Financial emigration through the SA Reserve Bank is to be phased out from next year and the tax exemption on foreign remuneration you can earn as an SA resident will increase from R1m to R1.25m on March 1 this year, the Treasury announced in the Budget Review on Wednesday.

High income earners have been using financial emigration - which involves changing your status at the SA Reserve Bank from resident to non-resident for exchange control purposes – to prove they are not resident in SA for tax purposes and to avoid potential tax on their foreign remuneration...

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