In order to join the top 1% of the wealthiest South Africans, you need to make almost six times more than the average earner. But that doesn’t mean life is all rainbows and butterflies.
Tax. The word alone sends shivers down your spine, never mind the discomfort you might feel spending just one day queuing at your nearest SARS branch.
The tax year runs until the end of February 2023, which means there is still a bit of time to make sure you’re maxing out your tax benefits before the end of the 2022/2023 period.
Being paid in pounds or Euros or dollars and getting to spend them in South Africa is the dream. Dealing with SARS, on the other hand, can be a nightmare.
Deciding to live location independent to pursue a career that supports the island-hopping, “working near the waves” lifestyle does come with a few considerations and some irritating admin.
Over the past decade, in excess of 4 500 high-net-worth individuals (HNWIs) have left South Africa and headed abroad.
If you live in South Africa and your social media feeds show luxury assets, you better hope you have the payslips to justify that high life.
SARS Commissioner Edward Kieswetter has made it clear that tax rogues are in the crosshairs, and recent action backs that up.
The change would have a serious impact on those whose retirement plans involve moving abroad, so it’s being closely monitored.
The National Treasury has now proposed a further tax on South Africans who intend to emigrate permanently.
SARS is being rather proactive this year, with the first batch of ‘welcome letters’ to high wealth individual taxpayers already sent out.
South Africa made an important tax change as of January 1, 2021, that you may not be aware of.