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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.
Tax consequences of packing for Perth
My other blog –cross border tax
Having read the very informative article one is left wanting some more facts on the deemed C G T (capital gains tax) on the assets not sold, yet left behind. The one nice thing as that CGT on immovable property is always payable on actual sale only!
No need to bond the immovable property to pay its taxes, but you may need to cash n a few shares or mutual funds!
More information on request
