One Million Annual Allowance

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If you are not already aware South Africa operates a system of exchange control. For residents this means they receive certain allowances, that enable them to transfer a certain amount of funds out of South Africa, over a certain time period and for certain reasons. The discretionary allowance does not require any Tax Clearance Certificate for the individual transferring the money. The first step is registration with us which is free of charge and carries no obligation with it. You then deposit the funds in the bank account of our approved dealer Investec and it is then a simple case of agreeing when you wish to effect the transfer.

Note that it is not required for you to transfer 1 million rand all in one go, you can simply use as much or as little of your one million annual allowance as you desire. Please also note that the allowance is per calender year, this means any part of the one million not used does not carry over, but is lost. There is a further annual allowance of R10 million rand per adult per calender year that you can also transfer, see here for more details. There exists a separate process for those individuals that are emigrating, please see here for more details.

We are FSB approved and all our transactions go through our authorised dealer Investec. Our role is simply to ensure you get the best exchange rate, the best service and with the least aggravation.

To find out more about how we can help you with the transfer of your one million allowance call us on any of the numbers below or send us an e-mail.

Skip to content Skip to main menu Menu. Why is there is an One Million Annual Allowance? One of these allowances is a one million annual allowance. Who does the One Million Annual Allowance apply to? Residents over 18 years old qualify for a Single Discretionary Allowance of up to R1 million per calendar year. Residents under the age of 18 qualify for an allowance of R, See details here on how the annual travel allowance forms part of this one million rand Is tax clearance required?

What is the One Million typical used for? What is the process for transferring abroad all or part of your discretionary allowance? What if you want to transfer more than One Million?

What if i am Emigrating? Sign Up for our Newsletter. Read our latest posts.

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Although not unique to South Africa very few countries now operate a system of control exchange control regulations over money movement in and out of the country currency exchange.

They effect every transaction, no matter what amount of rand gets transferred and who the sender or recipient of the money is. The Reserve Bank of South Africa controls and oversees all capital in — and outflows. The Reserve Bank designates power to so called authorised dealers who oversee and regulate the market on their behalf. Currency trading companies , such as ourselves, will trade via these authorised dealers, but due to the effect of bulking transfers, are able to offer better rates and do not have to charge money transfer service fees.

It should be noted that the exchange control regulations apply to South African residents, not citizens or permanent residence holders. Therefore if you are considered a resident for exchange control purposes, they are applicable to you. Residency is defined in a number of different ways and expert opinion as to your circumstances should be sought from a company such as ours.

For companies any payments that need to be made to a foreign party are covered by the regulations. Similar in effect to personal transfers abroad companies are required to justify why they need to remit money to a foreign party and seek approval form the Reserve Bank or where empowered the authorised dealer. Exchange control regulations cover all payments and investment abroad made by a company, and loans made by overseas investors to a South African resident.

Exchange control regulations are in-depth and complex, you can read them in full here. They change constantly and compliance is essential.

Skip to content Skip to main menu Menu. Key points of the South Africa exchange control regulations It is applicable to all transactions no matter the size. No resident may effect a transfer without prior approval. No company or legal entity may effect a transfer without prior approval.

Only authorised dealers are allowed to effect a currency transfer. Outward payments may only be made for permissible reasons and under conditions that are approved by the authorised dealers on behalf of the Reserve Bank.

All payments made to foreign parties must be reported to the Reserve Bank. There are set amounts for personal transfers in the form of allowances that must be adhered to. How do exchange control regulations effect me? Permissible reasons for transfers abroad include: Monetary gifts and loans. R 1 million foreign capital allowance. R10 million individual capital allowance.

Summary Exchange control regulations are in-depth and complex, you can read them in full here. Sign Up for our Newsletter. Read our latest posts.