SARB allowances: Don’t be caught napping!

Exchange Control Regulations dictate how much an individual may transfer out of South Africa each calendar year via a system of allowances.  The year end is fast approaching and we are now in the final weeks of the South African Reserve Bank (SARB) annual allowances for 2017 which will expire on 31 December:

  • Single Discretionary Allowance of up to R1 million per calendar year for South African residents over the age of 18 years; and
  • Foreign Investment Allowance of up to R10 million per calendar year for South African residents over the age of 18 years and who are taxpayers in good standing.

If you are still considering investing offshore, or considering a 2017 allowance currency transfer and require a South African Revenue Service (SARS) Foreign Tax Clearance Certificate, we recommend that you apply right away given the expected slowdown and bottleneck at SARS in December. This certificate confirms that your tax affairs are in good order.

Advent Wealth has teamed up with Currency Partners, who will handle the tricky process of obtaining your certificate from SARS for free as part of their all-inclusive premium Private Client FX service.

A Foreign Tax Clearance Certificate is valid for 12 months from date of issue.  You can apply now and use any (remaining) balance for the 2018 allowances; there is never an obligation to trade.

Click here to find out more or to register.

Posted in Blog, Investments, Tips.