Ex-pat Pensioners enjoy Exchange Control Freedom

On our Exchange Control Blog we posted an interesting Exchange Control update (Circular 4 of 2014) refers. See http://wp.me/P4efR1-q

In short:

Ex-pat Pensioners residing abroad (not having formally emigrated) can now extract their monthly pension and retirement annuity income from South Africa (SA) without the need of a tax clearance certificate, despite living abroad as so called temporary non-residents.

TAX ISSUES

UK resident ex-pat pensioners must take note of their NDR status and the tax consequences of remitting SA pension to the UK.

UK, USA, Australia and New Zealand ex pat pensioners may need to avail to treaty benefits to extract their pensions tax free from SA.

Should you need help complete the section below and we will be in contact.

Published by Hugo van Zyl CA(SA) TEP MTP(SA)

I am a qualified Chartered Accountant (South Africa) and a registered Master Tax Practitioner (South Africa) and Trust and Estate Practitioner. I live in Cape Town yet many clients and intermediaries are based in Sandton, Durban, Bloemfontein ad Pretoria. I, therefore, commute on a regular basis. I have been married for some 20 years, we have no children and we love to travel. We share an affinity for good company, interesting food and good value for money wines.

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