SwissFin – SwissSure Newsletter December 2025

Dear Readers,

Welcome to the summer edition of our newsletter. Almost a year has already passed. It’s incredible how fast time flies! The entire SwissSure and SwissFin team wishes you and your loved ones a peaceful Advent season, a Merry Christmas, and of course, all the best for 2026! We would also like to take this opportunity to thank you for your continued loyalty to our company – we truly appreciate it. Enjoy reading our newsletter, wherever you are accessing it from.

As usual, we have compiled information on investments, property insurance, immigration, and other related topics. This newsletter can also be viewed at https://www.swissfin.co.za/newsletters/swissfin-swisssure-december-2025/.

Enjoy the reading, with best regards,

Your SwissFin / SwissSure Team

1. INVESTMENTS

• Interest rates: Bank deposits, insurance plans, tax-free investment amounts and SwissSure Forex rates
• Why is banking for non-residents in South Africa so complicated?
• Sonnenberg Wealth Management’s investment outlook

2. LOCAL AND INTERNATIONAL FINANCIAL NEWS

• Reserve Bank shifts inflation target to 3%
• South Africa removed from the FATCA greylist

3. TAXATION

• National Treasury puts the taxing of foreign pensions on hold

4. SWISSSURE – SHORT-TERM INSURANCE NEWS

• MUA introduces new car rental partner
• Santam: Update on geyser/water cover on H&L policies for guesthouses
• Clarification on theft of exterior fixtures and fittings on commercial policies
• Dangers of illicit liquified petroleum gas (LPG)
• HIC enhances geyser cover
• TRA upgrades personal lines policy cover
• Launch of Renasa’s refreshed domestic policy wording
• Western adjusts commercial policy wording

5. IMMIGRATION

• Appointments required for VFS collections and new fee structures
• Home Affairs enforces 60-day submission rule for applications
• Pending visa applications are extended until the end of March 2026

6. HEALTH INSURANCE

• BDAE adjusts premiums of the Infinity Plan and details on the Feel-Good Package
• Cigna adjusts premium rates
• Turnberry Gap cover details for 2026
• Discovery updates for 2026
• Foyer also increases premium rates

7. OTHER

• Our opening hours over the festive season and all emergency numbers
• We value your comment

Interest rates: Bank deposits, insurance plans, tax-free investment amounts and our foreign exchange rates >>

We currently offer the following effective interest rates on our Investec banking platform:

Interest rates ››

The minimum investment is R 100’000. Terms and conditions apply. The rates do fluctuate on a regular basis and the interest rate depends on the investment amount.

At the moment, it is worth noting that the “90-day notice deposit” is a good investment with an interest rate of 7,90%!!

Insurance Plans: “Guaranteed income/growth plans” (5-year term), approx. 80% of income tax-free: ››

Tax-free interest income – maximum investment amounts: ››

R 1,5 Mio. for taxpayers under the age of 65
R 2,3 Mio. for taxpayers between the age of 65 and 75
R 2,5 Mio. for taxpayers over the age of 75

These figures mean that you can invest these amounts in i.e. our money market or fixed deposit offerings and not pay any tax. Couples married in community of property can double these amounts!

Underlying assumptions: 8,0 % effective interest rate and no other income sources.

SwissSure Forex Rates ››

The above table shows that our rates are attractive compared to commercial banks. Over and above, we do not charge any fees when the funds are credited or transferred to another local account.

Should you wish to receive more information on our money market fund offering, the tax-efficient income plans or our forex offerings please contact Mr. Tony R. Hug on .

Why is banking for non-residents in South Africa so complicated? ››

Foreigners with local accounts are often confronted with cumbersome bureaucratic supervision when it comes to deposits or transfers from their non-resident accounts.

Whilst some of the staff at commercial banks are not familiar handling such accounts, the bigger picture is the Exchange Control Regulations laid down by the South African Reserve Bank (SARB). These guidelines are very strict and if a commercial bank is found to have breached such, they are easily fined millions of Rands!

To read more about the requirements when transferring or receiving funds into a non-resident account, you can click here to view the overview from Investec.

Sonnenberg Wealth Management’s investment outlook ››

Our Swiss partner regularly shares their investment views with you. Please click here to read the interesting publication.

Reserve Bank shifts inflation target to 3% ››

The South African Reserve Bank (SAEB) announced this in August during a monetary policy meeting, and at the same time cut rates by another 0,25%, followed by another one in
November. The bank expects the average inflation for 2025 to be around 3,3%. The move was widely welcomed and will assist cash strapped consumers with their finances.

The economic outlook for South Africa also looks much improved: Rating agencies have increased our rating after the Medium Term Budget Speech of our Finance Minister. Funds
are flowing back into South Africa and the Rand exchange rate has gained some strength. Although we still have a very long way to go, it seems that we are finally seeing signs of fiscal progress.

South Africa removed from the FATCA greylist ››

The South African Revenue Service (SARS) welcomed the decision by the Financial Action Task Force (FATF) on 24 October 2025, to delist South Africa from its “grey list” of jurisdictions under increased monitoring. This is a significant moment for our country and a testament to the whole of government approach and its institutions to restore the integrity of our financial system.

Besides South Africa, other countries like Nigeria, Mozambique and Burkina Faso were removed at the same time.

Exiting the greylist demonstrates that SA’s anti-money laundering system is beginning to act against corruption and other financial crimes. South Africa’s delisting from the notorious greylist is expected to renew investor confidence and directly translate into a more favourable funding environment for the country.

National Treasury puts the taxing of foreign pensions on hold ››

The draft Tax Laws Amendment Bill proposes that from 1 March 2026, South Africa will have the right to tax any lump sum, pension or annuity received or accrued to a resident from a source outside the country except from a social security system. This will apply if the amount derives from past employment outside SA and a double-tax treaty does not give the other jurisdiction the sole right to tax the amounts. The current foreign tax exemption has been in place for the last 24 years.
Treasury has considered taxing foreign pensions in the past but ultimately decided against it, as such a move would be catastrophic for South Africa, potentially resulting in loss of investment, foreign exchange and South Africa could lose its attractiveness as a relocation destination. It could also lead to pensioners already in South Africa leaving the country.
Treasure may be tempted to revisit the issue given their revenue pressures, but a hurdle is the double tax agreements, which override domestic SA tax law.

Luckily, the proposal was withdrawn at the beginning of November, and all our foreign retired clients will be enjoying this decision!

On a different note, the South African Reserve Bank announced more red tape for non-residents: If such receive South African dividends, rental income, trust distributions or director’s fees, they have to obtain a SARS “manual letter of compliance – international transfer”, before the funds can be sent abroad.

There seems to be an inconsistency in the treatment of difference sources of income, as interest income or service fees does not require any prior tax clearance. We need to be making it easier, not harder, for non-residents to invest in South Africa!

MUA introduces new car rental partner ››

We are excited to announce that MUA has partnered with Gage Car Hire as their new preferred provider for insurance replacement vehicle rentals. This strategic shift brings a host of enhancements designed to elevate the experience for our clients. With over 20 years of expertise in insurance replacement rentals, Gage Car Hire offers a personalised, client-friendly service that aligns perfectly with MUA’s commitment to excellence.
The enhanced benefits are as follows:

• – Largest fleet & nationwide access to over 30,000 vehicles and 200+ locations across South Africa.
• – Unlimited daily kilometres – no mileage caps!
• – Free delivery & collection within a 25 km radius, weekdays between 09h00–16h00, at no extra cost.
• – Comprehensive insurance cover, a first-in-market feature!
• – Flat excess of R 4,000 regardless of vehicle group.
• – No airport or young driver surcharges for clients under 25

Please note: While the car hire benefits have been significantly enhanced through the new partnership with Gage Car Hire, the premium remains unchanged and vehicle options available to clients remain consistent with previous offerings.

Santam: Update on geyser/water cover on H&L policies for guesthouses ››

The insurer has issued a circular on the above topic. If you are a guesthouse owner and insured on an H&L / Santam policy, please click here to read the document.

Clarification on theft of exterior fixtures and fittings on commercial policies ››

Exterior fixtures and fittings means any item permanently attached to the exterior or outside of a building. Some examples would be solar panels, air conditioner compressors, generators, external pipes etc. They are not automatically insured under the building section of your policy.

Most policies have a limitation when it comes to theft without forcible or violent entry. This means that the building itself must be broken into through a latched or locked window, locked door or enclosed roof- in which case the limitation is not applicable. Entry to the premises by cutting a fence or breaking the gate of a generators cage does not constitute entry into a building and the limitation is applicable.

To obtain full theft cover an item can be specified to the full value of the item and full theft cover is then included – even if the item is situated outside. Alternatively, the first loss limit – theft of exterior fixtures and fittings/ theft without forcible and violent entry limit may be increased.

Dangers of illicit liquified petroleum gas (LPG) ››

The illegal trade in this gas has increased, putting properties at risk due to explosion and fires. Please read the communication from Santam on this topic by clicking here.

HIC enhances geyser cover ››

The insurer has increased geyser cover with immediate effect as follows:

Standard geysers:
100 litre geyser replacement: Max sum insured R 12’200
150 litre geyser replacement: Max sum insured R 12’500
200 litre geyser replacement: Max sum insured R 14’400
250 litre geyser replacement: Max sum insured R 18’750

Geyser repairs: Max sum insured R 2’250.
Stainless steel geysers:
100 litre geyser replacement: Max sum insured R 14’200
150 litre geyser replacement: Max sum insured R 14’500
200 litre geyser replacement: Max sum insured R 15’800

HIC has also entered into a new partnership with Waterlite, who will assist policyholders with all geyser related claims.
Clients can contact them directly on 0861 WATERLITE or on 083 – 442 0467

TRA upgrades personal lines policy cover››

The specialist thatch insurer has enhanced many policy benefits. If you are a policyholder, you can click here to see the full list of benefits.

Launch of Renasa’s refreshed domestic policy wording ››

As from 1 November 2025, the new policy wording (click here to view) and the new excess structure (click here to view)has been put in place.

Western adjusts commercial policy wording ››

We would like to inform you that Western National Insurance has implemented an updated Commercial policy wording, effective 1 November 2025 for new business and existing business. To view the high-level summary of the changes, please click here.

MUA enhances 4×4 cover ››

The insurer has amended the cover. You can view the summary by clicking here.

Appointments required for VFS collections and new fee structures››

As from 1 August this year, all applicants that wish to collect their outcomes from the VFS offices in Johannesburg, Cape Town and Pretoria, have to schedule an appointment.
The booking has to be made online, and the printed letter presented to the security personnel at the centres. VFS is trying to make the collection a more efficient and faster process.
The fees have been adjusted as follows:

– Premium lounge ZAR 750
– SMS notifications ZAR 40

Home Affairs enforces 60-day submission rule for applications ››

By law, visa applications for extensions or status changes should be submitted at least 60 days before the current visa expires. In the past, this requirement was often treated flexibly, with applicants allowed to submit closer to expiry if a supporting motivation letter (“good cause letter”) was provided.

Recently, Home Affairs has begun enforcing the 60-day rule more strictly. Applications submitted too late are now being rejected. While this trend is most noticeable with visitor visa extensions currently, there have also been a few cases affecting temporary residency applications.

We therefore recommend to all our clients to stick to this timeline.

Pending visa applications are extended until the end of March 2026 ››

The Department issued a corrected concession, allowing pending visa applications and waivers to be extended until 31 March 2026.

An earlier version of the directive included applicants with Permanent Residence (PR) appeals, but this has now been removed. PR appeal applications are therefore no longer covered by the concession.

This means that if you have a pending waiver or temporary residence visa appeal, the concession ensures you will not be declared undesirable under section 30(1)(h) of the Immigration Act, provided you can show proof of your pending application (as submitted via VFS Global).

If you have a pending PR appeal, you are still required to maintain a valid temporary residence visa while awaiting the outcome of your application. Relying solely on the appeal outcome without valid temporary status could place your legal standing at risk.

To view the circular, please click here.

BDAE adjusts premiums of the Infinity Plan and details on the Feel-Good Package ››

EXPAT INFINITY is being adjusted for the second time since its market launch – for both existing customers and new policyholders. At the same time, Hong Kong’s premiums are being reclassified from Zone 3 to Zone 4.
EXPAT INFINITY Zone 1+2 +15%
EXPAT INFINITY Zone 3+4 +20%

However, this premium adjustment comes with numerous positive changes:
– The insurance terms and conditions have been made more transparent and improved in many areas, such as:

• Distinction between assistive devices and life-sustaining devices
• Waiver of the WHO vaccination clause
• Inclusion of alternative treatment methods
• Waiver of reference to programs introduced in Germany for preventive medical examinations
• Increase in the maximum reimbursement for outpatient treatment in Infinity Classic from €15,000 to €20,000 annually

Even after the upcoming premium adjustment, we feel that the price-performance ratio of the EXPAT INFINITY product remains outstanding compared to other international providers.

The Feel-Good Package was recently introduced and offers:
Emotional Support

• Counselling and crisis intervention services worldwide and 24/7
• Six-week mindfulness program (by phone)
• Self-directed computer-assisted cognitive behavioural therapy
• Individual one-on-one sessions (by phone or video)

Practical Support

• Counselling services on personal and professional topics such as career, time management, or caring for loved ones
• Multilingual website with helpful videos, links, webinars, tools, and much more

All relevant information about the Feel-Good Package can be found here: https://www.bdae.com/feel-good-package

Cigna adjusts premium rates ››

Like all other healthcare insurers in our world, Cigna was also forced to make premium adjustments. Please click here to find the reason behind the change.

Turnberry Gap cover details for 2026 ››

The new “Dynamic Product” has been introduced to the product range. For an overview of all the plans for next year, please click here.

Discovery updates for 2026 ››

The changes for next year were announced at the beginning of October.
Discovery Health:

• The premium increases are between 6.9% and 7.9%, with an average of 7.2%.
• The increases will only be effective from 1 April 2026.
• Various benefit increases have been introduced, especially for pregnancy and oncology.

To download the 2026 plan comparison, please click here (insert Annex 7 – Discovery Health).
Vitality:

• Pilates and Yoga classes will be introduced
• Garmin is a new partner for sports watches
• Good night’s sleep is being rewarded, tracked through the watch and the Oura ring

To view the 2026 details, please click here.

For more information, please visit www.discovery.co.za or call them on 0860 998877.

Foyer also increases premium rates ››

We would like to inform you in advance that the insurer will soon be communicating to our policyholders about an upcoming premium adjustment that will apply upon contract renewal.

Due to the continuous and significant increase in healthcare costs and general inflation worldwide, their rates will be adjusted by approximately 9% at renewal. This update reflects general market trends and is necessary to ensure the sustainability of the coverage and services.

Our opening hours over the festive season and all emergency numbers ››

Please note that we are open on normal working days Monday – Thursday from 08.30 am to 16.30 pm and Fridays 08.30 am – 16.00 pm. Our offices will be closed from the 24th December 2025 and we will reopen on the 5th January 2026 at 08.30 am.

Should you have an emergency during the above period, please contact the following short-term insurer’s emergency numbers:
MUA: 0861 000 682 24 -hour contact centre, after hours, weekends & public holidays
MUA: Geyser Claims 010 271 3550
Santam: 0860 505 911
Vantage: 0800 214 763
Discovery: 0860 999 111
AMI: 0860 264 264 / 011 246 2271
Renasa: Domestic clients 0861 628 328 or 083 791 0201 or 071 882 9178
Renasa: Commercial clients 0861 736 266 or 083 791 0164 or 071 882 9178
BnB Sure / Bryte: 0800 55 66 77 (Hospitality Assist – includes cover for home and roadside emergencies)
HIC: 011 455 8528 or 011 455 5271
Old Mutual Insure / ELITE: 0860 247 365
Western: 0860 400 007
IUM / Alpha: 0861 886 886 or 0861 464 666
CIA: 0861 242 777
CIA: Geyser 0861 242 911
Cross Country 0800 005 688 or 011 966 5004
Hollard Assist 0860 038 262
Execuline / Hollard: 0860 103 434
MiWay: 0860 076 764

For Windscreen claims with MUA, Bryte, Discovery Insure, HIC, Hollard, King Price, IUM / Alpha, OMI, Renasa, Santam, Western, Cross Country please call the My Glass National Helpline: 0861 694 527

In order to provide you with an excellent service experience, Mrs Karin Carstens will be available in emergencies. She can be contacted on or WhatsApp +49 179 7310320. Mrs Carstens speaks German too.

We value your comment ››

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