Emigrating

deweyzeph said:
It's only a tax event if you officially financially emigrate and apply to SARS to end your tax residency in which case all your assets (except fixed property) are deemed to have been disposed for capital gains tax purposes. Just emigrating by itself does not mean that your SA tax residency is automatically ended.
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Correct, but I don't know all the facts here, I am just point out something that he might not have thought of.
 
deweyzeph said:
It's only a tax event if you officially financially emigrate and apply to SARS to end your tax residency in which case all your assets (except fixed property) are deemed to have been disposed for capital gains tax purposes. Just emigrating by itself does not mean that your SA tax residency is automatically ended.
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You don't have to apply to not be a tax resident. There are rules in the act that determines your tax residency status and not if you submitted a form to formally emigrate or not.

The Act is clear that if you are no longer a tax resident, I disposal is triggered.

Tax residency is not determined by the formal application to SARB/SARS.

www.sataxguide.co.za/when-are-you-a-tax-resident/
 
signates said:
You don't have to apply to not be a tax resident. There are rules in the act that determines your tax residency status and not if you submitted a form to formally emigrate or not.

The Act is clear that if you are no longer a tax resident, I disposal is triggered.

Tax residency is not determined by the formal application to SARB/SARS.

www.sataxguide.co.za/when-are-you-a-tax-resident/
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Financial Emigration and Tax Residency aren't the same thing.
 
signates said:
I never said it was. I'm specifically stating that it's not.

Becoming a non resident for tax purposes is not something that's applied for but something that is automatically triggered if certain conditions are met.
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In the context of the unrelated discussion to the OP though they are referring to financial emigration.
 
envo said:
Crypto isn't a physical asset he has to sell in order to move countries. So stop lying to the poor guy.

It's like saying, if you own websites that make adsense money, you have to sell them first to be able to emigrate. GFY if you think that's the truth

/edit Also, you don't have to sell your property to be able to emigrate either #just saying
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Seriously. How can people be this dumb.
 
Gotta love how in these threads people are really concerned about making sure the the pig trough is filled. :ROFL:
 
As a side note, if you do not terminate your tax residency, you will probably be liable for up to 40% tax on your (already taxed) foreign income starting July 2020.
 
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