Estate Planning and the Dispersed Family

Overview

The 2021 relaxation in exchange control regulations impacts all South Africans, whether they reside in South Africa or are living abroad as expats. Does this mean that exchange control regulations can now be disregarded, or do the new rules create more uncertainty?

Course content

Now that formal emigration (also known as financial emigration) is no longer an option, will expat children be able to receive their South African inheritances as cash transfers to their new home country? With so many expats and dispersed South Africans, estate planners; tax accountants; executors and financial planners need to know how to deal with exchange control when residents inherit foreign funds from local or foreign estates. There are indeed different South African Reserve Bank exchange control rules, and a pre-legacy is a gift. South Africans receiving foreign gifts and winning foreign lotteries remain subject to even more restrictive rules.

Finally, the relaxation of so-called loop rules did not allow the "free for all" as expected. The loop reporting rules and anti-avoidance tax rules have left many families planning internationalisationor cross-border expansion with their hands in their hair. Where to start and how to legally protect the related shareholders residing offshore?

Hugo van Zyl, Master Tax Practitioner (SA) TEP CA(SA), will unpack new post and pre-event capital flow monitoring rules that are slowly but surely replacing the exchange control rules as we've known them for so many years.

Tax advisors, persons interested in emigrating, persons who have family who have emigrated.

Presenter

Hugo van Zyl

Master Tax Practitioner (SA) TEP CA(SA)

Based in Cape Town, Hugo runs his own private tax practice as well as a joint venture tax and formal emigration business.

Hugo emigrated his first client in May 1993, two months after the Chris Hani murder, and since then he has lectured SA expat, SA CGT and income tax in Los Angeles, New York, Chicago, London, Amsterdam, Dubai, Abu Dhabi, Mauritius, as well as locally throughout South Africa. Since 1993, Hugo has assisted several expats, Saffas and global citizens in entering and exiting South Africa, not only from a tax perspective but also as a cross-border exchange control and multi-jurisdictional trust and estate specialist.  

In 2014, 2016, 2017 and 2019, Hugo was an active tax specialist and fiduciary panelist at the Tax Indaba. In 2020, he was a guest speaker at national AGM of the Fiduciary institute of South Africa. He has presented webinars for both the South African Institute for Tax Professionals (SAIT) and The Tax Faculty and a country-wide roadshow on the then new section 7C tax rules.

Hugo is not only a PBO/NGO specialist providing tax and practical advice; he also spent many years as national treasurer for both the Association of Round Tables (ARTSA as it was then known) and Chaine des Rôtisseurs Afrique de Sud (www.chaine.co.za).

Hugo is known by his international Twitter name @wegkaner.

CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output Tax CPD points.

Event Investment

This does not form part of the 2021 CPD subscription packages.

Other member: R475.00

Company price (5 attendees maximum): R950.00

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