SARS, Tax Residency & Offshore Income: What South African Yacht Crew Need to Know | Rich AF

“SARS is like Liam Neeson, but about your money.”

In Part Two of this South African yacht crew tax conversation, Rich AF host Charl Minnaar is joined again by Jamie Hadley-Grave CA(SA), founder of Hadley-Grave Accounting & Tax, to go beyond the basics and into the tax questions that start to matter once yacht crew build careers, assets and lives outside South Africa.

What actually happens when you cease South African tax residency? Can you keep property or investments back home? Does income become invisible to SARS because it is paid into an offshore account? What happens when you return to South Africa after years overseas? And what do you do if you have spent years putting your tax obligations off?

Charl and Jamie revisit the seafarer and foreign employment exemptions before digging into the evidence SARS may require, the physical presence test, ceasing tax residency, deemed disposal and capital gains tax, double taxation agreements, offshore income, voluntary disclosure and outstanding returns.

They also look at one of the biggest questions for yacht crew using their overseas earnings to build long-term wealth: whether a South African non-resident can continue buying property and earning rental income in South Africa, and how bond interest and other property expenses affect the tax calculation.

It is practical, very South African and built around the questions yacht crew are actually asking once “I work overseas” stops being a simple answer to anything involving tax.

Host: Charl Minnaar | The Yachting Investor

Guest: Jamie Hadley-Grave CA(SA) | Hadley-Grave Accounting & Tax

Jamie Hadley-Grave:
hadleygraveaccountingtax.co.za
Instagram: @jamiehadleygrave

Rich AF | Yachting International Radio

This episode is provided for general information only and should not be taken as tax, accounting, financial, investment or legal advice. Individual circumstances differ, and listeners should consult an appropriately qualified tax professional before making decisions about their tax position.