What is the purpose of tax clearance?
South Africa has strict foreign exchange controls that allow the South African Reserve Bank to keep track of the outflow and inflow of capital in South Africa. Taxpayers over the age of 18 who are South African residents are eligible for the following allowances:
- R1 million single discretionary allowance (no AIT required from SARS)
- R10 million foreign investment allowance (AIT required from SARS)
If you are looking to transfer money out of South Africa and require an AIT (tax clearance), get in touch with one of our experienced brokers who will be happy to assist you through this process.
AIT application requirements: When do you need it?
As of 1 April 2015, the foreign investment allowance increased from R4 million to R10 million per person per calendar year and R20 million per family unit. Tax-payers over the age of 18 who are South African residents are eligible for this allowance. It is mandatory to have an AIT that is valid for 12 months to take advantage of this allowance.
The R1 million single discretionary allowance may be used for any legal purpose abroad (including investment purposes). This can be used solely at the discretion of the resident without any documentary evidence having to be produced as to the purpose of the transfer. No AIT (tax clearance) is required to make use of this allowance.
The R10 million foreign investment allowance may be invested into offshore investment portfolios, property, bank accounts or other investments. You will require an AIT application to transfer these kinds of amounts of money.
We can submit your AIT application form to SARS, should you wish to make use of your R10 million foreign investment allowance. If you wish to exceed the amounts above, we can also assist you with applying to the SARB for special dispensation.
We offer the best possible exchange rate and lowest processing fees around.
Can you transfer more than R11 million out of South Africa?
There is no limit to how much you can send out of the country with a Letter of Compliance from SARS and approval from SARB. Each application received is however reviewed individually.
Our team has experience in SARS Letter of Compliance applications and can assist you through the process to maximize the potential for success. Once you have received your letter, we will be able to transfer your funds at the best possible rate.
Why transfer with us?
We are an established foreign exchange service with over a decade of experience, as well as offices across South Africa, the UK and Australia. As your forex partner, we can ensure you are always compliant, and you get the most competitive exchange rates. What’s more, we pride ourselves on exceptional customer service, and our South African team is always on hand and will be happy to assist you with any query you may have along the way.
Forget about your bank
Many South African’s first port of call when thinking of making large international money transfers is the bank. However, the bank falls short when it comes to advice, competitive pricing and attractive rates. A trusted forex provider can save you a considerable amount on every transfer you make and advise you on how to make the most out of every transfer.
Why our clients love our forex service
We transfer your money at excellent rates. All of our fees are disclosed up front, so you never have to worry about unexpected costs.
We are compliant with the South African Reserve Bank, Financial Services Conduct Authority and South African Revenue Services.
No obligation consultations
We offer all prospective clients complimentary no obligation consultations on their personal or business forex needs.
Get in touch
Fill in your details below and one of our consultants will be in touch as soon as they are able.
In the section "How can we help you?", please include the following information:
Do you have a South African ID?
Do you have a SARS tax number?
What Rand amount would you like to send?
Are you sending money to your own account or a third-party account?