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REGULARISING YOUR OFFSHORE ASSETS: NAVIGATING THE NEW ERA OF GLOBAL TAX TRANSPARENCY
If you are a South African taxpayer with offshore interests, the landscape in which you operate is undergoing a fundamental shift. Increased international cooperation and enhanced domestic oversight means that the days of "offshore privacy" are largely behind us, as the South African Revenue Service (“SARS”) has strengthened its ability to detect undeclared foreign bank accounts, investments (including digital assets like cryptocurrency), and offshore asset-holding structures like companies and trusts. If you need to regularise your affairs, we propose that you consider SARS’ Voluntary Disclosure Program (“VDP”).
