SARS
Whether or not to financially emigrate depends entirely on your circumstances, the nature of your assets, and what you intend to achieve by undergoing the process. If you are unsure whether you are going to live and work permanently abroad,
If you’ve received a donation or a gift from someone, note that there are no tax consequences for you as the donee. However, as SARS requires you to declare all taxable and non-taxable income, you will need to declare it
Direct offshore investing can be an excellent strategy for those intending to emigrate to the foreign country they are invested in, or if they have children who intend studying in that country. Bear in mind that if you don’t intend
Probate is a procedure whereby your South African-drafted Will is approved by the foreign legal authority as valid so that your foreign assets can be administered in that jurisdiction. It involves obtaining the necessary court authority in the foreign country
Once your financial emigration has been finalised, your South African bank account will be re-assigned for exchange control purposes as an emigrant’s capital account and will be subject to South African exchange control rules. The proceeds of the sale of
In respect of a unit trust RA, you can stop contributing to your investment at any time without any fees or penalties. As there is no recoupment period as in the case of insurance RAs, you will not be penalised
If a couple is living together as ‘husband and wife’ but are not married, there is effectively no marriage capable of dissolution and there can be no transfer of pension interest benefit.
If you are married out of community of property with the accrual system, remember that your surviving spouse has an accrual claim against your deceased estate to the extent that your share is greater than hers, and this must be
Your tax commitments follow you to the grave and it is important to bear in mind that Sars has first claim to what is rightfully owing to them.
