Financial Emigration - Have you?

skimread said:
Thanks for the info.. This whole thing seems scary as SARS can ruin you on a technicality.

So you don't have to pay tax over 1.25 million after you did this?

What if you have a brother, sister and mother but you are not close to them and do not live with them? Do you have to fill in a form to disavow them or affidavit saying you haven't spoken to or do not intend to speak to them or do you have to do some emancipation.
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Not sure to be honest.
I am pretty sure they mean family who would ordinarily live with you - wife, kids etc. Nothing wrong with speaking to your siblings/parents...
 
Put my inheritance into an offshore account based in USD. Won't take much to get it into the account of the countries we are looking at.
Then it'll be the sale of the house, cars, stuff we won't take and closing off policies and transferring that cash, legally, into the same account.
Once done we will apply for financial emigration.
 
OhYeah84 said:
Put my inheritance into an offshore account based in USD. Won't take much to get it into the account of the countries we are looking at.
Then it'll be the sale of the house, cars, stuff we won't take and closing off policies and transferring that cash, legally, into the same account.
Once done we will apply for financial emigration.
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But you still have your pension/provident fund as I don't think you are allowed to withdraw that.
 
skimread said:
But you still have your pension/provident fund as I don't think you are allowed to withdraw that.
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I don't have a pension fund. All done through my financial consultant and a well advised tax consultant.
 
Sinbad said:
Not sure to be honest.
I am pretty sure they mean family who would ordinarily live with you - wife, kids etc. Nothing wrong with speaking to your siblings/parents...
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Problem is these laws have only been introduced recently. In 2020. The deadline for the tax year is Sept 2021 so scary how they going to interpret the laws.
 
OhYeah84 said:
Cost me about R1600 to move a fair amount of money. I will use him once more to move the next lot. Probably only next year.
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That's the transfer company. I am talking about the consultant who does your SARS paperwork and SARS consulting.
 
skimread said:
That's the transfer company. I am talking about the consultant who does your SARS paperwork and SARS consulting.
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No. That's not the transfer company. That was the consultant who also got SARS approval before the financial advisor would even do anything about it.
 
TEXTILE GUY said:
I think I saw something about ZAR1m discretionary amount per annum?
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Yes. This is allowed and your financial broker can do that.
Anything above that and up to R10 million and you need special dispensation to do so. And this is where you use a good tax consultant so that everything is done by the book.
Your financial broker won't do anything until it is approved.
 
OhYeah84 said:
Yes. This is allowed and your financial broker can do that.
Anything above that and up to R10 million and you need special dispensation to do so. And this is where you use a good tax consultant so that everything is done by the book.
Your financial broker won't do anything until it is approved.
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Thank you kindly.
 
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