Transfers out of South Africa

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