As a brief reminder South Africa operates a system of exchange control, one of the few countries to still do so. Exchange control is a mechanism for controlling the balance of payments and flight of capital by putting in place restrictions on the export of capital by residents.
The trend of relaxation of exchange control has continued
The annual allowance for individuals has more than doubled from R4 million to R10 million. This sees the allowance for families rises to R20 million per year. The subcategories under the individual single discretionary allowance were also removed and the annual R1 million allowance may be used for any legal purpose abroad.
99% of the population no longer effected
In reality these latest increases in the allowances mean that 99% of South Africans are no longer effected by exchange control which is good news for those seeking to diversify with exposure to a foreign currency.
Find out more about transferring money out of South Africa
To find out more about how we can help you with your money transfer out of South Africa call us on any of the numbers below or send us an e-mail.
Ph: Cape Town +27 (0) 21 424 2936
Ph: Johannesburg +27 (0) 11 234 4275