Articles | Individual Allowances - 21.11.2016
The South African Reserve Bank allows individuals to transfer their funds offshore utilizing either of the options below:
1. A single Discretionary Allowance of R1 million per calendar year. This allowance does not currently require South African tax clearance, or
2. A Foreign Investment Allowance of R10 million per calendar year. This is an annual allowance and applies to private individual tax payers over the age of 18 years. In order to utilise the Foreign Investment Allowance and to transfer the allowance out of South Africa, a Tax Clearance Certificate from the South African Revenue Service (SARS) is required which is valid for 12 months from date of issue.
Merchant West Capital Markets can facilitate the entire process and assist with the necessary paperwork.
Contact us today for more information or simply visit our website.