It was not so long in the past when investing offshore was near impossible for South Africans and as regulations eased the amounts were still very strictly controlled.
With the introduction of a 1 million rand discretionary allowance and a 10 million rand investment allowance now it is possible for a married couple to transfer up to R22 million annual allowance per year offshore.
As the allowances are per adult a married couple can each take:
- Two lots of the one million rand discretionary allowance.
- Two lots of the ten million rand investment allowance.
Total per calender per year is therefore R22 million rand which can be transferred out of South Africa.
What if you want to take out more than R22 million rand?
This is possible and if you wish to take out a larger sum than R22 million annual allowance, Incompass assists you in submitting an application to the Financial Surveillance Department of the South African Reserve Bank for approval of a greater amount.
How Incompass can help
As one of South Africa’s premier currency companies we are ideally placed to assist you with the transfer abroad of your R22 million rand investment allowance. We offer:
- Market leading rates
- No service fees
- Free tax clearance and BOP completion
- Reserve Bank and FSB approved
- ISO 9001 and ISO 27001
- Market leading service standards.
To find out more about how we can help you with the transfer of your R22 million rand investment allowance 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