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Pension funds & emigration – tax impact

Investing in an offshore retirement fund is one way of growing your wealth in a stable economy over the longer term, or even gaining residency in a foreign country. However, for South Africans, this scenario presents as many challenges as it does opportunities and should only be considered after consulting with a financial adviser and tax expert.

Decoding expat tax

Expatriate tax is complex, intricate and can be challenging to understand – especially if one does not have the basics, such as what is an expat, down pat. Simply, an expatriate, or expat, is an individual who has relocated from their home country to another, either temporarily or permanently.

Isle of Man emerging as territorial forerunner among SA investor expats

As the South African Revenue Service (SARS) intensifies its focus on the tax compliance of high net-worth individuals (HNWI), a self-governing island nation located in the Irish Sea has steadily emerged as an appealing emigration destination for prospective South African expatriates.

Offshore pensions a key part of gaining financial freedom

How do I retire comfortably, and maintain the lifestyle I’ve become accustomed to? That’s the question many of us ask ourselves at some point – and there’s no single right answer. Everyone has their own circumstances and goals.

Budget 2022 – South African expats remain top priority for SARS

The Budget Review 2022 was far from a 'good news' budget for South Africans working abroad (expats). For the 5th consecutive year, there has been changes proposed that clearly indicate that SARS is still targeting expats and view them as low-hanging fruit to boost revenue collection.

The ‘silent’ changes affecting South Africans who are emigrating

The transition from the old emigration regime to the current regime - ceasing of tax residency, came with some relief. However, there were some silent changes that went unnoticed. The most notable change has been the requirement of a SARS Tax Compliance Status (TCS PIN) for every capital transfer a Non-Resident/Non-Tax Resident makes to offshore.

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. Tax is inherently complex, but once you start crossing borders it becomes an ever-changing calculation that can easily render void the benefits of earning a foreign income, which was possibly the reason why you chose to work abroad in the first place.

Mauritius is making residency 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.

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.

Avoid tax wolves in sheep’s clothing: things to look out for

Post-COVID-19 economic resurgence saw an increase in international work opportunities. With skills in hand, many South African professionals have become sought-after in other countries. As a result, their finances and subsequent taxation have come under scrutiny. However, along with the awareness of tax complications, another threat has emerged.


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