Services for Residents
We facilitate funds transfers out of South Africa, through the use of the various South African Reserve Bank (SARB) discretionary and investment allowance categories.
Invest R4 million per annum outside SA
Tax-payers over the age of 18 who are South African residents are eligible for this allowance. It is mandatory to have a tax clearance certificate that is valid for 12 months.
We can help you with this, free of charge. Once the tax clearance is received, the process is quick and easy.
Transfer a further R 1 million for offshore investment
This is due to recent changes in SARB exchange controls. SA residents can do this without an issued SARS Tax Clearance Certificate, by using their annual discretionary allowance.
Further annual discretionary allowance
Each SA resident has a further annual discretionary allowance with a limit of R1 million which includes the following category transfers:
- Monetary gifts and loans - SA resident to a non-resident individual
- Travel allowance - SA resident within 60 days before departure date
- Donation to missionaries
- Maintenance and alimony payments - as per court orders
- Wedding expenses - Payments with documentary evidence
- Study allowance - Payments with documentary evidence
- Foreign capital allowance - Transfers without Tax Clearance Certificate
- Travel (under 18 years) - R200.000 per calendar year
NB: Cumulatively, an individual’s discretionary allowance (including the foreign investment portion) may not exceed R1 million per calendar year.
- If you are a South African resident who is planning on emigrating, Sable FX can assist you in your application to an authorised dealer to assist you in transferring funds and meeting legislative requirements.
- As an applicant, you will need to complete Form MP 336(b), providing full details of the nature and value of your assets in South Africa as well as similar information about any liabilities which will be outstanding in South Africa after your departure.
- FIC requirements include a SA Identity Document or Passport, SARB Formal Emigration Number and proof of address.
Contact Sable FX
Phone us in SA: 021 657 2153
Phone us in the UK: 0808 141 5535
Email us: email@example.com
Fax us: +27 (0)21 797 2132