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Personal Allowances Increased under Exchange Control regulations
In an announcement on the 5th November 2010 concerning the personal allowances under exchange control regulations, The Financial Surveillance Department has released circulars 38/2010 and 39/2010 and 40/2010.
New limits for transferring money out of South Africa
Annual Discretionary Allowances
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The annual single discretionary allowance has been increased with effect from the 5th November:
- From R 750,000 to R 1,000,000 per year for adults
- From R 160,000 to R 200,000 for minors.
Life Time allowance
- The Life time allowance has been replaced with an annual allowance of R4 million per adult.
- The Financial Surveillance department will also consider application for amounts in excess of the R4 million rand, by private individuals, for the purpose of foreign investments which may include property.
Emigrants
- Previously emigrants were able to take out R4 million per individual and R8 million rand per family unit. Amounts in excess of this would be liable to a 10%. Whilst the allowances are still specified at the same amount the notice states that the Financial Surveillance Department will consider applications for transfers abroad in excess of them.
Blocked rands
- Blocked rands have been released for local expenditure without any restriction
For all your money transfer requirements email us
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