South Africa has many thousands of temporary residents and it’s important to understand what repercussions, if any, this may have on your ability to transfer funds out of South Africa, as well as the obligations that you have under exchange control.
Definition of a temporary resident
Rules upon arrival – what you need to do
- A declaration must be made as to any foreign assets owned and confirming that such assets will not be placed at the disposal of any 3rd party South African permanent resident.
- Proof must be provided to an authorised dealer of the temporary residence.
- Existing foreign assets – foreign nationals with foreign assets, providing they have completed the required declaration and undertaking, are allowed to dispose or otherwise invest their foreign assets, including foreign cash funds held by them, subsequent accruals and income without interference from the Financial Surveillance Department.
- Repatriation – authorised dealers may permit foreign nationals to transfer abroad funds they accumulated during their stay in South Africa, provided the individual can substantiate the source of the funds and that the value is reasonable in relation to their income in South Africa.
How Incompass can help?
- Whether you are transferring funds into South Africa or out of South Africa, Incompass can guide you through the complex myriad of rules and regulations.
- All of our transactions are processed through local banks, that are approved authorised dealers by the South African Reserve Bank. In addition we are an FSCA (Financial Sector Conduct Authority) registered company holding all appropriate licences. Our money transfers, in and out of South Africa, are done in strict accordance with money laundering regulations and exchange control regulations and all our transactions are audited in terms of our licence and banking requirements.
- Our transfer rates are market leading and there are no hidden charges such as service or admin fees.
- We are ISO 9001 and 27001 accredited.
If you are a temporary resident in South Africa and have a need to transfer money either in or out of South Africa, why not contact one of our expert team members. Our advice is free of charge and non obligatory, we save you money and provide you with the full knowledge of how best to transfer your money.
To find out more about how we can help temporary residents transferring money 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