Emigration Allowance
Highlights
- Allowance - R4 million per adult and R 8 million per family unit.
- Personal Goods - A further amount of personal goods may also be exported to the value of R1 million rand.
- Discretionary Travel Allowances – Emigrants are further entitled to transfer capital in line with the discretionary travel allowances of R 1,000,000 per year per adult and R 200,000 per year per child.
- Additional amounts – At the discretion of the reserve bank applications can be made for the transfer of additional amounts over and above the allowances.
Details
- Foreign assets held need not be deducted from the above amount
- Transfers that have been effected under Section 0 (point 6.1.1) of the Exchange Control Manual need to deducted from the above allowances
- Applicants need to have been resident in South Africa for at least five years
- The South African Revenue Service needs to have confirmed that appropriate arrangements must be in place to pay, or already have been paid, any tax obligations.
- Documentary evidence that the applicant has indeed been granted appropriate permission to take up residence in another country and that the authorised dealer (empowered by the Reserve Bank) is satisfied that it is the intention of the applicant to permanently relinquish South African domicile.
How Incompass can assist
As you would expect from an experienced foreign exchange control company we are able to guide you through your applicable emigration allowances and complete the required paperwork on your behalf. Of course you will also enjoy the benefit of personalised service, no administration fees and the best of currency exchange rates. We can even help you set up appropriate banking in offshore destinations such as the Channel Islands and Switzerland.
If you are emigrating and need assistance considering transferring capital as an emigration allowance contact Incompass – the smart way to transfer your money.
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