Temporary residents transferring money out of South Africa
Definition of a temporary resident
A temporary resident is a foreign national, a person from a country outside the CMA, who has taken up temporary residence in South Africa, excluding persons that are purely on temporary visits.
Rules upon arrival
- A declaration must be made as to any foreign assets owned and confirming that such assets will not be placed at the disposal of any 3rd party South African permanent resident.
- Proof must be provided to an authorised dealer of the temporary residence
Concessions
- Existing foreign assets - foreign nationals with foreign assets, providing they have completed the required declaration and undertaking, are allowed to dispose or otherwise invest their foreign assets, including foreign cash funds held by them, subsequent accruals and income without interference from the Financial Surveillance Department.
- Repatriation - authorised dealers may permit foreign nationals to transfer abroad funds they accumulated during their stay in South Africa, provided the individual can substantiate the source of the funds and that the value is reasonable in relation to their income in South Africa
All of our transactions are processed through local banks, that are approved authorised dealers by the South African Reserve Bank. In addition we are an FSB (Financial Services Board) registered company holding all appropriate licences. Our money transfers, in and out of South Africa, are done in strict accordance with money laundering regulations and exchange control regulations and all our transactions are audited in terms of our licence and banking requirements.
Next Steps
If you are a temporary resident in South Africa and have a need to transfer money either in or out, why not contact one of our expert team members. Our advice is free of charge and non obligatory, we save you money and provide you with the full knowledge of how best to transfer your money.
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