Life time foreign investment allowance for transferring money out
The latest review of the exchange control regulations saw the replacement of the lifetime capital allowance with an annual capital allowance – details on the annual capital allowance can be viewed here.
Highlights
- Allowance - R4 million lifetime allowance.
- Where the funds may be invested - These funds can be invested into offshore investment portfolios, property, bank accounts or other investments.
- Applicable to - The R4 million Foreign Investment Allowance applies to all taxpayers over the age of 18
Details
Authorised Dealers (as empowered by the Reserve Bank) may allow private individuals (natural persons) who are tax-payers in good standing and over the age of 18 years, to invest up to a total amount of R4 million outside of South Africa, in their lifetime.
Prior to any transfer of funds a tax clearance certificate issued by the South African Revenue Service must be presented to the authorised dealer.
How Incompass helps
As you would expect from an experienced foreign exchange control company we are able to guide you through your applicable allowance, complete all the required paperwork and obtain the tax clearance on your behalf. Of course you will also enjoy the benefit of personalised service, no administration fees and the best of currency exchange rates. We can even help you set up appropriate banking in offshore destinations such as the Channel Islands and Switzerland.
If you are considering transferring your life time allowance out of South Africa contact Incompass – the smart way to transfer your money.
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