News Archives - Cease Tax Residency

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Financial Emigration: Legal and Compliance Considerations

Financial Emigration: Legal and Compliance Considerations If you’re South African and thinking about making a permanent move abroad, or have you already taken the plunge. It’s crucial to understand the legal and compliance obligations related to your tax residency status with the South African Revenue Service (SARS). Ceasing your tax residency can have significant implications, […]

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Navigating Inheritance: Key Considerations for South African Expatriates

Navigating Inheritance: Key Considerations for South African Expatriates Navigating Inheritance – Receiving an inheritance from South Africa can be a complex process for expatriates, involving various legal and tax considerations. One of the most critical factors is tax residency status, which significantly influences how the inheritance is processed and transferred abroad. It is essential for

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Expatriates Navigating the Complexities of Tax Filing Before the Deadline

Expatriates Navigating the Complexities of Tax Filing Before the Deadline For South African expatriates living overseas, tax filing can be a contentious and often confusing issue. Many expats are uncertain about their tax obligations, and have received conflicting advisory around their obligations, making the looming annual deadline a stressful period. With the filing deadline just

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Contemporary Financial Emigration Myths and Misconceptions

Contemporary Financial Emigration Myths and Misconceptions Notwithstanding positive developments in recent months with reduced loadshedding and the results of the recent national elections, many thousands of South Africans expats continue to seek greener pastures abroad. In many cases, such expats elect to cease their tax residency statuses in South Africa, through the financial emigration process.

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Ceasing of South African Tax Residency: A Back-to-Basics Approach

Ceasing of South African Tax Residency: A Back-to-Basics Approach Deciding to emigrate is a profound financial decision that goes far beyond simply pointing to a location on a map. It demands thoughtful consideration and meticulous planning to determine why you are choosing a particular country as your new home. The process of adjusting to a

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Timing Is Everything For SA Expatriates When It Comes To Two-Pot System Withdrawals

Timing Is Everything For SA Expatriates When It Comes To Two-Pot System Withdrawals South African expatriates considering an early withdrawal from their retirement savings in South Africa now that the new Two-Pot Retirement system is in place, should get their timing right. There is now a golden window to access your retirement funding and especially

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Foreign Tax Credits – Welcome Surprise or Snare for Wealthy South African Taxpayers?

Foreign Tax Credits – Welcome Surprise or Snare for Wealthy South African Taxpayers? In an exciting recent development, National Treasury published a set of draft Tax and Revenue Law Amendment Bills, together with accompanying Explanatory Memorandums thereto, for public comment. These draft Bills contained a host of robust proposed changes to tighten certain loopholes and

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SARS Non-Residency Verification Risk For Expats Filing 2024 Tax Returns

SARS Non-Residency Verification Risk For Expats Filing 2024 Tax Returns As a South African living abroad, you might assume that your tax affairs are in order. However, recent changes by the South African Revenue Service (SARS) require immediate attention to your non-resident tax status. Before submitting your 2024 tax return, it is crucial to ensure

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Navigating Last-Minute Changes for Expats: A Guide to the Two-Pot Retirement System

Navigating Last-Minute Changes for Expats: A Guide to the Two-Pot Retirement System Proposed amendments to the Income Tax Act concerning the two-pot retirement system, were announced by Treasury on 1 August 2024. Coming just a month before the system’s scheduled implementation, these changes have introduced additional considerations for those South Africans living abroad. Expatriates must

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