Amanda Visser
3 minute read
17 Nov 2020
8:38 am

Emigration, delays, tax

Amanda Visser

People are leaving the country due to concerns about the economic and political future of SA.

SA passport. Picture: GroundUp

Emigration is now hot on everyone’s lips following a change to the process and the introduction of the three-year non-resident rule to access the lump sum withdrawal from retirement annuities and some preservation funds. In terms of the change taxpayers will be subjected to a hindsight (three years) non-tax residency test from March 1, 2021 to access their funds. The concept of residence and non-residency from an exchange control perspective, the current test, will be abolished on February 28, 2021. The only way to access the lump sum in the retirement annuity or preservation funds (where one withdrawal has been...