South Africans who have settled in other countries may not be aware that a change in tax residency is not automatic. As a result, these expatriates fail to notify the South African Revenue Service (SARS) of their tax status change, thereby remaining a resident of South Africa for tax purposes. It is important to note…
South Africans working and residing overseas, even those who left the sunny shores decades ago, may find they are literally not on the same page as the South African Revenue Service (SARS) when it comes to their tax residency status, and that can come with serious tax implications. After recent system changes at the office…
It’s not unusual for the South African Revenue Service (SARS) to tighten compliance requirements, especially for individuals seeking to cease their South African tax residency. Recently, SARS has again stepped up its approach by conducting more rigorous scrutiny of applications. This includes a thorough review of individuals’ tax returns, going back up to five years,…
If you’re South African and thinking about making a permanent move abroad, or have you already taken the plunge. It’s crucial to understand the legal and compliance obligations related to your tax residency status with the South African Revenue Service (SARS). Ceasing your tax residency can have significant implications, especially if you want to avoid…
For South African expatriates living overseas, tax filing can be a contentious and often confusing issue. Many expats are uncertain about their tax obligations, and have received conflicting advisory around their obligations, making the looming annual deadline a stressful period. With the filing deadline just days away it is important for South African expats globally…
Navigating Inheritance – Receiving an inheritance from South Africa can be a complex process for expatriates, involving various legal and tax considerations. One of the most critical factors is tax residency status, which significantly influences how the inheritance is processed and transferred abroad. It is essential for expatriates whether they have ceased their tax residency…
Notwithstanding positive developments in recent months with reduced loadshedding and the results of the recent national elections, many thousands of South Africans expats continue to seek greener pastures abroad. In many cases, such expats elect to cease their tax residency statuses in South Africa, through the financial emigration process. Richan Schwellnus Tax Attorney Admitted Attorney,…
Deciding to emigrate is a profound financial decision that goes far beyond simply pointing to a location on a map. It demands thoughtful consideration and meticulous planning to determine why you are choosing a particular country as your new home. The process of adjusting to a new personal and professional environment can be challenging, however,…
South African expatriates considering an early withdrawal from their retirement savings in South Africa now that the new Two-Pot Retirement system is in place, should get their timing right. There is now a golden window to access your retirement funding and especially for those who have left South Africa long ago and decided to just…
Since the controversial amendment to Section 10(1)( o )(ii), known as the ‘Expatriate Exemption,’ took effect on 1 March 2020, a pressing question among South Africans living abroad has been, “How will SARS find me?” This concern is particularly valid for expatriates who currently earn over R1,25 million, given SARS’s intensified focus on ensuring compliance…
