Financial Emigration is the formal process to declare oneself as a non-resident for tax in South Africa. The process ensures that one has met all requirements under the Income Tax Act No.58 of 1962 to ensure that one is a non-resident in accordance with South Africa’s tax residency tests.
Yes, it is possible to be a shareholder of a private company and have a business account if you have financially emigrated.
Yes, that is possible. However, it is important to seek professional assistance to ensure correct application of a DTA.
Yes, this is possible.
The cost would be dependent on your circumstances and can only be accurately quoted upon evaluation thereof. We offer a free initial consultation to determine your personal circumstances and qualify you and quote you accordingly.
No, it does not. You are still able to make investments in South Africa as a non-resident.
There is a misconception that the concept of financial emigration no longer exists. However, this is incorrect as the financial emigration process has been amended to include only a SARS process as SARB has been phased out of the process. The choice of whether to Financially Emigrate is dependent on whether you have a permanent intention to remain outside of South Africa or not. Should you have this intention, then it is highly recommended that you consider Financially Emigrating.
Both residents and non-residents can own property in South Africa. As a non-tax resident, you are still taxed on any income received from rentals as well as on any capital gain on the property upon disposal.
Financial Emigration has no expiration date as it is a once off declaration of ceasing your tax residency.
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