61
Off topic / Re: Live chat
« on: February 26, 2019, 02:44:50 pm »
Futures trading such as SSF's, CFD's and FX at margin is not taxable in many countries such as the UK as it is considered as gambling. What about SA?
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62
Shares / Re: What happened to all the 20, 25 & 30%+ stocks?
« on: February 20, 2019, 05:34:07 pm »
All my mid caps are now small caps. 
(me smoking a joint to be happy about it)
(me smoking a joint to be happy about it)
63
Shares / Re: My retirement blog.
« on: February 18, 2019, 10:03:25 pm »forgot to mention, it is practice in multiple countries, including South Africa that in certain circumstances, should you income be subject to a tax in another jurisdiction, you may be entitled to a tax credit/rebate on the tax paid (or notionally paid) in the other jurisdiction. Intention of this is a further effort to eliminate double taxation.
Once again, you need to refer to local Portuguese legislation and once again I encourage you to seek the appropriate tax advice.
Mr vz. Remember me from the other forum where I am known as "Shampoo"? That's me pretending to be my wife as she is not pc literate. Anyway, you go. The best tax CA in this business.
64
Shares / Re: My retirement blog.
« on: February 17, 2019, 08:44:39 pm »
@XXXXX. I assume by the cryptic nature of your post that you are a tax adviser as they tend to not explain anything without payment and will not share information for free.
The paid for telephonic advice I received from a tax lawyer in Portugal was this:
I was ordinarily resident in the RSA for the previous 6 years without a break so that makes me domiciled in SA when the deemed sale of the securities took place. This reset the base cost on the day before exit.
When I left SA the deemed repurchase of the same securities took place at the same price. This new base cost will apply in my new country due to the fact that the deemed sale was done while I was ordinarily resident in SA. The DTA did not apply at the time.
The DTA rules came to effect when I arrived here and it clearly states that CGT on the sale of securities are only payable to the country of which the seller is resident. I was not ordinarily resident in Portugal when it took place so the tax is only payable to SARS and not Portugal.
Should the deemed sale not be accepted by Portugal then it will be an infringement of the DTA rules as I will be taxed twice when an actual sale takes place.
The opposite is also true according to SARS website. When an immigrant to SA takes up residency in SA then his securities will be reset to the value on the date of entry. It however does not state that this will happen if the exit tax was paid or not in his country.
The paid for telephonic advice I received from a tax lawyer in Portugal was this:
I was ordinarily resident in the RSA for the previous 6 years without a break so that makes me domiciled in SA when the deemed sale of the securities took place. This reset the base cost on the day before exit.
When I left SA the deemed repurchase of the same securities took place at the same price. This new base cost will apply in my new country due to the fact that the deemed sale was done while I was ordinarily resident in SA. The DTA did not apply at the time.
The DTA rules came to effect when I arrived here and it clearly states that CGT on the sale of securities are only payable to the country of which the seller is resident. I was not ordinarily resident in Portugal when it took place so the tax is only payable to SARS and not Portugal.
Should the deemed sale not be accepted by Portugal then it will be an infringement of the DTA rules as I will be taxed twice when an actual sale takes place.
The opposite is also true according to SARS website. When an immigrant to SA takes up residency in SA then his securities will be reset to the value on the date of entry. It however does not state that this will happen if the exit tax was paid or not in his country.
65
Shares / Re: Investing Offshore
« on: February 16, 2019, 03:59:58 pm »
After having too much trouble with FNB in money transfers (last transfer took over 2 weeks and countless emails and complaints) I have been advised by a well known FX and Cross Border Tax consultant to rather use https://currencyassist.co.za/#investing-offshore
They can open a foreign bank account for you via Mercantile, a subsidiary of Capitec at no cost and will move any amount of money back and forth at the best rates possible and in the shortest time. Same day rates so you can take advantage of FX movements.
They can open a foreign bank account for you via Mercantile, a subsidiary of Capitec at no cost and will move any amount of money back and forth at the best rates possible and in the shortest time. Same day rates so you can take advantage of FX movements.
66
Shares / Re: Satrix Indi
« on: February 12, 2019, 11:58:30 am »
STXIND was for many many years the best performing ETF on the market and was always the first to recover after a correction or a bear market.
For the past 5 years the SA market has been negative to flat and almost impossible to pick winners without a gamble. Investing in the INDI now may not be a good idea as industrials will be the hardest hit with the problems at ESKOM and even more so with winter looming.
Should ESKOM sort its maintenance problems out and the markets recover I would be the first to switch to the INDI. When the economy improves industrials will be the first to benefit and improve it will before 2020 and emerging markets like SA would be the place to be.
For the past 5 years the SA market has been negative to flat and almost impossible to pick winners without a gamble. Investing in the INDI now may not be a good idea as industrials will be the hardest hit with the problems at ESKOM and even more so with winter looming.
Should ESKOM sort its maintenance problems out and the markets recover I would be the first to switch to the INDI. When the economy improves industrials will be the first to benefit and improve it will before 2020 and emerging markets like SA would be the place to be.
67
Shares / Re: My retirement blog.
« on: February 11, 2019, 07:35:39 pm »
Yo yo Yozzi. Your UK passport will be as good as a SA one after 29 March 2019 for immigration purposes. In the EU it will be classed as a third country passport and you will have no free movement.
Most EU countries will place reciprocal regulations in line with the UK for immigration. In a no deal situation you may have to be in Spain before that date to be resident. So start packing. We have.
Most EU countries will place reciprocal regulations in line with the UK for immigration. In a no deal situation you may have to be in Spain before that date to be resident. So start packing. We have.
68
Shares / Re: My retirement blog.
« on: February 10, 2019, 12:28:33 pm »
Here is the latest news from the Home Office in an email I subscribe to.
QUOTE:
This is the latest information on the EU Settlement Scheme for EU citizens in the UK. You are receiving this because you have requested email updates from the UK government.
The Secretary of State for Exiting the European Union today set out information for EU citizens and their family members in the UK in the event of a no deal exit from the EU.
The UK Government:
Confirms that if there is no deal, the EU Settlement Scheme will continue to be implemented, enabling EU citizens and their family members living in the UK by 29 March 2019 to secure their status and continue to be able to work, study, and access benefits and services in the UK on the same basis after we exit the EU as they do now. The scheme will be fully open by 30 March 2019 as planned.
Confirms that the Home Office will continue to look to grant status rather than refuse and in line with the UK commitment to be more generous in certain respects than the draft Withdrawal Agreement, a person will not be refused status under the EU Settlement Scheme because, for example, they are not economically active or they do not hold comprehensive sickness insurance.
There would be some changes to the EU Settlement Scheme if the UK leaves the EU without a deal, and further details are set out in the policy document. In particular, as there will be no agreed implementation period, the application deadline will be brought forward to 31 December 2020.
You do not need to do anything for now. The EU Settlement Scheme will be fully open by 30 March 2019.
Further information about the scheme can be found on GOV.UK - END QUOTE.
QUOTE:
This is the latest information on the EU Settlement Scheme for EU citizens in the UK. You are receiving this because you have requested email updates from the UK government.
The Secretary of State for Exiting the European Union today set out information for EU citizens and their family members in the UK in the event of a no deal exit from the EU.
The UK Government:
Confirms that if there is no deal, the EU Settlement Scheme will continue to be implemented, enabling EU citizens and their family members living in the UK by 29 March 2019 to secure their status and continue to be able to work, study, and access benefits and services in the UK on the same basis after we exit the EU as they do now. The scheme will be fully open by 30 March 2019 as planned.
Confirms that the Home Office will continue to look to grant status rather than refuse and in line with the UK commitment to be more generous in certain respects than the draft Withdrawal Agreement, a person will not be refused status under the EU Settlement Scheme because, for example, they are not economically active or they do not hold comprehensive sickness insurance.
There would be some changes to the EU Settlement Scheme if the UK leaves the EU without a deal, and further details are set out in the policy document. In particular, as there will be no agreed implementation period, the application deadline will be brought forward to 31 December 2020.
You do not need to do anything for now. The EU Settlement Scheme will be fully open by 30 March 2019.
Further information about the scheme can be found on GOV.UK - END QUOTE.
69
Shares / Re: My retirement blog.
« on: February 10, 2019, 11:50:16 am »
You are almost correct Mr Div. It is highly unlikely that the deal will be accepted so there will be no free movement after 29 March 2019 for EU nationals in the UK and UK nationals in the EU.
All immigrants in the EU must apply for residency after 3 months. Your last paragraph should be what happens to EU nationals in the UK in a No Deal scenario and not what Portugal has stated will happen to UK nationals. The 3 month rule is binding in EU countries but the UK has extended it to a cutoff date at 31 Dec 2020 only due to the sheer numbers of EU nationals in the UK. It would take 18 months to process over 3 million applications. The whole of the mainland EU has less than 1 million Brit expats.
UK nationals already resident in the EU have been given the right to remain in the EU countries but they as non EU nationals will have no protection under EU laws. They will fall under the domestic laws of the specific country and this is a difficult situation as the immigration laws only allow non EU country nationals residency under circumstances such as wealth and scarce skills. No country has yet compiled new immigration laws specifically aimed at UK nationals.
We aim to fly over on 21 March and have been advised to keep proof of the date of entry and not to register too soon as the new online application system that comes into operation on 30 March will be under strain as many of the 3 million EU nationals rush to apply for status.
All immigrants in the EU must apply for residency after 3 months. Your last paragraph should be what happens to EU nationals in the UK in a No Deal scenario and not what Portugal has stated will happen to UK nationals. The 3 month rule is binding in EU countries but the UK has extended it to a cutoff date at 31 Dec 2020 only due to the sheer numbers of EU nationals in the UK. It would take 18 months to process over 3 million applications. The whole of the mainland EU has less than 1 million Brit expats.
UK nationals already resident in the EU have been given the right to remain in the EU countries but they as non EU nationals will have no protection under EU laws. They will fall under the domestic laws of the specific country and this is a difficult situation as the immigration laws only allow non EU country nationals residency under circumstances such as wealth and scarce skills. No country has yet compiled new immigration laws specifically aimed at UK nationals.
We aim to fly over on 21 March and have been advised to keep proof of the date of entry and not to register too soon as the new online application system that comes into operation on 30 March will be under strain as many of the 3 million EU nationals rush to apply for status.
70
Off topic / Re: Live chat
« on: January 16, 2019, 01:29:34 pm »
Such a cool game. Much like FX scalping. 
71
Off topic / Re: Live chat
« on: January 15, 2019, 09:12:12 pm »
After a few tries I got this: You beat the index, that's pretty rare! Try again to see if you can repeat that.
Beat it at over $68k but only because I remembered when to sell and buy. I would have lost miserably by trying to time the market as you know with my CML. Could have made a cool R12M if I had just stayed in.
Beat it at over $68k but only because I remembered when to sell and buy. I would have lost miserably by trying to time the market as you know with my CML. Could have made a cool R12M if I had just stayed in.
72
Shares / Re: My retirement blog.
« on: January 15, 2019, 08:59:20 pm »
Hi Rond. I will be pleased to help where I can. You need not officially emigrate if you do not have RA's and possible future inheritances coming your way.
You will however have problems later if you decide to sell your investments as capital gains taxes are residency based and in Portugal you will be regarded as a resident from the day you sign a rental lease or purchase primary property. This is a flat rate of 28% and is not added to your other income. Having Non Habitual Residency status does not cover the sale of movable property (shares) so you will not be tax exempt in Portugal.
The sale of your fixed property will only be taxed by SA. All other foreign income will be exempt from tax in Portugal whether you paid tax on it or not in the foreign state.
You may have read about my EXIT TAX problems. The SARS website and SAIT (SA Institute of Tax Professionals) both state that when you become a non resident in SA then all your movable assets will be deemed as sold and you must pay exit tax on the gains to reset your Base Cost to zero gains in your new country. You may have a good fight with that as I have had and still ongoing.
As to why I don't relocate to the Algarve. We love the seaside so I'm only mentioning coastal areas.
1. Too hot and arid for us. Inland can be greener and cooler.
2. Most of the Algarve beaches are below cliffs and one needs to repel down to them or use a boat to get to them. Some have trams or small busses to get you down.
3. A large part of the Algarve has a large lagoon running parallel to the beach and to reach the beach you would need a boat. Most people just use the lagoon as a beach without waves.
The beaches are great in photos you see in tourist websites but a shlep to get to.
Lagos is said to have the best beaches.
You will however have problems later if you decide to sell your investments as capital gains taxes are residency based and in Portugal you will be regarded as a resident from the day you sign a rental lease or purchase primary property. This is a flat rate of 28% and is not added to your other income. Having Non Habitual Residency status does not cover the sale of movable property (shares) so you will not be tax exempt in Portugal.
The sale of your fixed property will only be taxed by SA. All other foreign income will be exempt from tax in Portugal whether you paid tax on it or not in the foreign state.
You may have read about my EXIT TAX problems. The SARS website and SAIT (SA Institute of Tax Professionals) both state that when you become a non resident in SA then all your movable assets will be deemed as sold and you must pay exit tax on the gains to reset your Base Cost to zero gains in your new country. You may have a good fight with that as I have had and still ongoing.
As to why I don't relocate to the Algarve. We love the seaside so I'm only mentioning coastal areas.
1. Too hot and arid for us. Inland can be greener and cooler.
2. Most of the Algarve beaches are below cliffs and one needs to repel down to them or use a boat to get to them. Some have trams or small busses to get you down.
3. A large part of the Algarve has a large lagoon running parallel to the beach and to reach the beach you would need a boat. Most people just use the lagoon as a beach without waves.
The beaches are great in photos you see in tourist websites but a shlep to get to.
Lagos is said to have the best beaches.
73
Shares / Re: Tax on foreign share dividends
« on: January 10, 2019, 12:52:37 pm »
It is impossible to give you correct answers as we don't know where your money is invested. You would have to look at the Double Tax Treaties of each country.
Some countries have a Withholding Tax on Dividends and Interest and some don't. The UK for instance does not and the US does.
You would also have to read up in the DTA if the Dividends Withholding Tax is capped at a certain percentage. Most are capped at 15%. Chances are that your foreign broker will not apply this cap is a given. You have to inform them yourself.
If you are invested in the US then it would get complicated. The US does not have the normal 10 page Tax Agreements but they have a pdf book that instructs other countries on how to treat them and how they will reciprocate in cross border taxation. I have no intention to spend a whole day reading it as it does not concern me. Patrick will have some input for you as he has investments in the US.
You can use the yearly average price or the closing price on the day the money is made available to you. Here is a link to the European Central Bank for prices on any particular day. https://www.bportugal.pt/conversor-moeda
Some countries have a Withholding Tax on Dividends and Interest and some don't. The UK for instance does not and the US does.
You would also have to read up in the DTA if the Dividends Withholding Tax is capped at a certain percentage. Most are capped at 15%. Chances are that your foreign broker will not apply this cap is a given. You have to inform them yourself.
If you are invested in the US then it would get complicated. The US does not have the normal 10 page Tax Agreements but they have a pdf book that instructs other countries on how to treat them and how they will reciprocate in cross border taxation. I have no intention to spend a whole day reading it as it does not concern me. Patrick will have some input for you as he has investments in the US.
You can use the yearly average price or the closing price on the day the money is made available to you. Here is a link to the European Central Bank for prices on any particular day. https://www.bportugal.pt/conversor-moeda
74
Shares / Re: My retirement blog.
« on: January 05, 2019, 07:43:35 pm »
My wife will not be asked to do the language test as English is her first language and home language. SA will not be listed as there are too many native languages.
75
Shares / Re: My retirement blog.
« on: January 04, 2019, 11:07:40 am »
Yes. If it is only you and your spouse applying for Leave to Enter and you only have savings or liquid stocks then the formula would be £16 000 + (18 600 x 2,5) = £62 500.
The best and latest news can be found on this website. https://www.freemovement.org.uk/appendix-fm-financial-requirements/
I must add that Customs and Immigration have been briefed to no longer look for reasons to deny status but to look for reason to give status. By "status" I mean "Leave to Enter" and "Leave to Remain".
The new system is online and automated to work like our efiling system whereby pages will be generated according to what boxes you tick. This will ensure you get the correct electronic forms. The old paper system lets you pick the forms yourself without help and if you took the wrong one's then your request will be denied without explanation.
If you still happen to make a mistake then an official will now point the mistake to you and give you time to correct it. If it is denied then they must tell you the reason should you wish to appeal. You can also now appeal from within the UK.
No English test is required if your home language is English or you live in an English speaking Commonwealth country.
The best and latest news can be found on this website. https://www.freemovement.org.uk/appendix-fm-financial-requirements/
I must add that Customs and Immigration have been briefed to no longer look for reasons to deny status but to look for reason to give status. By "status" I mean "Leave to Enter" and "Leave to Remain".
The new system is online and automated to work like our efiling system whereby pages will be generated according to what boxes you tick. This will ensure you get the correct electronic forms. The old paper system lets you pick the forms yourself without help and if you took the wrong one's then your request will be denied without explanation.
If you still happen to make a mistake then an official will now point the mistake to you and give you time to correct it. If it is denied then they must tell you the reason should you wish to appeal. You can also now appeal from within the UK.
No English test is required if your home language is English or you live in an English speaking Commonwealth country.