Cindylou Posted February 17, 2006 Report Share Posted February 17, 2006 Hi Just as the offshore investment amount has increased to R2m per person so has the emigration allowance increased (note that these are two different allowances and do not automatically align). Per the latest budget speech the allowance is now R2m for a single person and R4m for a family unit (one or two parents and at least one child/dependant). This is up from R750 000 and R1.5m respectively. If you used your max previously and still have funds in SA you can apply for remittance of this money (subject to 10% levy). If you are planning on taking funds out of the country I would suggest you make sure that you are choosing the correct exit method, as there is a difference between relocation and emigration with regards to capital transfers and future tax liabilities. Quote Link to comment Share on other sites More sharing options...
MOM Posted February 20, 2006 Report Share Posted February 20, 2006 Hi Just as the offshore investment amount has increased to R2m per person so has the emigration allowance increased (note that these are two different allowances and do not automatically align). Per the latest budget speech the allowance is now R2m for a single person and R4m for a family unit (one or two parents and at least one child/dependant). This is up from R750 000 and R1.5m respectively. If you used your max previously and still have funds in SA you can apply for remittance of this money (subject to 10% levy). If you are planning on taking funds out of the country I would suggest you make sure that you are choosing the correct exit method, as there is a difference between relocation and emigration with regards to capital transfers and future tax liabilities.Hi Cindylou,What is the difference? Which is the better option in your opinion? Thanks,Esx Quote Link to comment Share on other sites More sharing options...
Cindylou Posted February 21, 2006 Author Report Share Posted February 21, 2006 Hi Mom (whenever I use your "name" I picture my 61 year old mother!)Sorry I've taken so long to reply - I'm a little wary on giving advice on such a difficult topic. I would suggest that you get a professional tax consultant to assist you if you are moving large sums out the country.In my experience: to emigrate someone (in my case my dad) must undertake to pay any outstanding tax liabilities to SARS on my behalf after I have left SA. Obviously this is a huge thing to ask someone, and most people tend to relocate "investing" money overseas before they go. (This is one of the reasons why we have no reliable stats on SA emigration)I've got quite a bit of material from various sources at home which I'll delve through over the weekend and post anything of interest.Onward... Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.