I am a dual citizen (SA & European). I am currently living abroad on my European passport and never formally emigrated from SA. As a result I still hold a bank account there, as well as unit trusts & shares. I left SA shortly after studying so never had a job there/ paid income tax/ registered with SARS. Although I still visit the country on occasion, I am no longer a resident there. I would like to consolidate all my SA assets (have it all in one place) so I would like to "cash out" my unit trusts & shares into my SA bank account and still keep that open. Will I need an SARS number to do this? Once registered with SARS, will I then be required to submit tax returns annually even if abroad? Are my overseas earnings at risk of taxation from SA even if they've been taxed by the country I reside in already? I'd really appreciate some insight.
You won't be taxed on your foreign earnings provided you stay out of SA for longer than 183 days each year and don't earn any SA income from employment. Speak to your broker, if they require a tax number for cashing out your investments then you can Obtain a SARS tax number by clicking the link. If you do register, then you can always submit nil returns each year thereafter.
Sabstasays: 6 January 2014 at 19:31
Thank you for taking the time to respond, really helpful to get a straight forward answer!
TaxTimsays: 7 January 2014 at 10:04
Only a pleasure!
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