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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 Marc TaxTim Marc said:
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.

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