Overview

The webinar focused on understanding financial surveillance, also known as Exchange Control and International Money Transfers (Excon), which involves the regulations governing fund movements in and out of a country to safeguard foreign currency reserves. Recent regulatory changes, such as those seen in 2021, were explored to highlight how they affect residents and expatriates in South Africa. Topics included residency distinctions, tax obligations, and Excon regulations, providing participants with a roadmap to navigate these complexities confidently.

Attendees gained insights into tax considerations such as residency status and the role of physical presence, as well as Excon regulations like allowances and approval processes. Additionally, critical aspects such as International Money Transfers and Financial Emigration were discussed, along with opportunities for Foreign Direct Investments. The webinar also covered considerations for non-resident transactions, including property ownership and Capital Gains Tax, equipping participants with the knowledge to make informed decisions and navigate the regulatory landscape effectively.

Webinar Content

Tax Related Content

• Definition of resident vs non-resident
• Ordinarily Resident
• Physical Presence testing

Excon Related Content

• Resident vs Non-resident
• Bona fide non-resident (foreigner)
• Applicable allowances
• Approvals (AIT / SARB)
• International Money Transfers
• Financial Emigration (sic) – RIP
• Tax Emigration (ceasing SA tax residency)
• Loops & Foreign Direct Investments

Non-resident transactions

• Immovable property
• Shares in (and loans to) SA company
• Related income Tax
• Estate Duty (Donations Tax)
• Capital Gains Tax

Competencies Developed in this Webinar

• The webinar provided a comprehensive understanding of the definitions and terminology involved with Exchange Control and International Money Transfers.
• Attendees gained insight into the practical elements of Excon and International Money Transfers, equipping them with the knowledge and capability to advise clients accordingly.

Presenters

Hugo van Zyl

CA(SA) TEP MTP(SA), Cross-Border and Tax Specialist

Hugo is an experienced trainer, lecturer and "go-to" industry specialist. It comes as no surprise that SARS appointed him to lecture on capital gains tax and worldwide taxation based on residency. In the last six years, he has presented at least once a quarter, for anyone of the many professional bodies he belongs to.

Hugo is internationally known as @Wegkaner (on Twitter), taking special care of South Africans residing outside South Africa, or planning to relocate out of South Africa.

Based in Cape Town, he is proudly South African yet holds a United Emirates Residency permit, because of his UAE registered practice aimed at expats. Hugo's client base is global, includes intermediary firms, local and international financial institutions and often the powers to be at the professional regulatory bodies he belongs to.

Hugo was one of the first advisers able to assist South Africans living abroad, to emigrate and extract their retirement funds from South Africa formally, initially trading as FFI, after that TAXFORUM once upon a time being part of the emigration teams at Maitland, Cashkows (now FinGlobal) in Hermanus, Breytenbach Cross-Border Advisors (Cape Town) and more lately FNB's Fiduciary unit. The First Rand Bank stint was short yet a most exciting journey.

Hugo serves on the SAICA Tax Committees sub-committee dealing with SARB FinSurv (or Exchange Control) matters.

During 2018, providing advisory services using e-meetings and platforms were questioned. Yet, today in the Covid-19 era, Hugo's business model using online platforms became the norm. It is therefore not surprising that most his clients live outside South Africa and his in-depth understanding of the various double tax agreements, often leaves his foreign-based colleagues astounded. In South Africa, his local company provides much needed support and guidance to other small and medium-sized firms.

Mathys Briers-Louw

Mathys is an skillful attorney with both local and international legal academic knowledge. He was admitted as an attorney in 2014, marking the beginning of his successful career in the legal field. His expertise covers cross-border legal matters, exchange control, international money transfers and fiduciary services. Mathys provides top-notch legal services to individuals and businesses navigating the challenges of cross-border transactions.

Membership:

• Fiduciary Institute of SA (FISA)

Education:

• BComm Law (Stellenbosch)
• LLB (Stellenbosch)
• LLM in Transnational Business Practice (Pacific, McGeorge, USA)

Stefan le Roux

Stefan is dual qualified as an attorney in South Africa and a solicitor in the United Kingdom. He is a distinguished authority in the multifaceted realms of corporate law, tax, and finance, boasting a wealth of expertise in structuring commercial and property transactions with a keen focus on optimizing tax efficiencies. His extensive knowledge encompasses a wide array of specialties, including mergers and acquisitions, finance structures, dispute resolution. Adept at navigating the complexities of international commerce, he provides strategic counsel on inward investments into South Africa, ensuring compliance with tax and exchange control regulations. His transnational qualifications enable seamless support for international clients, facilitating the establishment of corporate entities and navigating the intricacies of South African law with ease.

He is a formidable figure in the academic and professional spheres, leveraging his expertise to navigate complex legal landscapes and optimize financial outcomes for his clients.

CPD

Attending this webinar and the successful completion of the online assessment will secure a certificate of completion for 2 hours of Tax CPD.

Event Investment

Free complimentary access.