South Africa: Living There - Tax Issues
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Living There
Since March 2001, the Republic of South Africa has taxed residents on their worldwide income. The standard tax rates generally apply. However, there are some concessions only permanent residents are eligible for (mentioned in detail in sections above.)
Capital Gains Tax
In terms of Capital Gains Tax, the first ZAR1,000,000 (US$138,554) gains realized from the sale of a primary residence – with an area smaller than two hectares - is not taxable for CGT. This exemption may only be claimed by a permanent resident for one property per year of assessment.
Estate Duty
Resident individuals are taxed on their worldwide source of income. The exception to this rule comes when imposing estate duty on properties owned by a resident. Although a resident’s property is subject to estate duty wherever it is situated, properties located outside South Africa are not taxable if they were acquired prior to residency (first time) or were inherited and donated by a non-resident after the deceased became a permanent resident of the country. The computation of estate duty is the same for both residents and non-residents.
South Africa - more data and information
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