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What are the visa requirements for immigrating from South Africa to America?To immigrate from South Africa to America, individuals typically need to obtain a visa that aligns with their purpose of entry, such as a work visa, student visa, or family-based visa. The specific requirements and processes vary based on the type of visa sought.
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What is the process for obtaining a work visa for immigrating to America?The process for obtaining a work visa for immigrating to America involves securing a job offer from a U.S. employer, who will then sponsor the visa application. The applicant needs to meet specific eligibility requirements and go through the application process set by the U.S. Citizenship and Immigration Services (USCIS).
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What are the essential steps for moving to America from South Africa?Moving to America from South Africa involves several essential steps, including obtaining the necessary visa, securing accommodation, arranging transportation, transferring finances, and familiarizing yourself with the local laws and customs. It's crucial to plan ahead and ensure all legal requirements are met for a smooth transition.
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What are some tips for finding a rental property in America as a newcomer from South Africa?When searching for a rental property in America as a newcomer from South Africa, it's advisable to research different neighborhoods, set a budget, work with a local real estate agent, review lease agreements carefully, and consider factors like proximity to amenities, transportation, and safety. Additionally, understanding rental laws and tenant rights can help ensure a smooth renting experience.
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Do you need a social security number to open a bank account in America?Yes, in most cases, you need a Social Security number to open a bank account in America. However, some banks may offer alternatives for individuals who do not have a Social Security number.
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What is the difference between emigration and immigration?Emigration refers to leaving one's own country to settle in another, while immigration is the act of entering and settling in a foreign country.
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What is the EB-5 visa for South Africans?The EB-5 visa program allows South Africans to obtain a U.S. green card by investing in a U.S. business and creating jobs for American workers. It is a popular option for those seeking permanent residency in the United States.
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How does one obtain an EB-5 visa?To obtain an EB-5 visa, individuals must invest a certain amount of capital in a U.S. business that will create or preserve at least 10 full-time jobs for qualified U.S. workers. The investment amount varies depending on the location of the business, with the standard minimum investment being $1.8 million, or $900,000 if the business is located in a targeted employment area.
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Should you undergo tax emigration if you live abroad but still have assets in South Africa?Many South Africans find themselves straddling two worlds – their new country of residence and the one they left behind. While many emigrated with no intention of returning, some left undecided. As such, many expats with assets remaining in South Africa now ask: should you complete tax emigration if you live abroad but still have assets in South Africa? Let’s answer this question with a scenario and then unpack tax residency in South Africa, and its impact on remaining assets. Scenario: Werner lives and works in the Netherlands, obtaining residency around 2019. He has purchased property there and has no plans to return to South Africa except for family visits. However, Werner still owns property in South Africa that is being rented out and holds money in a fixed deposit, earning interest. Should Werner go through the tax emigration process, or can he continue submitting tax returns on his South African income? Werner’s situation is typical for South Africans who have relocated abroad. While he may have established residency in the Netherlands, his continued ties to South Africa, mainly through property ownership and financial assets, make his tax situation complex. Understanding tax residency in South Africa South Africa has a residency-based tax system. This means that individuals are taxed on their worldwide income if they are considered tax residents of South Africa. Who is a tax resident in South Africa? This gets a little complicated since you don’t have to live in South Africa full-time to count as a tax resident. SARS uses two tests in determining tax residency in South Africa: 1. Ordinary residence test: This is a subjective and complex legal concept that considers various factors to determine the individual’s “real home” or the country to which they would naturally and habitually return. Factors considered: Family ties Property ownership Employment Social and economic ties Intention to return 2. Physical presence test: This objective test counts the number of days spent by an individual inside the borders of the Republic. 91-day rule: If an individual spends more than 91 days in South Africa in the current tax year and each of the previous five years and more than 915 days over those five years, they’ll be considered a tax resident. 330-day rule: However, if you spend 330 consecutive days outside of South Africa, you’ll cease to be a tax resident from the start of that period. A tax resident meets either requirement of the two residency tests used by SARS. However, no longer meeting the residency test requirements does not automatically mean that an individual is a non-resident. An individual is still considered a tax resident until they have officially changed their status with SARS by completing tax emigration. As such, an individual can only become a non-resident for tax purposes after successfully ceasing tax residency with SARS through tax emigration. The implications of tax emigration from South Africa If Werner were to cease tax residency in South Africa, it would have several implications: Deemed disposal of assets: Werner would be considered to have disposed of all his assets, except for immovable property situated in South Africa. This could trigger capital gains tax (exit tax) on the deemed disposal of these assets. The property is unaffected by tax emigration as SARS will collect their cut when the property is sold. Read more: Selling your property in South Africa – the guide to expat Capital Gains Tax implications. Non-resident tax status: Once he ceases to be a tax resident, Werner would only be liable for tax on his South African-sourced income, such as rental income from the property and interest from the fixed deposit. Read more: How are residents and non-residents taxed in South Africa? The exchange control implications of not completing tax emigration Werner must comply with South Africa’s exchange control regulations when transferring funds out of the country. It gets tricky because exchange control regulations require that individuals provide proof of tax residency when making international transfers. For expats, this proof must be in the form of a SARS Non-Resident Confirmation Letter. Without this letter, he will find it challenging to sell his South African property or cash in the fixed deposit account and transfer the proceeds out of the country. As such, it is in Werner’s best interest in this scenario to choose tax emigration sooner rather than later. Thereafter, he can continue to file non-resident tax returns and pay tax only on his South African-sourced income as long as he holds those assets. FinGlobal: tax emigration specialists for South African expats Are you confused about your South African tax residency? Let FinGlobal help! Our team of expert cross-border financial planners and tax advisors can guide you through the complexities of South African tax emigration. Whether you’re looking to clarify your tax residency status, streamline your tax affairs, handle tax clearance and tax refunds, or execute your retirement annuity withdrawal – we’ve got you covered. We can even help you get your SARS Non-Resident Confirmation Letter! Ready to take the next step? Leave your contact details below, and we’ll contact you to discuss your specific needs.
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I need to sell my home. Can you help me?Yes. Off course. I would be honored to assist you. Please give me a call or leave me a message and I will get back to you within the hour. In the meantime, head on over to the seller's page where you will find information about selling your home. You will also be able to contact me directly from this page. I am excited to walk alongside you on this journey and can't wait to meet you.
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I need to buy a home in Virginia. Which areas do you work in?That's exciting! I can assist you in buying a home anywhere in Virginia, USA. I also have a global team that can assist you anywhere in the world. This means that if you need to relocate, I can refer you to the right agent that will give you the same amazing service as I will.
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I need to find a rental in Virginia. Can you help me?Yes! Off course. I would be honored to assist you in finding the perfect rental home for you. Please phone me so that we can set up a one-on-one meeting or a virtual meeting to discuss your unique situation. You can also visit my rent page where you will find a wealth of information about the rental process.
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I would love to become a real estate agent, but I need to know where to start. Will you give me information?Absolutely. I would love to meet with you one on one or virtually so that I can share everything you need to know with you. You can also visit my new agent page where I post honest, updated videos, discounts and information about becoming a real estate agent in Virginia.
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Is it a good time to buy property in Virginia right now?Yes! It is always a good, solid, inflation-proof idea to invest in property. Think of it this way...the interest rate is still historically low over the last 10 years and people are still buying and selling homes every day around you. The statistics show that we are not in a housing bubble and home prizes and interest rates are stabilized. Waiting for the right moment is like sitting on the edge of the swimming pool while all your friends jumped in and are enjoying the water.
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What are the basics of buying a home?Obtain a mortgage preliminary approval before you begin house hunting. • Learn how much home you can purchase. • Strengthen your bargaining position with sellers. Work with your real estate agent to find the right home. • Determine your needs and create a wish list of desirable features. • Take notes as you preview homes using a house hunting checklist. Make a purchase offer. • Your real estate agent presents your offer to the seller, who will then choose to accept, counter or reject the offer. • When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale. Complete the loan application process. If you have already obtained a mortgage preliminary approval, contact your lender and let them know you have a contract on a home. Your mortgage consultant will update your loan application and help you to proceed with the home financing process. Have the home inspected. If you choose to have a home inspection, hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, which can reveal any safety hazards and give you a chance to reconsider the deal. The home will be appraised. An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value. Obtain title insurance. (where applicable). Title insurance guarantees the property you are purchasing is free of liens or confusion in rights of ownership, and it also insures against any losses to the property that result from defects in the title or deed. Close on the property. • A closing agent coordinates and distributes all the paperwork and funds. • Ownership of the property is transferred. And you become the proud owner of your new home! Whatever your home financing needs, we are ready to help with a broad range of programs and services. Contact me today to set up your buyer consultation.
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How can my offer on a home stand out in a bidding war?Buying a home? Get a step ahead with the Prosperity Buyer Advantage® Obtaining a mortgage preliminary approval is a great place to begin when buying a home. But if you want your home purchase offer to stand out to sellers, ask for the Prosperity Buyer Advantage®.1 By electing to participate, you can get much of the home financing process out of the way and obtain a Commitment Letter before you even begin searching for a home. What are the benefits? Complimentary - Choosing to participate costs you nothing additional. Distinguished - A Commitment Letter can set your home purchase offer apart from other offers a seller maybe considering. Smooth - With much of the home financing process completed up-front, additional requirements or conditions can be identified to help prevent last-minute issues. Flexible - You may have the option of being more flexible with your closing date and also help ensure an on-time closing. Don't waste time during the home financing process. Ask for the Prosperity Buyer Advantage®! Buyer Advantage® is not a final loan approval. A Commitment Letter is based on information and documentation provided by you and a review of your credit report. The interest rate and type of mortgage used to approve you for a specified loan amount is subject to change, which may also change the terms of approval. If the interest rate used for credit approval has changed, you may need to re-qualify. Information provided by you is subject to review and all other loan conditions must be met. After you have chosen a home and your offer has been accepted, final loan approval will be contingent upon obtaining an acceptable appraisal and title commitment. Additional documentation may be required.
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What are the 4 C’s of Lending?The 4C’s of Lending are key criteria that lenders use to determine eligibility for a loan: Capital (sufficient savings) Credit (a fair or good credit history) Capacity (enough income to cover the monthly payment) Collateral (the property purchased that secures the debt)
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What is an Adjustable-Rate Mortgage (ARM)Also known as a variable-rate loan, ARMs usually offer a lower initial rate than fixed-rate loans. The interest rate can change at specified time periods based on changes in an interest rate index that reflects current finance market conditions. The ARM promissory note states the index that is used to determine your interest rate (for example, the Treasury index). The promissory note also states maximum and minimum rates. When the interest rate on an ARM increases, the monthly payments will increase and when the interest rate on an ARM decreases, the monthly payments will decrease.
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What is an Adverse Action Notice?The written, electronic or verbal notice received from a creditor or other entity after a consumer is denied credit (or other benefits, such as employment or insurance) because of information contained in your application or credit report. The notice provides information on the reason for denial, providing up to 60 days for the consumer to obtain a free copy of their credit report and should indicate which credit bureau (reporting agency) was used, and how to contact them. The Equal Credit Opportunity Act (ECOA) and Fair Credit Reporting Act (FCRA) are the laws that address Adverse Action Notices.
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What is 'A' Loan?An 'A' Loan is a type of loan offered to borrowers with the highest credit quality. Borrowers with excellent credit scores and strong financial profiles typically qualify for 'A' Loans, which often come with the best interest rates and terms.
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What is Accrued Interest?Accrued interest refers to the interest that has been earned on a financial instrument but has not yet been paid or received. It accumulates over time and is typically calculated based on the outstanding principal amount and the interest rate.
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