SwissFin – SwissSure Newsletter March 2026

Dear Readers,

We welcome you to our first Newsletter for 2026.

Autumn is already arriving, and the landscape is gradually changing its appearance. This year, Cape Town was once again voted one of the most beautiful and liveable cities in the world. Many people clearly want to see it for themselves – the tourism authorities’ figures confirm another significant increase this year.

On a different note, we are excited to announce a new partnership with KPT Health Insurance in Switzerland. Their offering is aimed at Swiss citizens that emigrate or live extended periods in a foreign country. Please read more about it under “health insurance”.

As usual, we have included information across the board regarding investments, short-term insurance, immigration and other related topics. This newsletter can also be viewed under https://www.swissfin.co.za/newsletters/swissfin-swisssure-newsletter-march-2026/.

Enjoy the reading, with best regards,

Your SwissFin / SwissSure – Team

1. INVESTMENTS

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

2. LOCAL AND INTERNATIONAL FINANCIAL NEWS

• SARB holds back on interest rate cut
• Budget Speech 2026

3. TAXATION

• New tax compliance requirements on non resident accounts

4. SWISSSURE: SHORT-TERM INSURANCE NEWS

• MUA introduces Tyre and Rim cover
• AMI: Intelligent panic announcement
• TRA enhanced car rental cover
• MUA increases rates on value added products
• Horizon Marine implements exclusions because of the middle East war

5. IMMIGRATION

• White paper on immigration published
• Backlog on visa applications still persists
• Stay away from visitor visa extension applications!

6. HEALTH INSURANCE

• Foyer Global Health and Globality Health become Global Health
• Foyer Global Health assistance contact center details
• Introducing our new partner: KPT Health Insurance Switzerland

7. OTHER

• SwissSure in Golf and Supercars
• We value your comment

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

Interest rates ››

SwissSure offers the following rates as of March 2026:

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

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

R 1,75 Mio. for taxpayers under the age of 65
R 2,7 Mio. for taxpayers between the age of 65 and 75
R 2,9 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: 7,0 % 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 rates please contact Mr. Tony R. Hug on .

SARB holds back on interest rate cut ››

South Africa’s (SA) headline consumer inflation increased modestly to 3.6% in December from 3.5% in November, undershooting market expectations and reflecting a broadly contained inflation environment. The key takeaway from this slightly below expectations inflation print is that most analysts expect this to be peak inflation and that we anticipate marginally lower prints for the time being. With the peak lower than expectations, it does open the door to further rate cuts. Against this backdrop, and in line with expectations, the South African Reserve Bank’s Monetary Policy Committee opted to maintain interest rates at 6.75% at their meeting at the end of January.

Budget Speech 2026 ››

South African taxpayers received a measure of relief following the Budget Speech by our finance minister on 25th February. It was a constructive and measured Budget presentation -while fiscal discipline remains essential and South Africa continues to navigate constrained economic conditions.

Finance Minister Enoch Godongwana highlighted a gradual improvement in domestic growth dynamics, with real GDP forecast to reach 1.6% this year, improving modestly thereafter. Encouragingly, soaring gold and platinum prices have seen tax revenues from mines increase, and a R 21bn stronger-than-expected revenue collection relative to prior forecasts has supported the fiscal framework, allowing the National Treasury to avoid material tax increases.

Herewith a short overview of the most important points:

Individual tax
There are no changes to the actual rates of tax, but relief is provided through the tax bracket thresholds, and rebates are increased.

Tax table for individuals and special trusts

Individual tax thresholds:
Under 65 years: R 99,000 (previously R95,750)
65 to 74 years: R 153,250 (previously R148,217)
75 years and older: R 171,300 (previously R165,689)

The primary rebates:
Under 65 years: R 17,820 (previously R17,235.
Additional rebate for persons aged 65 years and older: R 9,765 (previously R 9,444).
Over age 75: A further R 3,249 (previously R 3,145).

Interest income:
The tax-free portion of interest income remains at R 23,800 for taxpayers under 65 years, and R 34,500 for persons aged 65 years and older. In addition, the tax-free savings dispensation for other approved investments, including collective investment schemes, is increased to R 46,000 (previously R36,000) per tax year.

Local dividends tax: Remains at a flat 20% rate.

Foreign dividends also remain effectively taxed at a flat rate of 20%, but this may be reduced in terms of Double Tax Treaties.

A final withholding tax on interest from an SA source to a non-resident remains at 15%, subject to Double Tax Treaties.

Corporate tax remains at 27%. The final withholding dividends tax remains at 20%.

Trusts: The flat rate remains at 45%, although distributions in the same tax year to SA resident beneficiaries are taxed in the beneficiaries’ hands.

Estate duty and donations tax: The rates remain at 20% for dutiable estate amounts of R 30 Mio. or less and increases to 25% for dutiable estate amounts over R 30 Mio.

The estate duty abatement (exempt threshold) remains at R 3.5 Mio. per person, and a surviving spouse may also benefit automatically from any unused deduction in the first-dying spouse’s estate, i.e. the abatement remains a combined maximum of R 7 Mio. for the second-dying spouse.

There is a similar treatment of Donations Tax, namely, 20% for donations of R 30 Mio or less, which increases to 25% for donations over R 30 Mio, being the cumulative value of all donations on or after 1 March 2018.

The first R150,000 (previously R100,000) of amounts donated in each tax year by a natural person remains exempt from donations tax. Donations between spouses are fully exempt.

Capital gains tax:

• The annual capital gain exclusion for individuals has increased to R 50,000 (previously R 40,000).
• The primary residence exclusion from capital gains tax is increased to R 3,0 Mio (previously R 2,0 Mio).
• The capital gain exclusion at death is increased to R 440,000 (previously R 300,000).
• The effective rate of CGT is the range of 7.2% to 18% for individuals, 21.6% for companies and 36% for Trusts.

Transfer duty:

The rates and thresholds remain the same.

Medical expenses

• Taxpayers may, in determining tax payable, deduct monthly contributions to medical schemes (a tax rebate to be known as a medical scheme fees tax credit) up to R 376 (previously R3 64) for each of the taxpayer and the first dependant on the medical scheme and R 254 (previously R2 46) for each additional dependant.
• An individual who is 65 and older, or if that person, their spouse or child, is a person with a disability, 33.3% of qualifying medical expenses paid and borne by the individual and an amount by which medical scheme contributions paid by the individual exceed 3 times the medical scheme fees tax credits for the tax year.

Any other individual, 25% of an amount equal to qualifying medical expenses paid and borne by the individual and an amount by which medical scheme contributions paid by the individual exceed 4 times the medical scheme fees tax credits for the tax year, limited to the amount which exceeds 7.5% of taxable income (excluding retirement fund lump sums and severance benefits).

The VAT rate remains at 15%.
The compulsory VAT registration threshold is increased to R 2.3 Mio (previously R 1 Mio) turnover per twelve-month period, effective from 1 April 2026.

Foreign exchange: The offshore investment allowance remains at R 10 Mio. per adult person per calendar year. In addition, the individual single discretionary allowance has increased to R 2 Mio.

Excise duties: It has become a boring annual habit, to increase the duties on alcohol and tobacco again, which are in line with inflation.

Comment:
The revenue windfall of R 21bn. is welcomed but is just a short-term relief in getting our government expenditure and debt burden under control. Although some confidence has returned for South Africa’s economic outlook, the Government needs to drive investment and employment growth.

New tax compliance requirements on non resident accounts

Please note that the Financial Surveillance Department of the South African Reserve Bank (SARB) has recently amended certain regulatory requirements relating to income earned in South Africa.
These changes apply from 23 October 2025 to the transfer of specific types of income earned by Non-Residents in South Africa.
The following is not required:
The transfers of income in respect of pension and annuity, confirmation from the retirement fund, its administrator, or the licensed insurer must be provided in one of the following formats:
– The latest IRP5/IT3(a) tax certificate for the pension or annuity payment.
– A payment advice indicating the tax code under which the income will be reported for the first payment of a new compulsory annuity or pension.
– A payment advice detailing the applicable tax code(s) for ongoing income payments.

Offshore transfers of the following income types will now require, in addition to other supporting documents, either:
– Manual Letter of Compliance – International Transfer (if the Client is not registered on the South African Revenue Services (SARS) database), or
– Tax Compliance Status (TCS) – Approval for International Transfers (AIT) PIN (if the Client is registered on the South African Revenue Services (SARS) database).
The income types affected are Directors’ fees, rental income on fixed properties, income received from a Trust created in terms of a last will and testament and income received from an inter vivos Trust.

For the offshore transfer of income derived from dividends and members’ fees from unlisted/ unquoted entities, the following documentation is required:
– A Tax Compliance Status (TCS) PIN reflecting good standing, issued in the name of the South African entity declaring the dividend.

The tax compliance letter from SARS is valid for 12 months. For more information, click here to read the SARB circular.

MUA introduces Tyre and Rim cover ››

As from 1 January 2026, clients can obtain cover for damage to tyres and rims. This is normally an automatic exclusion on all policies but can be taken out as an optional extra with MUA. Please click here to read more.

AMI: Intelligent panic announcement ››

There is a new benefit under Ami Assist, called Intelligent Panic. The service gives policyholders access to immediate, human led emergency support through a single panic number on their cellphone. Once registered, a dedicated crisis manager responds, assesses the situation, activates the appropriate emergency assistance, and remains on the line until the incident is resolved.

Activation of the service requires a once off cellphone registration. To facilitate this, activation SMS messages were sent directly to policyholders on Wednesday, 11 February.

We would appreciate if all our clients could register to make use of the App. If you have any questions or not registered yet, please contact our short-term department.
For more information, please click on this link.

TRA enhanced car rental cover ››

We are excited to announce that effective 1 March 2026, Royal Administrators will be enhancing the Car Rental Extension provided through Gage Car Hire. These upgraded benefits are designed to offer greater convenience, reduced client expenses, and a smoother, stress free claims experience for our clients.
Clients who have the Car Hire Extension on their policy will now enjoy the following value adds at no extra cost, automatically applied whenever Gage Car Hire provides the rental vehicle.
– No contract fee
– No rental deposit required
– No toll costs
– No excess payable in the event of a claim
– No delivery or collection fees anywhere within South Africa
– Unlimited daily kilometres
– Airport surcharge included
– Additional drivers included
– Delivery & collection before 09h00 or after 16h00 included
– Claims handling fee included
– Upon returning the vehicle to the car rental supplier, no fuel costs will be charged.
– Comprehensive insurance cover aligned to the underlying policy

If you are a TRA policyholder, please ensure you have the optional Car Hire Extension included on the motor policy. These enhancements apply only where Gage Car Hire supplies the rental vehicle.

MUA increases rates on value added products ››

This communication serves as formal notice of upcoming Value Added Product (VAP) cost adjustments, effective 1 May 2026 as follows;

• Concierge Services: Increases from R 135 to R 175 p.m.
• Roadside Assistance Services: Increases from R 45 to R52 p.m.
• Home Assistance Services: Increases from R 20 to R 22 p.m.
• CareComplete: Remains at R 20

These changes apply to:

• All new business from 1 May 2026
• Existing monthly policies from 1 May 2026
• Existing annual policies at renewal from 1 May 2026

Horizon Marine implements exclusions because of the middle East war ››

Because of the ongoing conflict in the area and the increased risk to cargo ships, all marine insurers have ceased to offer insurance cover.
Please click here to read the applicable exclusions.

White paper on immigration published››

In late December 2025, the Department of Home Affairs released the Revised Draft White Paper on Citizenship, Immigration and Refugee Protection.
While these proposals are not yet law, they provide the clearest indication to date of how South Africa intends to reshape visa categories, skilled migration and permanent residence going forward. Public consultation on the White Paper remains was open until 15 February 2026, after which submissions will be reviewed before the policy advances further.

Below are the most significant proposed changes:

Retired Person Visas
The retired person visa is retained, but the White Paper clearly signals tightening of this category, including:
– The likely introduction of a minimum age requirement (probably age 55)
– Potential increase to financial threshold
– Stronger enforcement of the no-work condition
The policy intent is to re-align this visa with genuine retirement, rather than lifestyle-driven or workaround use.

Financially Independent Permanent Residence
The current Financially Independent Permanent Residence permit is proposed to be replaced. The White Paper signals an investment-linked financially independent visa category, where:
– Applicants must still demonstrate financial independence
– Approval would be tied to investing capital into South Africa, rather than simply proving net worth
At this stage, the White Paper does not define investment amounts and does not confirm whether permanent residence would be an option upfront or at a later stage.

Skilled Work Visas
A major reform is proposed for skilled migration to one consolidated points-based system. The Draft Paper indicates that the Critical Skills Work Visa and General Work Visa are likely to be merged into a single Skilled Worker Visa, assessed through a Points-Based System.
This system would place greater emphasis on skills, work experience, labour-market relevance and economic contribution with less reliance or priority placed on formal qualifications alone.

Business Visa
The paper separates Start-Ups and Investors, making it more attractive to entrepreneurs and investors. The White Paper signals two distinct pathways:
– A Start-Up Visa, focused on innovation, founder capability and scalability
– An investment-focused business visa, centred on capital deployment and job creation

One of the most important shifts relates to permanent residence (PR). The White Paper reinforces a more selective, contribution-focused approach, aligned with national priorities and planning considerations. Permanent residence is not framed as an automatic outcome of holding temporary status, and the framework allows for greater discretion in managing PR grants.

Our comment: We recommend our clients lodge applications for permanent residence or retired visa as soon as possible under the old regulations. There is the possibility that some holders of visas will not qualify for an extension under the new regulations.

For more information, please visit the White paper by clicking here or the presentation by the Department here

Backlog on visa applications still persists ››

In early 2025, the Minister declared the backlog cleared, stating that only appeals remained to be processed. By September, the Minister published a revised travel directive offering protections solely to those with pending appeals and waiver applications. In December, the Department followed suit, publishing turnaround times for each application category—with temporary residence applications supposedly taking 30 days to three months to finalize. All these actions suggested the Department had finally gotten a handle on its processes and was ready to become the enabler of economic activity it claims to be.

However, the picture on the ground tells a completely different story. A never-ending wait for outcomes remains the lived experience of many applicants. Several application categories remain stalled—particularly spouse, relative, and study visa applications. Many of these simply stopped being adjudicated around August 2025.

On the appeals side, the e-mail inbox is flooded and cannot accept any more mails.
Unfortunately, there is no clarity as to when this problem will be resolved.

Stay away from visitor visa extension applications! ››

The process to extend a visitor visa by another 90 days should be a seamless one. However, practice has proven to be very frustrating:
– The required extension date is in many cases not considered and applicants get random date extensions, forcing them to leave prematurely.
– Applications are declined on irrational grounds, like financials could not be verified etc.
– The officer at the port of entry did not enter the applicants details in the system, making an extension impossible.
– Approvals are not forthcoming and applicants end up being in South Africa with an expired visa, risking an entry ban (up to 5 years!) and a fine upon departure without a valid visa.

Adjudicators seem either uneducated or not interested in working through applications diligently, creating great hardship for the applicants. We currently see an error rate of at least 50% with all visitor’s extension. Hence, we recommend you plan your stay in South Africa without an extension of a visitor’s visa!

Foyer Global Health and Globality Health become Global Health ››

Over the past two years, Foyer Global Health and Globality Health, have worked through the merger. The transition has been completed and the name changed to Global Health.
What is changing?
– During February, all email addresses will progressively transition to reflect the new brand, adopting the format .
For now, current email addresses remain unchanged.
– Website and visual identity
The website and social media channels will progressively reflect the updated visual identity, featuring a minimalistic design in obsidian, white, and ivory.

What remains the same?
– Products for existing clients will remain the same. Whether Essential, Special or Exclusive, the existing portfolio continues unchanged under the Foyer Global Health products.
– Your dedicated contacts remain the same. You can still reach them through the same phone number et email address.

Foyer Global Health assistance contact center details ››

The insurer is transitioning from their our current provider to Euro-Center, a globally recognized leader in medical assistance and provider network management.
This change brings significant benefits for you:

• Global reach and local expertise with 11 regional offices worldwide, teams fluent in local healthcare systems, languages, and customs.
• Access to more than one million providers globally, including Global Excel and Aetna in the USA and Canada.
• More than 50 years of experience, more than 750 professionals, and 24/7 medical support.
• Optimized cost control for stable contract performance.

Foyer Global Health has partnered successfully with Euro-Center for over 15 years, ensuring a smooth transition. Contact details remain unchanged.

Introducing our new partner: KPT Health Insurance Switzerland ››

For many Swiss citizens emigrating, a new health insurance solution is not easy to find. Deregistration from Switzerland terminates mandatory coverage, and most insurers do not offer solutions for Swiss citizens living abroad.
Upon later returning to Switzerland, the additional problem arises that it may no longer be possible to obtain private health insurance.

KPT can offer a solution in certain cases. Further details about the product can be found here.
For further information, please contact Marius Romer at or Tony Hug at .

SwissSure in Golf and Supercars ››

Our company has been involved in golfing matters for many years. Our flagship product, GolfEstateSure, has been in the market for almost 15 years.
We recently became involved in assisting an upcoming young amateur golfer, Jack Buchanan. The 21-year-old is on a golf bursary at the University of Southern California. He recently won the African Amateur Championship in Johannesburg, which gave him automatic entry into the South African open and The Open in July at Royal Birkdale in the UK.
We wish him lots of luck in his professional golfing career and we are proud to be associated with him!

Our other specialized offering – SupercarSure – has found a great response amongst enthusiasts of sports cars. We recently sponsored a Supercar event together with Lusso

We value your comment ››

Do you want to know about a specific topic, share something with us or comment?
Please feel free to send us an e-mail or so that we can assist you.