Advice on bringing in foreign currency and SARS

[Davush]

Good day all,

I have been working overseas for the past 7 years and accrued some tax free savings.

The time has come to move back to South Africa. I have yet to sign up with SARS.

I plan on buying property and possibly renting it out (I understand I will need to pay tax on rental income)

My main question is:

Am I ok to just bring my money over, i.e. transfer X amount of $ into Rands?
Also, I have foreign currency in Cash - any suggestions as to how to exchange that?

all help would be greatly appreciated!

 

[Iamnotageek]

Why would you want to come back to this **** stain of a country?

 

[Vernon]

Why would you want to come back to this **** stain of a country?

So he can fund the cANCer. They could always use more.

 

[envo]

Yes you can just bring your money over. EFT it to a local bank.
Yes you can exchange foreign currency at the airport, you need to show them your plane ticket/passport proving you were out of the country and exchanging the currency back.

I'd have thought you would know this by now since you travelled overseas?

Anyway, if you're out of the country for a 6 month period earning an income overseas, you pay tax in that country you are working in, and if it's tax free, score. I hope you deregistered at SARS when you left, you would need to reregister. Keep your passport and plane ticket stubs though, they might ask for proof as to why you didn't file for 7 years.

Since you technically paid tax in the country you worked in and stayed in for 7 years, you're not liable for tax on the money you bring in. At least this is what my accountant told me when I worked overseas for several years

 

[deweyzeph]

Since you technically paid tax in the country you worked in and stayed in for 7 years, you're not liable for tax on the money you bring in. At least this is what my accountant told me when I worked overseas for several years

Be prepared to prove to SARS what the source of your savings overseas was. E.g. payslips, invoices, employment contracts, work visas, passport stamps, etc.