Although many people lack understanding of the detail and implications, they are aware of exchange control regulations. Most people have the perception that it is hard to move money in and out of South Africa, and many believe once you have brought money in it's virtually impossible to get it out again. This discourages inward investment.
Each time money is transferred into or out of South Africa, it has to be declared with the Reserve Bank. There are no limitations as to how much money can be brought in, but there are limitations on the amount of money that can be transferred out of South Africa.
For non-South Africans, their exchange control status will determine if there are limitations on transferring money out of South Africa that was previously transferred in. A client’s exchange control status is different to their tax status. It is vital for an individual to know their status from the outset so future money transfers can be easily executed.
We prepare and submit Reserve Bank applications on behalf of private and corporate clients for any transfers that do not fall into pre-approved allowances.
Contact our exchange control department for more information.