How expats can shield assets

COMPLIANCE: CEASING TAX RESIDENCY AND TRANSFERRING FUNDS OFFSHORE IS DAUNTING

- Lovemore Ndlovu

• Here are tips for South Africans moving offshore to navigate this complex process.

We all want to protect our assets best we can, but just know that the tax man is always watching.

For South Africans who are leaving to live overseas, it is not just a question of packing up and going and breaking tax ties with the South African Revenue Service (SARS).

Ending South African tax residency to safeguard your worldwide income from tax liability in SA is a significant step that comes with the stress of relocating and uncertainty around your assets.

Questions about what happens to your investments, properties and policies can cause sleepless nights, because the answer is rarely straightforward. It depends on the specifics of each asset and situation.

The following concise guide can help expatriates navigate this complex process.

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