FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Is there a tax on bringing large amounts of cash in from offshore account?

Posted 23 September 2014

My brother has been working on the ships for a while, and wants to transfer about R1mil to his South African account to buy property in Cape Town.

The money is currently in an account in the Cayman Islands.

Everything I have read indicated allowances and limits taking money out of South Africa. Are there any tax implications bringing money in?

TaxTim TaxTim says:
23 September 2014 at 10:01

No, if he has earned the money outside of SA for which he has been gone longer than 183 days in order to earn that income then there shouldn't be a problem.

This entry was posted in Tax Q&A and tagged , , , , , . Bookmark the permalink.




Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund
Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.