If emigrating from South Africa (and seeking advice on what allowances are available) clients have two routes they may consider:
- Utilising their annual discretionary allowance and annual foreign investment allowance.
- Making an application for transfers that will exceed the annual 11 million rand (or 22 million rand per couple).
Highlights of using ’emigration allowances’
- Annual Discretionary Allowance – R1 million per calender year per adult.
- Foreign Investment Allowance – R10 million per adult per calender year.
- Children’s allowance – R200,000 per calender year.
- Additional amounts – At the discretion of the reserve bank applications can be made for the transfer of additional amounts over and above the allowances.
How Incompass can assist
As you would expect from an experienced foreign exchange control company we are able to guide you through your applicable 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.
If you are emigrating and need assistance considering transferring capital contact Incompass – the smart way to transfer your money.