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SJ272

Big changes to SA excon rules

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In short: “financial emigration” will be basically phased out (by around March 2021), people will be able to move up to R10m offshore without scrutiny, focus will move more to what is banned (some risk control measures) than what is allowed, that is, most things allowed compared to  now when most things you need to apply for. Those wanting to take out more than R10m will face scrutiny on source of funds, tax status etc. 

This also makes the new tax rules for expats less messy, or at least certainly less frightening than the hype has been, as long as you have permanent residency elsewhere you are ok tax-wise, if not you will be taxed above R1.25m  

https://www.businessinsider.co.za/a-new-anti-immigration-plan-will-soon-make-it-easier-to-move-up-to-r10-million-out-of-sa-2020-2
 

 

 

Edited by SJ272

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I'm sure this is good news for many who want to move funds offshore. It is about time the SARB relaxed these draconic rules.

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