? Since the announcement by Treasury effective 1 March 2021 to the process of Financial Emigration and ceasing ones tax residency, the transfer of funds offshore for expatriates (emigrants as known under exchange control), has in some regards become more flexible, in terms of allowing you more than one authorised dealer,…
SARS Non-Resident Tax Status Confirmation Letter SARS is now officially issuing confirmation of tax non-residency letters. The letter serves as an additional confirmation one’s non-tax residency, with pre-existing documentation having an expiration date and not always suffice in dealing with some tax non-resident matters. However, this has sparked some confusion amongst the South Africans working…
Numerous South African taxpayers are unaware of their tax status in South Africa and what steps need to be taken to remain compliant with the South African Revenue Service (“SARS”). To add to this, there exist confusion and misconceptions surrounding expat tax where taxpayers are advised that they are compliant, but this is in most…
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…
