Transferring money out of South Africa can be overwhelming if you don’t understand exchange control regulations. Give us a call today if you would like to discuss exchange controls, discretionary and investment allowances or if you need to obtain a tax clearance certificate. When it comes to transferring money out of South Africa, we can help. Call us on +27 (0) 11 888 0125.
R 1 million – discretionary allowance (DA)
Residents (natural persons) over the age of 18 years can make use of a single discretionary allowance of R1 million per individual per calendar year. No tax clearance certificate is required. If you have any questions about Discretionary Allowances, call us on +27 (0) 11 888 0125.
R 10 million – foreign investment allowance (FIA)
This allowance can be used to invest funds overseas and requires the applicant to have a green bar coded South African ID book and to obtain tax clearance from South African Revenue Services (SARS) before proceeding.