Do not believe the articles and publications suggesting all SA Expats face a new tax charge as of 1 March 2020 (#Tax2020) Financial Emigration is not what it is advertised to be.
#financialemigration is nothing more a brand name like #taxmigration is my brand name. Sadly, the aggressive marketing of the brand name leads many to believe it is a SARB and or SARS sanctioned process or requirement. Wrong! At best a fusion of the terms formally emigrate and tax exit or emigrate, which dangerously leaves the impression that it is tick the minimum requirement box. So far from the truth.
#financialemigration does not exist in law, FACT!
The official guidelines refer to “formally emigrating” which is ONLY relevant for banking status and the right to cash out your retirement annuity before age 55. The tax law refers to “the date immediately before the day on which that person so ceases to be a resident”. You cease to be a resident for tax purposes, because of your tax residency status in the UAE. Ordinarily tax resident despite, the treaty trumps and you need not fake breaking ordinarily resident status by paying for hashtag#financialemigration
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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