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MaryJane

Proposed Stricter Rules on Taking Retirement Funds out of SA

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MaryJane

A friend told me recently about the possible changes to SA retirement funds and how one takes them out when emigrating.

Read it here: https://businesstech.co.za/news/finance/424338/new-tax-changes-to-impose-strict-rules-on-taking-retirement-funds-out-of-south-africa/

The gist is that "from 1 March 2021, withdrawal of retirement benefits will only be allowed where a person can prove they have been non-resident for tax purposes for an unbroken period of at least three years."

Thoughts?

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FamilyGuy

Yep, saw this a little while ago. For us as a family it just further supports our decision to emigrate. All my equity is in property I rent out (luckily) and which I am currently trying to sell, my wife has RAs. I've told her we can't do much about it, we won't likely be in Canada by the time it comes into law. So we hang tight and take it out when we can. If its value has eroded by then so be it.

Looking forward to getting out of SA, tired of this kind of endless nonsense. And yes, I do realise Canada has its own set of issues but they appear to pale in comparison to rampant corruption and lack of consideration for SA's tax paying citizens.

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MaryJane

Normally, these type of news gain traction for quite a bit before becoming regulation so was just a bit taken aback. The rule takes into effect in 2021 and that's like 6 months away. Mind you, I haven't been following SA news for a while so this sort of felt like it came out of the blue. The news did say it was alluded to in a February speech... 

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