JOHANNESBURG - Wealthy South Africans living abroad are coming under growing pressure from the taxman, as SARS tightens compliance and zeroes in on high earners.
Despite an expected outflow of 250 dollar-millionaires in 2025, the number of individuals formally ceasing tax residency is on the decline raising red flags.
Tax experts warn that failing to update your tax status can leave you liable for tax on worldwide income, no matter where you live.
With just over 7% of taxpayers now contributing nearly half of South Africa’s personal income tax, SARS is casting a much wider net to includes offshore assets to crypto holdings.