Older expatriates often wonder what will happen with their retirement savings, and the new Two-Pot retirement system is leading to more significant confusion among South African savers.
An essential requirement is proof of non-tax resident status through a Notice of Non-Resident Tax Status Letter issued by SARS, which verifies the date when the tax residency ceased for the individual and is crucial for facilitating a withdrawal of funds.The three-year lock-up rule “This three-year requirement means that expatriates must wait at least three years if they wish to make an early withdrawal,” said Mahlaba.
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