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South Africans in hot water with SARS over foreign bank accounts

By July 16, 2015October 6th, 2023Tax services and consulting

South Africans in hot water with SARS over foreign bank accounts

July 16, 2015

The South African Revenue service has recently identified South Africans who use overseas bank accounts for tax evasion and urged these individuals to come clean.

More than 500 South Africans were among the 100 000 individuals ousted by the International Consortium of Investigative Journalists in February 2015 for stashing away more than R1,1-trillion at HSBC in Switzerland. Though it is not against South African law to hold a Swiss Bank account, it is believed that some accountholders have used these accounts to dodge international tax obligations.

What about your money? clients can rest assured that all our dealings, from the smallest transaction to comprehensive financial emigration, are 100% above board. In short – your money is safe and all your transactions facilitated through are completely legit.

As a licensed Financial Services Provider we are also an approved foreign exchange intermediary, internationally accredited broker and fully compliant provider with FICA and FAIS.

It is our belief that financial services providers specialising in the facilitation of international financial transactions in particular, are held to a higher standard than local institutions due to the concurrent compulsory adherence to multiple financial services regulations across the board. But, to be honest, this is simply the way that operates. Our business is our clients. Although we will always look at solutions that provide you with the greatest financial outcome (and more money in the bank) – these solutions are tailored from financial forecasts prepared by the combined expertise from a team of accredited financial experts. We pride ourselves in keeping your money safe and in your pocket (or bank account) where it belongs.

Still hesitant? give us a call!

If you’re still concerned about the tax man or if you would like advice on your fund transfers to your foreign account, please don’t hesitate to give us a call and make use of our South African tax services.

We’re always here to help and let us call you.

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