Moving money offshore

Snyper564 said:
Spot on any additional income generated will still be subject to SA tax no matter where it is located.
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In fact, most countries levy a "withholding tax" on interest and dividend payments to non-tax residents. SARS allows you to claim a rebate for this. If the withholding tax is less than what you would have had to pay to SARS then you have to pay the difference. E.g. the US government levies a 15% withholding tax on dividends, SARS levies a 20% tax on foreign dividends. When it comes time to submit your tax return you have to pay the remaining 5% difference and SARS takes the 15% you already paid to the US government into consideration.
 
With Standardbank you can open an account in isle of man. Minimum deposit was 5k usd.

Alternatively if you ever visit Georgia. Go to TBC in Tbilisi. All you need is your passport to open a bank account.
Nice to have if you trade crypto.
 
Magnum said:
But wasn't he somewhat of a pirate and captained a ship?
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Nah you're thinking of @The_Mowgs
Sinbad emigrated to UK during the hard lockdown
Cops were onto him with all that contraband he was selling in his garage
So cashed up and fled
He knows how to get money out the country
 
deweyzeph said:
In fact, most countries levy a "withholding tax" on interest and dividend payments to non-tax residents. SARS allows you to claim a rebate for this. If the withholding tax is less than what you would have had to pay to SARS then you have to pay the difference. E.g. the US government levies a 15% withholding tax on dividends, SARS levies a 20% tax on foreign dividends. When it comes time to submit your tax return you have to pay the remaining 5% difference and SARS takes the 15% you already paid to the US government into consideration.
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Isn't this normally 30% for US non-residents? I know you can get it down to 15% if you buy Irish domiciled ETFs.
 
Bill Clitnon said:
Isn't this normally 30% for US non-residents? I know you can get it down to 15% if you buy Irish domiciled ETFs.
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Filling out the correct W8 form reduces it to 15% withholding tax on the US side, which can be offset against the SARS cut. For now.
 
JayM said:
Filling out the correct W8 form reduces it to 15% withholding tax on the US side, which can be offset against the SARS cut. For now.
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Never heard about this. W8-BEN? I pretty much just had to tick a box to have my tax paperwork get sorted out for me when I opened a Schwab brokerage account, so I can’t choose what form to fill out. I don’t pay tax in SA and the place I live doesn’t have a tax treaty with the US so I can’t offset anything.
 
TheMightyQuinn said:
Yes it would.

The trick would be opening one and in which country.

Once you have it, it is as simple as transferring your money based on your personal allowance of R1 bar per year.

Local financial advisors will not help you...they want your money. to stay here or at least in a fund where they make money out of it.

www.investopedia.com

How to Open and Manage an Offshore Bank Account

Learn how to open an offshore bank account, explore required documents, benefits, and access methods, and gain confidence in navigating the banking process.
www.investopedia.com www.investopedia.com
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My wife still has her UK bank account with Halifax. We've started moving all spare cash there now. At least 1000 GBP a month if we can - because **** the Rand.
 
Bill Clitnon said:
Never heard about this. W8-BEN? I pretty much just had to tick a box to have my tax paperwork get sorted out for me when I opened a Schwab brokerage account, so I can’t choose what form to fill out. I don’t pay tax in SA and the place I live doesn’t have a tax treaty with the US so I can’t offset anything.
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If there's no tax treaty, then there's no W8 unfortunately.
 
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