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Emigrant Allowance Raised

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According to my bank, SARB has raised the amount a family is allowed to take with on emigration from R8m to R20m. This requires that you submit formal emigration documentation. As before, you can apply to take out any amount above this allowance with minimal extra paperwork.

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New Forex Allowances and Limits for out of South Africa became effective on 1 April 2015.

 

Foreign Investment Allowance increased from R4M to R10M per calendar year. This requires tax clearance from SARS.

 

The R1M Discretionary Allowance has not increased, but no longer consists of sub categories (travel, study, maintenance, gifts etc). This can be used abroad for any purpose and does not need tax clearance from SARS.

 

Emigration limits increased from R8M to R20M per family.

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Thanks for clarification of all limits Tara!

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