Tag: ForeignInvestors

Foreign nationals who own fixed property in South Africa and derive rental income from it are increasingly facing new compliance hurdles when accessing or transferring those funds. Recent feedback from multiple South African banks indicates tighter access to non-resident bank accounts when account holders do not meet additional tax compliance requirements. As a result, foreign property owners could temporarily find themselves out of pocket under these new banking and tax rules.

South African law requires any person who becomes liable for tax, whether income tax, VAT, or Capital Gains Tax, to register as a taxpayer with the South African Revenue Service (SARS). You must obtain a tax number. This unique identifier, issued by SARS, tracks and manages your tax obligations and compliance.