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Transfers out of South Africa

by Sable International | Jan 19, 2012
  • Great news, the SA Reserve bank has announced that SA ID book holders are now allowed to send up to R1 million out of the country per calendar year for foreign investment purposes, under the single discretionary allowance.
    Joburg sunset skyline

    South African Reserve Bank Increases Annual Foreign Investment Allowance

    Great news, the SA Reserve bank has announced that SA ID book holders are now allowed to send up to R1 million out of the country per calendar year for foreign investment purposes, under the single discretionary allowance. 

    This means you can send money to your own overseas account OR any other bank account without having to apply for a foreign tax clearance certificate.

    Often confused with complex regulations and legislation many people look to their banks for assistance which can result in unnecessary fees and poor exchange rates.

    With Sable International's forex division, individuals and companies now have the opportunity to secure better exchange rates and lower fees than the traditional method of using their own bank.

    Our forex division can assist you with the following transfers, in line with the new discretionary allowance:

     → Travel Allowance

     → Monetary Gifts and Loans

     → Study Allowance

     → Alimony and child support

     → Wedding expenses

     → Maintenance Transfers

     → Donations to Missionaries

     → Foreign Capital Allowance (no tax clearance required)

    Applicants must be over the age of 18 and of good standing. The limit of R1 Million per calendar year, without the requirement of a tax clearance certificate, is subject to documentary requirements applicable to the nature of the transfer.

    The R4million Foreign Investment Allowance is still available over and above this with the requirement of a Foreign Tax Clearance Certificate.

    Whether you are a private individual wanting to move money abroad for personal or investment reasons, or a corporate wanting to settle foreign invoices for products and services, please contact us to find out how we can assist you.

    SA Office: +27 (0) 21 657 2160

    UK Office: +44 (0) 20 7759 7550

    Email: forex@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 7070528) registered in England and Wales. Sable International is authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (FSP no. 41900) and holds an Australian Financial Services License issued by ASIC to deal in foreign exchange (AFS License number 335 126).

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