Latest South African Emigration News & Tax Insights

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Non-Compliant Expats In Africa Headed For Tax Showdown With SARS

24/05/2021

South African expatriates who ignore their tax obligations will soon find themselves in hot water with SARS. “They need to urgently review their compliance status with an expatriate tax specialist or risk a major personal financial crisis and even jail time,” warns Jashwin Baijoo, Legal Manager, Africa Tax and Compliance at Tax Consulting South Africa....

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UP IN THE AIR: SARS’ FOCUS ON EXPATRIATES THIS FILING SEASON

13/05/2021

In 2021, the world is an entirely different place to live in as compared to the past, and many South African expatriates face more uncertainty than ever before due to the Covid-19 pandemic. Unfortunately, coinciding with the significant mobility and financial security concerns felt by expatriates was the commencement of the R1,25 million limitation on...

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BY THE NUMBERS: EXPAT TAX THROUGH THE LENS OF EXPERTISE

04/05/2021

On the minds of many South African expatriates are the options which are available to them for tax relief in South Africa, given the many changes made to the tax laws in South Africa. However, it appears that these issues are not only highly relevant for taxpayers themselves, but also for the tax practitioners who...

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EMIGRATING AT 55 PLUS? YOU STILL PAY TAX AND YOU’LL WAIT FOR YOUR RA

03/05/2021

If you’re 55 plus and have emigrated or are intending to emigrate, you’ll still have to submit annual returns to SARS and pay tax on your worldwide income for the rest of your life. “Depending on your situation, you can either reduce or eliminate your tax obligation, but only if you follow the correct processes,”...

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SARS KEEPS TABS ON SOUTH AFRICA’S BRAIN DRAIN

23/04/2021

South Africa has experienced a large brain drain over the past few years with many skilled South Africans emigrating. However leaving South Africa doesn’t mean you can forget your relationship with SARS. “No matter where you decide to live, you are still obligated to declare your worldwide income every year to SARS and pay tax...

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ARE YOU A MILLENNIAL AND EMIGRATING? DON’T KISS SARS GOODBYE YET

21/04/2021

As a South African millennial income earner, even if you’re moving abroad, you’ll still have to declare your worldwide income to SARS on an annual or provisional basis. “Leaving South Africa does not automatically relieve you of your tax obligation,” says Victoria Lancefield, General Manager, Financial Emigration & Tax Residency at Tax Consulting South Africa....

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SARS ATTACK ON SOUTH AFRICAN TAXPAYERS ABROAD

21/04/2021

Introduction of Automatic Exchange of Information The South African Revenue Service (SARS) has discovered R400bn in offshore holdings owned by South Africans and is on the rampage to collect all taxes that it is owed on these assets. This means that South Africans who are currently working abroad need to particularly take note and ensure...

Torn brown paper revealing the words 'EXIT TAX' typed in black on white paper.

FINANCIAL EMIGRATION AND THE CAPITAL GAINS TAX ‘PARTING GIFT’ TO SARS

19/04/2021

South Africans who are already living abroad but have not yet properly financially emigrated need to be aware of the major benefits of taking the important step of ceasing tax residency to get their tax affairs in order with the SA Revenue Service (SARS). In reality, many citizens living abroad are not familiar with the...

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EXPATS CAN CASH IN RETIREMENT ANNUITIES TO HEDGE AGAINST VOLATILE RAND

15/04/2021

South Africans living abroad who have not yet financially emigrated and cashed in their retirement annuity savings are concerned about the volatile rand exchange rate. Tax Consulting SA expatriate tax specialist Victoria Lancefield said expats living in a range of countries from the United Kingdom, Ireland and the Netherlands to Portugal, France, Bermuda, China, Australia,...

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WHAT EMIGRATING TAXPAYERS NEED TO KNOW IN 2021

15/04/2021

South Africans emigrating to greener pastures may be prevented from leaving the country - or worse - if their application for tax clearance is denied by SARS. Recent changes to expatriate tax procedures and SARS’ dramatically improved auditing capabilities mean the exit process is more stringent than ever. So, taxpayers must ensure they are fully...

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FINANCIAL EMIGRATION REMAINS THE CLEANEST ROUTE OUT OF SOUTH AFRICA

29/03/2021

The process of financial emigration, which is the process that allows a taxpayer to formally place themselves on record as a non-resident for tax purposes with the South African Revenue Service (SARS), recently changed and came into effect on 1 March 2021. Jonty Leon, Legal Manager (Expatriate Tax) at Tax Consulting South Africa, says the...

A glowing light bulb next to increasing stacks of silver coins on a wooden surface, symbolizing financial ideas and growth.

THE NEW FINANCIAL EMIGRATION ANNOUNCED BY SARB

01/03/2021

Financial emigration is the process used by many South Africans abroad to formalise their non-resident status for both tax and exchange control purposes, and which is set to be amended, as mentioned a year ago in Budget 2020, and come into effect on 1 March 2021. Since the initial announcement, there has been zero public...

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LATEST NEWS

Non-Compliant Expats In Africa Headed For Tax Showdown With SARS

UP IN THE AIR: SARS’ FOCUS ON EXPATRIATES THIS FILING SEASON

BY THE NUMBERS: EXPAT TAX THROUGH THE LENS OF EXPERTISE

EMIGRATING AT 55 PLUS? YOU STILL PAY TAX AND YOU’LL WAIT FOR YOUR RA

SARS KEEPS TABS ON SOUTH AFRICA’S BRAIN DRAIN

ARE YOU A MILLENNIAL AND EMIGRATING? DON’T KISS SARS GOODBYE YET

SARS ATTACK ON SOUTH AFRICAN TAXPAYERS ABROAD

FINANCIAL EMIGRATION AND THE CAPITAL GAINS TAX ‘PARTING GIFT’ TO SARS

EXPATS CAN CASH IN RETIREMENT ANNUITIES TO HEDGE AGAINST VOLATILE RAND

WHAT EMIGRATING TAXPAYERS NEED TO KNOW IN 2021

FINANCIAL EMIGRATION REMAINS THE CLEANEST ROUTE OUT OF SOUTH AFRICA

THE NEW FINANCIAL EMIGRATION ANNOUNCED BY SARB

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