Multi-currency Cash Passport - Forex - FNB

To Financially Emigrate or Not? Transferring Retirement Annuity Overseas.

FX Capital: R1 million Discretionary allowance

Investment and Discretionary Allowances. Hedging and Currency Risk Management.

In terms of South African Reserve Bank Exchange Control, South African residents are entitled to 2 allowances:. South Africans living abroad who have not formally emigrated in terms of exchange control are entitled to make use of the R10 million foreign investment allowance and the R1 million discretionary allowance.

For example, you left South Africa to go work in Australia for 2 years on a contract and ending up staying and 10 years later you are still living in Australia. You never formally emigrated in terms of exchange control; you are considered a South African Resident temporarily abroad and entitled to the R10 million foreign investment allowance and R1 million single discretionary allowance.

In order to send funds overseas for example, from the proceeds of a property sold or an inheritance you have received you will be required to make use of your R10 million foreign investment allowance, R1 million single discretionary allowance or formally emigrate.

FX Capital can assist you with getting your tax affairs up to date, even applying to have your tax number re-activated and then obtain tax clearance in order to send funds overseas.

Read to emigrate or not to emigrate for an explanation on the difference between emigration and South African resident in terms of South African exchange control. R1 million Discretionary allowance.

Individuals - South African Reserve Bank

In terms of South African Reserve Bank Exchange Control, South African residents are entitled to 2 allowances: R1 million discretionary allowance DA — this allowance may be used for foreign investment without having to obtain tax clearance a tax number is required , as well as; travel, gifts, loans, studies and alimony.

R10 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.

Discretionary Allowance | Money Transfer South Africa

We can also assist with your emigration. R1 million Discretionary allowance R10 million Foreign Investment allowance Emigration allowance Inheritance allowance Non Resident accounts Tax Clearance Transferring retirement annuities. Website by iMod Digital.