SA residents can now move R1 million offshore without SARS clearance
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2012
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18
Jan
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South African residents may now use their R1 million Single Discretionary Allowance for Foreign Investment purposes without having to obtain a SARS Tax Clearance Certificate. In addition, they can still use their annual R4 million Foreign Investment Allowance by obtaining a SARS Tax Clearance Certificate.
New limits are as follows:
R1 million p.a. per adult - No SARS Tax Clearance Certificate Required
R4 million p.a. per adult - SARS Tax Clearance Required
For SA residents this is the perfect opportunity to diversify their investment portfolio offshore without the hassle of acquiring SARS tax clearance.
“Now is the time to take advantage of true offshore exposure and independent knowledge.” says Brett Taylor, Senior Area Manager for deVere Investments South Africa, specialists in offshore investments.
“There are many non-Rand denominated or ‘hard currency’ (Sterling/Dollar/Euro) offshore investment opportunities from internationally renowned investment houses open to South Africans. This is something that South Africans can now take advantage of. The key is to place these in tax efficient investment structures.” says Brett.
Source: HWB Communications
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