Under the current regime, expats with non-domicile status only pay UK tax on the money they earn in the UK.
Many people still have the misconception that if they have obtained an alternative or second residency, they no longer have a South African tax obligation. This is not true.
Currently individuals are allowed R11 million per calendar year. However, it is not capped, and more funds can be shifted offshore with approval from the South African Reserve Bank.South Africans tend to bury their heads in the sand. They up and leave the country without ceasing their tax residency or staying compliant with their SA tax obligations.This could result in additional tax assessments and administrative penalties because of the breach of tax legislation.
Roughly 49% of South African emigrants live in the UK, Australia, and the US. Other popular emigration destinations for South Africans include Portugal, Canada, and Mauritius.Pratley unpacks a scenario where a South African wants to live in a new country but does not want to invest vast amounts of money. The individual wants to have the flexibility and ability to live in a country for a period without making a financial commitment.
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