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…
As a South African living abroad, you might assume that your tax affairs are in order. However, recent changes by the South African Revenue Service (SARS) require immediate attention to your non-resident tax status. Before submitting your 2024 tax return, it is crucial to ensure that your non-resident tax status is correctly aligned with SARS….
Proposed amendments to the Income Tax Act concerning the two-pot retirement system, were announced by Treasury on 1 August 2024. Coming just a month before the system’s scheduled implementation, these changes have introduced additional considerations for those South Africans living abroad. Expatriates must take note of the amendments which may affect their ability to access…
Exchange Control Perplexity South Africans who have taken the leap to finalise their cessation of tax residency often overlook the banking regulations and financial consequences that may follow. Understanding these concepts is crucial to ensuring that you remain fully compliant as a non-resident taxpayer and will help you avoid setbacks when engaging with the financial…
President Ramaphosa’s signature to introduce National Health Insurance (NHI) on 15 May 2024 has been met with mixed reactions. The three elephants in the room are, who will foot the bill, will all doctors and healthcare workers now work directly for the government, and will all South Africans be forced to use government-quality healthcare? The…
The approval of the controversial National Health Insurance (NHI) Bill in South Africa has sparked significant concern across various segments of the population. Medical professionals are apprehensive about potential mandates to work for the government, families with at-risk members fear for their loved ones’ care, and taxpayers are worried about the financial implications. These factors…
We have noted incorrect media coverage around South Africans abroad, which notes that to comply with “new” SARS obligations you need to be physically present in South Africa. It is then implied that this change on SARS eFiling then burdens taxpayers to fly all the way home. Nicolas Botha Tax Team Compliance & Processing Manager…
While planning and packing to move abroad may seem simple, many expatriates often wonder about what will happen to the fortune of their accumulated retirement funds. The questions on how to navigate the withdrawal of the different types of funds remain a difficult and confusing topic. Mbalenhle Mahlaba Consultant: Expatriate Tax As more expatriates plan…
