Emigration Tax? ANC Regime to Charge Emigrating South Africans an Additional “Exit Tax” on Retirement Funds!

Emigration Tax? ANC Regime to Charge Emigrating South Africans an Additional “Exit Tax” on Retirement Funds!

   Amsterdam,ANC,Australia,Austria,Belgium,Britain,Canada,Dublin,Emmigration,Europe,Expatriate,Expats,France,Germany,Hong Kong,Ireland,Italy,London,Nederland,Netherlands,New York,New Zealand,News,Portugal,Rome,SA Politics,SAFFA,South Africa,UK,USA ,,,,,,,,,,,,,,,,,,,,,,,   August 9, 2021  No Comments

In the National Treasury’s latest published Draft Tax Bills, which incorporates the tax proposals made in the 2021 Budget, the amendment proposes a particularly worrying amendment which may upend taxpayers’ carefully planned retirement. The Draft Taxation Laws Amendment Bill (TLAB) proposes an additional “exit tax” to tax retirement fund interests of individuals when they cease South African tax residency. This proposed amendment, due to come into operation on 1 March 2022, would be a further blow to emigrating South Africans wanting to cease their tax residency, following on from the three-year lock-in rule imposed on retirement annuities earlier this year. 

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What South African expats need to know about financial emigration and recession

What South African expats need to know about financial emigration and recession

   Australia,Belgium,Britain,Currency,Economy,Emmigration,Expats,France,Germany,Immigration,Ireland,Los Angeles,Money Matters,New Zealand,UK,USA ,,,,,,,,,,,,,,,,   September 7, 2018  No Comments

With the South African economy currently in recession, lessening the effects of Rand volatility is a top priority for many people at the moment. Many expatriates have retirement funds and other assets in South Africa that they would like to withdraw and transfer offshore. This is known as the process of financial emigration. SAFFA.com had a look at the most common questions about this process below.

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