Not that clued up on international payments, money laundering etc
Basically I'm selling my shares to my company in SA and the funds are coming from an American company, I wanted to open up a Mauritian bank account and have them deposit the money there as I want to buy a property there.
I want to avoid paying the money to a South African bank account as they charge 21% capital gains tax (highway robbery).
Anyone have experience with something like this, is it legal?
Thanks
I am assuming that you are tax resident in SA and if you have made a capital gain then tax is payable. I am assuming that the bank is withholding tax on behalf of SARS. Currently, I sold a house in SA and my solicitor has withheld 7% on behalf of SARS. I am still fighting to have it returned as no capital gain has been made.Legally I am not sure much can be done. You could try and open up an account with Wise.com, if possible. However, they will almost certainly ask you for your tax identification number and where you are tax resident. They will exchange funds at a very competitive rate and won't withhold any capital gains tax. However, it would still be your responsibility to declare it to SARS and capital gains as appropriate.
@NeilSteven
Hi Neil
if the source is legit and you have all the documents, the best is to send directly to Mauritius. Mauritius banks do not withold tax on behalf of foreign fiscal authorities. There are pragmatic issues to consider vs theoretical issues. I can point you out if necessary ona one to one basis ;-)
@NeilSteven
Hi Neil
if the source is legit and you have all the documents, the best is to send directly to Mauritius. Mauritius banks do not withold tax on behalf of foreign fiscal authorities. There are pragmatic issues to consider vs theoretical issues. I can point you out if necessary ona one to one basis ;-)
-@vicRBYG
However, as a non-resident ( thus far according to his profile) can he open a bank account on the island ? Would like to know which bank will do that ?
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