1. Discretionary allowances

In terms of Reserve Bank regulations, private  individuals, older than 18 years, can transfer R750 000 per person per year to an overseas  account opened in their own name or in the  name of an immediate family member. This  discretionary allowance can consist of any  one, or a combination of, the following:

• Travel allowance.
• Gifts:  Any gifts exceeding R100 000 attract a 20% tax.
• Donations:  These may only be made to religious organisations.

Persons younger than 18 years can transfer  R160 000 to an immediate family member’s account.

2. Investment allowances

You are entitled to transfer R4 million per person to any investment account or institution overseas, provided you have the necessary tax clearance certificate.

3. Emigration allowances

Should you decide to emigrate, you are entitled to transfer R4 million per person, minus any amount transferred under your investment allowance, to any account or institution overseas.

Amounts exceeding the R4 million allowance can still be transferred, subject to a 10% penalty.

4. Services

Individuals may pay for various services provided to them by overseas parties, such as emigration, provided they have a valid invoice and, in certain circumstances, the necessary SA Reserve Bank approvals.

5. Foreign investments

Companies can invest up to R500 million in an overseas company provided they receive at least 10% of the voting rights.

Our services include:

• Foreign exchange specialists who offer you personalised advice and service every step of the way. Their jargon-free explanations will ensure that you understand exactly how everything works before you make any trading decisions.
• Assistance with SA Reserve Bank regulations.
• Assistance with practical matters, such as opening an overseas bank account and obtaining tax clearance certificates.

How we save you money:

• We offer better rates of exchange than the commercial banks.
• We actively monitor the currency markets to ensure your transaction is concluded at the best time and the best rate.
• Our fee structure ensures that you pay less for your transactions.

To take up this offer contact our foreign exchange specialists on 086 111 4088 for a quote. Click here to contact us now.

PDF: Download the complete PDF brochure here