Your tags dictates your banking and tax status. Soon it could dictate your property ownership rights should political lobbying succeed.
Foreign Passport Holders & Expat South Africans, or dual nationals having lived outside SA for many ears or having formally emigrated, are equally treated as new arrivals.
For Exchange Control (Excon) your need to tag yourself, as either:
- Foreign National; or
- A new immigrant = as if you were born SA national, no restrictions on borrowing in SA. You should consider placing your status on record belatedly, if you have not done previously.
All South Africans already have two or three residency tags namely:
- Excon resident or non-resident (emigrant) – elective process
- Tax resident or tax-non-resident paying tax on a SA sourced income only – “because off” outcome
- Home Affairs resident (green bar-coded ID) as either a citizen or non-citizen with permanent residency
Insist your SA bankers (authorised dealers) formally places you on record with SARB FinSurv as a foreign national seeking permission to conduct banking as a resident.
Talk to us today about how you tag could effect your borrowing limits and your property ownership.