Emigration and exit tax.

[marco]

Been there and done that. When you emigrate all your assets excluding your home will be deemed as sold the day before you "formally" emigrate. This "deemed" sale is taxed at the gains you have made.

If you keep the same securities after your emigration then you start at zero gains in your new country. Simple? Not quite.
Read the DTA as this may confuse things.

Most DTA's state that CGT is only payable to the state where the person is resident. Some may state otherwise so check it out before you exit.

 

[HavocXphere]

Sup orca.

How fare things in sunny Portugal?

 

[Milano]

You mean you might pay CGT twice on the same gain?

 

[Voicy]

You mean you might pay CGT twice on the same gain?

This is my current situation.

I'll pay exit tax and according to the letter I received from the norwegian tax man, regardless of my emigration status in SA, any funds I bring into the country will be seen as income and taxed accordingly... :/

 

[HavocXphere]

This is my current situation.

I'll pay exit tax and according to the letter I received from the norwegian tax man, regardless of my emigration status in SA, any funds I bring into the country will be seen as income and taxed accordingly... :/

That seems rather unlikely. Regardless of what ZA said this from a Norwegian perspective the simple moving of money that is already yours shouldn't equal income.

I know literally nothing about the Norwegian tax system but just doesn't seem plausible.

You mean you might pay CGT twice on the same gain?

No not unless whoever drafted the double tax agreement fk'd it up completely. The entire purpose of the DTA is to prevent that.