The Glitch In Our New Residency-Based System
South Africa’s exchange control regime has relaxed considerably over the last few years, but the most recent amendments have created widespread confusion around the definition of non-residency for exchange control purposes.
Financial Emigration: Should I Stay, Or Should I Go?
Whether working abroad or still hunting for jobs overseas, the possibility of a financial emigration always hits centre stage at some point.
SARS Issues Audit Requests Upon Ceasing Tax Residency
There is an alarming number of South African expatriates relying on the ‘tick-box’ approach to cease their tax residency. Alternatively, others assume that they are no longer tax residents because they reside outside South Africa or do not maintain assets in South Africa. These misconceptions flow from the shady advice that expatriates continue to receive.
Tax Consulting South Africa Working With SARS
As the financial emigration process moves into a new era, the Tax Consulting Group is still fighting for all taxpayers under the old financial emigration regime to ensure they are not discarded. As for the current taxpayers we are in the process of trying to make the transition as smooth as possible.
Mauritius Is Making Residency Even More Attractive For South Africans
On 10 September 2021, Mauritius officially reopened its borders to South Africans, ending the 18-month travel ban imposed on SA visitors. The Mauritius Tourism Promotion Authority (MTPA) openly welcomed South African tourists back to the Mauritius shores, which is a token of the relationship between the two countries.
Government Faces Several Obstacles in Imposing Exit Tax on Retirement Interests
The Standing Committee on Finance held public parliamentary hearings on 31 August 2021 regarding the proposals contained in the Draft 2021 Tax Bills. One of the most hotly debated items on the agenda was the proposal to tax retirement interests where South Africans cease their tax residency. During the public hearings it became evident that […]
Pathway To European Citizenship
Citizenship planning has become an important element of every financial plan. Today investors are incorporating the benefits of citizenship planning in their estate planning, retirement planning, legacy planning and tax planning.
Living Abroad? SARS Is Stepping Up Their Prosecuting Game
South Africans living abroad should be aware of the seriousness with which SARS is dealing with non-compliance. Provided that you are working abroad and have not ceased your tax residency, while not filing tax returns or declaring your foreign income, you are most likely non-compliant.
Policy Withdrawals After Financial Emigration – SARS’ Current Challenges
There are many reasons why South African tax residents undertake to cease tax residency through the financial emigration process. One of the reasons is that a successful financial emigration provides one with the rare opportunity to fully encash your policy funds.
SARS’ Role In The Criminal Justice System
SARS is mandated through legislation to conduct a criminal investigation if it suspects tax fraud. Once it has been finalised, they register a formal complaint with the South African Police Services.
