Fidelis Vox | We discern what really matters to you

Collective Investment Schemes: What is discussion document about?

Hedge fund and CIS audits have been more prevalent lately with a so-called uncertainty relating to the tax treatment of gains within a Collective Investment Scheme (“CIS” or “CIS’s”). First off, a CIS is a portfolio of assets which is established by a group of investors and operates as an investment vehicle on the investors’ behalf. […]

Charitable giving

‘What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead.’ With these words by the late Nelson Mandela top of mind last month, how can you and your family take […]

Externalising funds offshore – individuals: Three guidelines to consider

With reference to the South African Reserve Bank’s website, exchange controls aim to, amongst others, prevent the loss of foreign currency resources through the transfer abroad of real or financial capital assets held in South Africa. Exchange control regulations are applied within the Common Monetary Area (“CMA”) consisting of South Africa, Namibia, Lesotho and eSwatini […]

New exchange control circulars

Following the Budget Speech in February 2022, and the relaxation of loop structures in January 2021, a number of Exchange Control circulars were subsequently issued by the South African Reserve Bank (SARB).   The circulars included the following relaxations: The transfer of dual‐listed domestic securities from the local exchange to a recognised offshore exchange in […]

Jointly held bank and investments accounts

South African (“SA”) residents for tax and exchange control purposes, often hold bank accounts or investment accounts (“accounts”) jointly with family members (spouse and/or children) in other jurisdictions, for instance in the United Kingdom (“UK”).   Where a single account is jointly owned by two persons in joint tenancy, they each own an undivided and […]

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