It’s official. Formal emigration as we know it, has come to an end as of 28 February 2021, what now? On the 15th of January 2021, the President assented to the Taxation Laws Amendment Act No. 23 of 2020 (“TLAA”), which was subsequently promulgated on 20 January 2021. From the
Once a South African citizen has emigrated from the Republic of South Africa, and that emigration is formally recognised by the South African Reserve Bank (SARB) for purposes of exchange control, they are eligible to apply for the early withdrawal of their retirement annuities.
But what are the financial implications that South African expats face when they cash in their annuity early?
Tax law amendment The 2020 Draft Taxation Laws Amendment will change the way we view formal emigration. This tax law amendment has a ripple-effect on South Africans who plan to leave the country, as well as expats whose emigration has not yet been finalised. What does the new tax law
Any other year, if you worked outside of South Africa for more than 183 days in a 12-month period, you would qualify for tax exemption on your foreign income. However, 2020 is not a normal year. With the world in lockdown for a large part of the 2020 tax year,
Pension, Provident, Retirement Annuity. If you have one, great! If you have one in South Africa and you live abroad and not planning on coming back. Not so great. So, what now? What does retirement planning involve? According to an article from Investopedia (2019) by Arthur Pinkasovitch, retirement planning is
Round 1: RSA Government vs RSA Expats The South African Government is getting into the ring with the South African expats and – this is a fight not to be missed. Miaau! The Government cat is hungry. In the left corner, weighing in at a substantial amount due to obvious
Your neighbour, your cousin, a high-school friend or even your hairdresser…. We all know someone who has, or is in the process of, emigrating. And if you are reading this article, chances are that you are busy doing your homework and trying to find answers to some of those pesky