Tax on foreign money
By Marc Sevitz · Updated
If a SA resident invested money overseas and want to bring some of that now back to SA to live off as he is retiring, what will the tax implications be?
There are no tax implications on bringing money into South Africa. However, a SA resident will pay tax on his world wide income and therefore there will be capital gains tax on the disposal of his investments that will need to be declared in his Tax Return.
Thank you very much.
Only a pleasure!