Are friendly offshore jurisdictions really that friendly?
In an environment where taxpayers are not confident in their “return on investment” domestically and where something like the National Health Insurance financing system instills more worry than comfort, those who can afford to, are looking to hedge their bets elsewhere. . Portugal, amongst others, has been a popular jurisdiction for South Africa’s as a […]
How do I externalise funds from South Africa – the new TCS process
Following the end of “emigration” as an exchange control concept in 2020, several changes have been effected by SARS and specifically its Tax Clearance Status (“TCS”) application process. The previous MP336 application which related to “emigration” was notorious for its red tape. It is trite that each taxpayer 18 years and older has a single […]
Paying it forward in Mandela month: creating a lasting family legacy
‘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 this month, how can your family ensure a […]
An alternative method of placing non-tax residency on record
Up to recently you could declare your non-tax residency in your tax return (submitted via eFiling) or by requesting a certificate of residence from the South African Revenue Service (“SARS”) by completing a specific form (RAV01). In both instances, the person must be registered for income tax purposes with SARS. In light of the above, […]
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 […]