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What to consider when looking at offshore risk protection?

Digitisation and increased mobility in the workplace are making the world more accessible by the day. With a paradigm shift towards working remotely, many South Africans are looking for ways to do this while travelling the globe. An accompanying spike in people wanting to emigrate or find work overseas, means there are a lot of South Africans abroad, or on their way soon.

Are offshore bank, investment and trust accounts still allowed?

Unpacking the enigma around offshore starts with one simple certainty; nothing in the South African Income Tax or Reserve Bank regulations prohibits South Africans from opening a bank account, investment account or setting up an offshore trust.

Offshore trust rules to be tightened?

The general principle is that South African resident individuals who have settled offshore trusts are taxed on the income and capital gains of that trust (or its underlying subsidiary) in terms of the Income Tax Act, 1962 (the Act).  


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