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My retirement blog.

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Nivek:
Why not leave your money here and just take a VERY long holiday there?

Orca:

--- Quote from: gcr on December 16, 2013, 08:46:10 pm ---Orca - not sure if you have studied Portugal's tax laws, if not maybe you need to. Just some live experiences - my sister and her husband have just retired to their French property and they can't earn any funds in France. If they do earn funds in France the French tax regime require them to list all foreign holdings and income earned outside of France. They would then be tax on these holdings/income as if they were residents of France. So all pension funds and income are generated in in Britain and retained in accounts in Britain - when they require funds they carry the funds across in euros to France or used their British based credit cards. They were interested in running a B & B and doing some market gardening but have shelved these ideas due to the potential for double taxation

--- End quote ---

South Africa has standard Double Tax treaties with most if not all EU countries. (Shown on SARS website)
These treaties are put in place to prevent paying Double Tax.
All income is taxed at source. For instance, If I were to move to France and earn my income here on the JSE, then I will pay normal tax in SA. In France I will have to declare my foreign income from SA and will get credit for the tax I already paid in SA. Due to the economy, most European countries pay 5 to 8% more tax than we do so I will only pay in the difference.
Portugal on the other hand has become a tax haven since last year. To attract foreign money, they have given a 10 year tax exemption to all foreigners seeking residency in Portugal.

Orca:

--- Quote from: Nivek on December 16, 2013, 09:31:32 pm ---Why not leave your money here and just take a VERY long holiday there?

--- End quote ---
That is exactly what I am planning to do. Minimum of 2 years and if we like it there, we will make it permanent.
Problem is that if I am absent from SA for 91 consecutive days, I will cease to be a resident here. If I am in any Euro country for 91 days or longer, I will have to apply for residency in that country.
These laws are relatively standard in all countries that have Full Double Tax Treaties.

Orca:
Before I confuse some people I must add this. If you work in a foreign country but have property here or a wife and kids and consider SA to be your home. A place where you come back to on a regular basis. A place where you don't live out of a suitcase, the 91 days will not apply.

Orca:
Went shopping with the wife today. Geez. Meat prices have gone up by R20 per kilo overnight. Chops are R99.99 per kilo. Not even Best End.  :wtf: Pork chops are R89.99. Lean mince is R79.99. Last time I looked, Beef and Pork fillets were at these prices. Now they are R140.
How can pensioners survive at these prices? Getting worried now.
Hordes of shoppers were just staring at the meat and nobody buying. One woman was telling a packer off at the high prices as if it was his fault.
Walked away with some mince and chicken pieces.

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