Practical Guidance: Exchange Control
Presenters : Hugo van Zyl , Mathys Briers-Louw
Overview
Since the concept of formal emigration, as administered by the South African Reserve Bank, has been phased out, tax practitioners face uncertainty, misleading guidance, fear-mongering newspaper articles, and often very annoyed and frustrated clients. For some banks and certain service providers, including retirement fund managers, it’s like a broken record: 'Provide evidence of financial emigration before we classify you as a non-resident.' This video seeks practical solutions and addresses the confusion within SARB, ADs (banks), and SARS. Practical workarounds are considered and discussed.
Video Content
- Current Excon Rules (SARB)
- Current SARS rules
- SARB and SARS rules and processes in conflict
- ADs - their interpretation and challenges
- Immigrants and returning expats
- Excon Residents temporarily abroad
- Digital nomads on foreign passports
Competencies Development
- Exchange Control knowledge and guidance
- Cessation of tax residency - the law and the process
- Expats vs. residents temporarily abroad—how to reconcile Excon and tax rules
- Application of tax treaty benefits
- Tax and Excon rules applicable to foreign nationals and immigrants