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tanyavdwes posted a topic in Money!Hi all, In amidst the chaos of last week where the South African Rand was sorely punished for the removal of Finance Minister Nene there was a little bit of good news for South Africans living abroad who still have funds in SA. The South African Reserve Bank released a Circular on 10 December 2015 to the effect that South African residents who are living and working abroad temporarily (so indefinitely abroad without formally emigrating) may now avail of their R 1 million single discretionary allowance and the R 10 million foreign capital allowance per calendar year without returning to South Africa. The requirement for a green bar coded ID or smart card, and a valid tax number remains a requirement. Finally, just as a reminder, residents temporarily abroad may receive their SA monthly pension and/or income on retirement annuities; as well as monetary gifts. The Rand depreciated 10% in 48 hours on the announcement of Nene’s removal from his position and then proceeded to recover 5% with the change in mindset and subsequent appointment of Pravin Gordhan. A net loss though of 5% in 3 working days! We saw the Rand trade as high as 16.05 on USD, 11.40 on AUD and 24.40 on GBP on Friday in extremely volatile conditions. Fortunately some sanity has returned to the markets as Pravin Gordhan has returned to the position of finance minister, a position he vacated in 2014 and the recovery in the Rand appears to be a clear indication that markets are much happier with his ability to manage South Africa’s financial affairs. The Rand recovered to levels of 15.15 on USD, 10.95 on AUD and 22.90 on GBP and appears a little more stable for now. Please contact me to assist you with your transfers, tax clearances and also emigration process. Wishing all out clients a happy Christmas, a restful holiday season and best wishes for the New Year. FX Capital Currency Risk Management Specialists and International Trade Solutions Cell: 079 877 2325 Tel: 021-671 0804 e-mail: tanya[at]forexcapital.co.za Financial Services Board License No 37166 www.forexcapital.co.za
Hi everyone, Happy new year ! Below is a summary of the allowances you can use to transfer funds out of SA: Single discretionary allowance Residents (natural persons), who are over the age of 18 years may be permitted to avail of a single allowance within an overall limit of R1 000 000 per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate, which may be apportioned as follows: · Monetary gifts and loans · donations to missionaries · maintenance transfers · alimony and child support payments · wedding expenses and other special occasions · foreign capital allowance( investment allowance ) · travel allowance · study allowance Foreign Investment allowance: R4mil per calendar year: Tax registered individuals over 18 years, a tax clearance for foreign investment purposes required ( we can do the clearance application at no charge). Takes 1-3 days. Our other services include: Formal emigration process Open non-resident bank accounts with Investec Tax clearance applications Corporate forex solutions We have been in the industry for 11 years and we are authorised intermediaries for Investec and Bidvest. Please feel free to send me a PM or email me at tanya[at]forexcapital.co.za with any enquiries or assistance. Thank you for the continued support during 2014
Hi everyone, Below is a summary of the SARB Excon regulation , for the "Single Discretionary allowance". I know there has been some confusion regarding when you are allowed to use this allowance. Single discretionary allowance Residents (natural persons), who are over the age of 18 years may be permitted to avail of a single allowance within an overall limit of R1 000 000 per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate, which may be apportioned as follows: · Monetary gifts and loans · donations to missionaries · maintenance transfers · alimony and child support payments · wedding expenses and other special occasions · foreign capital allowance( investment allowance ) · travel allowance · study allowance Except for GIFTS, the single discretionary allowance may not be availed of by residents living temporarily abroad nor may the single discretionary allowance be used to disguise transfers for other purposes for which foreign exchange would otherwise be refused. Thus, if you have moved to or been living in Australia (before 1 Jan 2014 - current calender year), you need to use the Foreign Investment allowance option to transfer your funds, as you are now a SA Resident temporarily abroad. We can assist you with the tax clearance applications as well as the transfer of funds. Please feel free to send me a PM or email me at tanya[at]forexcapital.co.za.