Tax implications of foreign monetary transfers?
By Marc Sevitz · Updated
I am a permanent resident in South Africa, (not employed) Married to a South African. Due to financial constraints I am obligated to transfer some of my foreign savings from my account overseas into my South African Bank account, to pay bills in South Africa (Electricity, home loan etc. ). Would I be taxed on this? I was recommended to put the amount source down as a "gift" by my bank, is this correct?
Yes, you would do this. As long as the money was not earned in South Africa then you can transfer it in tax free.
Thank you very much for your reply, it has been most helpful.
Only a pleasure!