The 2021 relaxation in exchange control regulations impacts all South Africans, whether they reside in South Africa or are living abroad as expats. Does this mean that exchange control regulations can now be disregarded, or do the new rules create more uncertainty?
Now that formal emigration (also known as financial emigration) is no longer an option, will expat children be able to receive their South African inheritances as cash transfers to their new home country? With so many expats and dispersed South Africans, estate planners; tax accountants; executors and financial planners need to know how to deal with exchange control when residents inherit foreign funds from local or foreign estates. There are indeed different South African Reserve Bank exchange control rules, and a pre-legacy is a gift. South Africans receiving foreign gifts and winning foreign lotteries remain subject to even more restrictive rules.
Finally, the relaxation of so-called loop rules did not allow the “free for all” as expected. The loop reporting rules and anti-avoidance tax rules have left many families planning internationalisation or cross-border expansion with their hands in their hair. Where to start and how to legally protect the related shareholders residing offshore?
Hugo van Zyl, Master Tax Practitioner (SA) TEP CA(SA), will unpack new post and pre-event capital flow monitoring rules that are slowly but surely replacing the exchange control rules as we’ve known them for so many years.
Who Should Attend?
Tax advisors, persons interested in emigrating, persons who have family who have emigrated.
Hugo van Zyl
Master Tax Practitioner (SA) TEP CA(SA)
SAIT member: R395
Other members: R475
Company Price: R950
This webinar and successful completion of the online assessment will
secure 2 hours verifiable output Tax CPD