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


Resident abroad aiming to cash out shares/ unit trusts, do I need to register with SARS ?

Posted 30 December 2013

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.

TaxTim TaxTim says:
6 January 2014 at 9:44

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.

Sabsta says:
6 January 2014 at 19:31

Thank you for taking the time to respond, really helpful to get a straight forward answer!

TaxTim TaxTim says:
7 January 2014 at 10:04

Only a pleasure!

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



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.