Your personal assets and liabilities will determine this, but the amount is usually not high
If I emigrate, what tax do I have to pay, and how do I minimise my tax bill?The tax on emigration is completely dependent on your personal assets and liabilities, excluding immovable property, personal-use assets, cash, insurances and retirement funds
. Exclusions are basically anything that do not carry a tax. So, if immovable property is an exclusion from exit tax, it means that you don’t have to pay capital gains tax on your South African property when you emigrate. The exit tax is a deemed sale of all your assets the day before you emigrate . This means the only realistic way to reduce the exit tax is to emigrate during a downturn.
The good news is that due to all the exclusions that are allowed, the tax on emigration is not very common, as most people have only a few assets in their name.The bond on my house has increased by R10,000 a month over the past year, making it unsustainable for me on my current income. I’m also paying off an apartment, which I let, but I have to pay levies and rates on it.
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