It is still possible to financially emigrate and cease your tax residency. However, the financial emigration process has been amended to include only a SARS process as SARB has been phased out of the process. Previously the FE process was a two-component process that consisted of a SARS and SARB process.
Financial Emigration can be backdated to as far as when you first left South Africa. Our team of Financial Emigration Specialists can further advise on any limitations and/or conditions.
Once financially emigrated, you would need to ensure that you do not trigger tax residency again by way of the physical presence test when coming into South Africa. It is recommended that you seek advice regrading your tax residency status as this is determined on a case-by-case basis.
The expatriate tax law has already come into effect as of 1 March 2020. Therefore, should you have an intention to remain outside of South Africa on a permanent basis, the Financial Emigration process would need to be completed as soon as possible.
Yes, if your intention at this point is to return in the near or distant future, it is still considered that you have an intention to return and therefore remaining a tax resident in terms of the Ordinarily Resident Test.
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