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As a South African, your tax obligations do not cease to exist just because you have moved abroad. That is why it is vital to ensure you emigrate formally.
You will need a tax clearance certificate if you are transferring any funds abroad in terms of your foreign investment allowance, or if you’re considering emigration. A tax clearance certificate is the official document that is issued by the South African Revenue Service that serves as confirmation that the applicant’s tax affairs are in order.
South Africa has a residence-based tax system. A person who is a ‘tax resident’ of South Africa is taxed on his worldwide income, while a ‘non tax-resident’ is taxed only on his income that is sourced within the Republic of South Africa. Pending ‘expat tax’ amendments will make it even more complicated, as South Africans living abroad can be taxed up to 45% on worldwide income, if it exceeds the amount of R1.25 million per annum.
Tax clearance for emigration purposes used by South Africans who have been living abroad prior to financial emigration must provide proof of tax compliance when processing financial emigration. This process can take up to 21 working days.
Our tax practitioner offers a range of accounting, taxation, and related services, including annual returns, new company registrations, tax clearances and directives, as well as financials.
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What you need to know
If you are a former South African citizen who lives abroad, but needs access to trapped funds, like a retirement annuity, we can assist you to emigrate formally.
You will also be able to qualify for an allowance as soon as you emigrate formally.
Your capital allowance will be an amount of R10 million per adult or R20 million per family and a travel allowance of up to R1 million per adult and R200,000 per child under the age of 18.
Furthermore, you will have an export allowance entitling you to export household and personal effects, including cars up to a total insured value of R2 million.
It is also possible to request the transfer of your remaining liquid assets that exceed the foreign capital allowance limits. We also manage the application for assets exceeding these allowances.
The processes, how long it takes and estimate costings – Randtangle need to advise if they are happy with the above
How are RandTangle’s fees calculated?
RandTangle charges a service fee based on the specific circumstances and need surrounding the emigration of each client, and the services required, We do not have a commission based service fee that changes based on policy size. Contact us for a no obligation quotation.
How do I get my money out of South Africa?
There are various ways you can access your money in South Africa. This includes using normal allowances, such as your annual Discretionary Allowance, or formally emigrating from South Africa. We can help with all of these.
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