On 31 July 2020, the Draft Tax Law Amendment Bill (TLAB) contained a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa, notes Jonty Leon, legal manager at Financial Emigration.
The TLAB seeks to legislate to prevent a South African who has exited South Africa’s tax base, from withdrawing their retirement funds from the country, until an unbroken period of 3 years has passed where that person can prove non-tax residency, he said.
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