SARS AND THE COMMON REPORTING STANDARD (CRS)
Jurisdictions that have agreed to and signed the recently implemented “Common Reporting Standard” (CRS) are obligated to obtain pertinent financial information from their financial institutions and automatically exchange this with other jurisdictions on an annual basis. Put simply, if you are living in a jurisdiction that has to comply with CRS, then your financial information will be shared with SARS. With the expatriate tax law looming on the horizon, there is no better time than now to ensure responsible compliance. Both National Treasury and SARS have urged South African expats working or living abroad to comply with the formalities and get their tax affairs in order.
EXPLORE YOUR OPTIONS
You should beware of the flurry of “one-man band” experts suddenly arising in the area of international tax who promote what will benefit them over what is best for expats at large. Particularly when it comes to choosing Financial Emigration or the application of a Double Taxation Agreement (DTA), expatriates must understand that there can never be a one-size-fits-all approach. We strongly recommend that proper due diligence is done when using a provider for something as important as Tax Residency.