South Africans wishing to invest abroad must do so within the remit of the South Africa Foreign Investment Allowance as prescribed by the South African Reserve Bank (SARB).
These regulations are known as exchange control regulations and they govern amongst other elements how much an individual may transfer abroad for the purposes of investment.
Highlights of the South Africa Foreign Investment Allowance
- Applicable to adults over the age of 18.
- The person wishing to utilize the annual foreign investment allowance must be a tax payer of good standing.
- The maximum per calender year is R10 million rand per adult.
- In addition, a further R1 million, within the single discretionary allowance allowance, can be transferred abroad. This R1 million does not require the obtaining of a Tax Clearance Certificate.
What if you wish to transfer more than R10 million rand?
This may be possible and Incompass can help you make an application to the Financial Surveillance Department of the South African Reserve Bank for approval.
Transferring your R10 million rand annual foreign investment allowance
Incompass offers you a real alternative to the historic route of using your bank. Whilst all of money transfers are processed by our Authorised Dealer (Investec Bank), due to the sheer bulk of transactions we introduce to them our clients benefit from better exchange rates and no service fees. A benefit we in turn can pass on to you our client. The result means more foreign currency for your rand.
You can also be assured that all transactions are via the banks client account, that we are FSCA and Reserve Bank Registered and are ISO 9001 and 27001 accredited.
Ph: Cape Town +27 (0) 21 424 2936
Ph: Johannesburg +27 (0) 11 234 4275