I plan to be in South Africa for a year to work on a personal project. Someone told me that since I won't be there as a tourist, I will be liable for tax on my worldwide assets - is that true? I'll be eating into savings as it is, so if that's the case, I'm not coming!
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Whoever told you that has absolutely no idea what they're talking about!
Depending on your nationality, you can enter South Africa for up to three months without a visa or on a tourist visa. Thereafter you'll need some kind of temporary residence visa. Have a look at Visas for South Africa for more info.
You need to be here a total of 183 days in one tax year to be liable for tax - but it will only be on your income generated within South Africa. You need to be here for five years to be considered a resident, at which point yes, you will be liable for tax on your worldwide income.
To read more about this, take a look at Tax in South Africa and Banking in South Africa.