I AM EMIGRATING
I Want To Move Abroad
If you may return to live in South Africa, you may want to hold off on changing your tax resident status. As an individual citizen living abroad who has not formally emigrated (i.e. ceased to be a tax resident), you are allowed a foreign investment allowance of up to R10 million per calendar year.
Foreign Investment Allowance Explained
South African residents with a valid bar-coded ID and tax number qualify for the following facilities:
Foreign Investment Allowance – R10 million per adult per calendar year
A single discretionary allowance of up to R1 million per adult and R200 000 per child under the age of 18 years can be used for travel purposes. The child needs to have a copy of his passport and flight ticket in order to make use of his travel allowance. You may not use the travel allowance more than 60 days before departure, and
An AIT(Approval of International Transfers) must be obtained from SARS and is valid for 12 months.
For Those Looking To Invest More Than R10 Million
We can assist with the reasonably lengthy compliance process. Contact us to schedule a consultation so we can talk you through the process.
Allow us to reduce some of the stress related to moving overseas. Talk to us today.