Double tax warning for emigrating South Africans

Although many South Africans are looking for better opportunities overseas, they must be cognizant of their tax obligations.

“It is evident that with each political tension event in South Africa, the number of enquiries about moving abroad jumps significantly,” he added. According to case law, you are a resident in South Africa if it is the country where you return to after your travels. Capital gains tax on unit trusts in South Africa is not used for non-South African residents, and their country of tax residence taxes these gains. It is thus the responsibility of the person to declare any capital gains or investment income from the relevant tax authority.

“Living annuity income, for example, may be exempt from pay-as-you-earn tax in South Africa if you are a tax resident in a country such as the United Kingdom or Australia, whose DTA with South Africa provides for this .”People waiting to leave South Africa permanently will have to follow the “tax emigration” process:

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