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Send ZAR 4 million offshore without a tax clearance certificate

by Sable International | Dec 11, 2013
  • For the past few years, investing offshore has been simple, as the price of many investments has typically been well under the SA Reserve Bank annual discretionary investment allowance limit of ZAR 1 million. This has now been changed.
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    However, with the continuous uptrend in offshore property prices – as well as the continual devaluation of the Rand against all majors (including the Pound, Euro and US Dollar) – it now means that you cross the threshold from a discretionary to a capital offshore allowance. What this means is that you need a foreign tax clearance certificate from SARS to move any funds over ZAR 1 million…more admin hassle and more delay.

    How can Sable help you? The SARB individual allowances are applied on a calendar year basis, so if you are about to make the decision to invest offshore, you can move ZAR 1 million now before 31 December 2013 and a further ZAR 1 million from 1 January 2014. This situation is even better if you are married, as this amounts to ZAR 4 million per couple.

    What if I don’t have an investment or property that I like yet? This is not a problem at all, as you can hold the funds in your own offshore account, which we can help you open, or Sable International can hold your currency in our correspondent London-based client settlement account until you have made your decision. This means that you can park your funds and take advantage of this year’s allowance without rushing in to an investment decision. An added bonus is that you also fix your exchange rate. When you are ready to buy, simply instruct us to transfer your funds to any onward bank of your choice.


    Sable International's forex solutions are highly competitive. To take advantage of this investment opportunity, please call Monique Chapman on +27(0)21 657 2153 or email monique.chapman@sableinternational.com.

    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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