The South African Reserve Bank (SARB), in collaboration with various financial institutions, maintains a comprehensive record of the residency status of all South African banking customers. Read More
Individuals and companies alike have seen increased scrutiny from the South African Revenue Service (SARS) since the greylisting of South Africa (SA) by the Financial Action Task Force (FATF). One key aspect of this has been the introduction of the new complex and document-heavy Approval for International Transfer (AIT) Tax Compliance Status (TCS) process for …
AIT Process Links Non-Compliant Companies to Individuals Read More »
The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.
The South African Revenue Service (“SARS”) introduced the new Approval for International Transfer (“AIT”) process on 24 April 2023, which requires a significant change in disclosure for South Africans taking money abroad. Read More
Living in Portugal is the dream for many South Africans, and those wishing to make this dream a reality often opted to apply for a golden visa. According to Henley & Partners, a leading global investment migration firm, a golden visa grants approved applicants’ full residence rights in exchange for a defined economic contribution to …
One Last Opportunity For The Portugal Golden Visa The Time Is Now Read More »
In the midst of growing international restrictions on foreign property investors, South Africa remains a welcoming haven to these buyers. “Foreign investors can enjoy greater freedom to purchase a wider range of properties in South Africa with fewer and lower investment requirements,” says Victoria Lancefield, Director of Expatriate Tax and Banking Engagement at Tax Consulting …
South Africa Welcomes Foreign Property Investment Despite Widespread Global Restrictions Read More »
Reflecting their bearish view on the rand, South African expatriates holding rand-denominated life policies are increasingly opting to convert their policies to the dollar, providing a hedge to the rand while exempting them from domestic estate tax. “By taking out an offshore life insurance policy denominated in the most widely-used global currency, the US dollar, …
South Africans Creating Offshore Wealth By Switching SA Life Policies To Dollar Read More »
New Rules Applicable to All It is important to note that the changes announced, applies retrospectively to everyone who has completed the Financial Emigration Process. Thus, if you Financially Emigrated pre-1 March 2021, these law changes still apply to you. More Complex – Let Us Explain The additional restrictions means that you must comply with …
