High-Net-Worth Individuals

Overview

You might be wondering: What is National Treasury and SARS doing to manage this base erosion and what new revenue streams or focus areas will they introduce in order to make up for this loss?

The following question might be at the back of your mind: What tax and emigration considerations would these high-net-worth families leaving South Africa need to take and what are the tax consequences for the remaining wealthy families?

Course Content

In this webinar, we unpack and explore the following key questions and issues:

• Qualifying as a high-net-worth individual.
• Recap of the concepts of resident and non-resident.
• Family trusts and other topical tax implications for the high-net-worth individual.
• Tax emigration options post-financial emigration “switch off”.
• Tax emigrated – are you now tax and estate duty-free? Or estate duty, the expats conundrum.
• Investor visa tax benefits – why the new foreign tax-free life is tax costly in SA.
• The South African Trust – now a foreign or offshore trust subject to anti-avoidance rules.

Recent developments will be unpacked, including amendments in the draft tax legislation regarding the three-year rule, Excon changes regarding loop structures, tax treaty provision, USA throwback tax and UK/AUS anti-avoidance rules against tax immigrant funders.

Presenter

Hugo van Zyl

CA (SA) TEP MTP(SA) MCom (Tax)

Based in Cape Town, Hugo runs his own private tax practice as well as a joint venture tax and formal emigration business.

Hugo emigrated his first client in May 1993, two months after the Chris Hani murder, and since then he has lectured SA expat, SA CGT and income tax in Los Angeles, New York, Chicago, London, Amsterdam, Dubai, Abu Dhabi, Mauritius, as well as locally throughout South Africa. Since 1993, Hugo has assisted several expats, Saffas and global citizens in entering and exiting South Africa, not only from a tax perspective but also as a cross-border exchange control and multi-jurisdictional trust and estate specialist.
 
In 2014, 2016, 2017 and 2019, Hugo was an active tax specialist and fiduciary panelist at the Tax Indaba. In 2020, he was a guest speaker at national AGM of the Fiduciary institute of South Africa. He has presented webinars for both the South African Institute for Tax Professionals (SAIT) and The Tax Faculty and a country-wide roadshow on the then new section 7C tax rules.

Hugo is not only a PBO/NGO specialist providing tax and practical advice; he also spent many years as national treasurer for both the Association of Round Tables (ARTSA as it was then known) and Chaine des Rôtisseurs Afrique de Sud (www.chaine.co.za).
Hugo is known by his international Twitter name @wegkaner.

Doné Howell

Tax Director, BDO

On leaving university, Doné joined the South African Revenue Service (SARS) for three years, working in both the PAYE inspections and individual assessing departments. Thereafter Doné joined the private sector and now nearly 20 years on, and through various mergers of audit firms, holds the position of Tax Director of BDO South Africa. Doné has been a partner since 2008.

Doné is a professional member of the South African Institute of Tax Practitioners (SAIT) and is registered as a tax practitioner with SARS.

Area of expertise

Doné specialises in individual and trust taxation as well as employees' tax.\

Education and qualifications

BCom (Accounting).

• HDip Tax Law.
• HDip International Tax Law.

CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output Tax CPD points.