The idea that money held outside South Africa is automatically invisible to SARS is increasingly outdated. This doesn't mean every foreign transaction is automatically taxable — it means taxpayers shouldn't confuse being outside South Africa with being outside the South African tax system.
Source: SARS — Budget 2026 Frequently Asked Questions
Frequently Asked Questions
Does having an offshore bank account automatically mean I owe South African tax?
No — tax treatment depends on residency, income, gains and the applicable rules.
What is CRS?
It is an international framework for automatic exchange of financial-account information between participating jurisdictions.
Does this affect investments as well as bank accounts?
The international reporting framework can cover various financial accounts and investment-related information.