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How to use your end of year allowance effectively

by Andrew Rissik | Sep 24, 2014
  • Nowadays the impact of investing abroad can be severely limited by the amount that you are able to transfer. With the continuous uptrend in offshore property prices and the steady downward slide of the Rand against the Dollar and all other majors (including the Pound and Euro), it is becoming more costly to invest abroad every year.
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    Your capital offshore allowance limit is now set at R4 million per annum and that, combined with your one million discretionary allowance, will leave you with a R5 million yearly limit (pending authorisation from the SARB). This increases to R10 million if your spouse is also a South African citizen.

    You will still cross the threshold from your fixed discretionary allowance into your capital offshore allowance at the R1 million mark, meaning that a SARS issued foreign tax clearance certificate will be required, just another layer of admin and frustration.
    The big benefit of end of year transfers

    The South African Reserve Bank (SARB) allowances are applied on a per calendar year basis. So if you plan to invest offshore, you can move R10 million before 31 December 2014, and a further R10 million after 1 January 2015. This could leave you (spouse permitting) with a grand total of R20 million Rand to invest straight away or hold offshore until you find what you’re looking for.

     If you do decide to take your time, then we could help you open your own offshore account, or we could hold your currency in our corresponding London-based client settlement account until you have made your decision. As an added bonus, you can also fix your exchange rate when you send your funds before you make your final investment decision and, when you are ready to buy, simply instruct us to transfer your funds to any onward bank of your choice.

    We complete over 100,000 transactions each year and have upwards of 40,000 satisfied clients worldwide. To take advantage of our great rates and outstanding service, call us or email andrew.rissik@sableinternational.com.

    We wish you all a great festive season and all the best for 2015!

    The Sable Forex team
    Tel: +27 (0) 21 657 2153

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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    South Africa

    Cape Town

    Regent Square
    Doncaster Road
    Kenilworth 7708 +27 (0) 21 657 2120

    Durban

    201 The Annex
    Ridgeside Office Park
    Umhlanga +27 (0) 31 536 8843

    United Kingdom

    London

    Castlewood House
    77/91 New Oxford Street
    WC1A 1DG +44 (0) 20 7759 7514

    Croydon

    5-7 Selsdon Road
    South Croydon
    CR2 6PU +44 (0) 20 7759 7581

    Australia

    Melbourne

    9 Yarra Street
    South Yarra
    VIC 3141 +613 (0) 8651 4500

    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

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