Good news for South African expats!
150% increase is Foreign Investment Allowance (FIA)
South Africans’ R4m FIA increases from R4m to R10m per person per calendar year. This translates into a R20m opportunity for husband and wife to freely transfer funds from South Africa.
The application process and relevant exchange control regulations remain the same as before with a SARS tax clearance certificate still being the key requirement.
Relaxation in Single Discretionary Allowance (SDA)
While the value in individuals’ SDA remain R1m per person per calendar year, all restrictions on what these funds may be used for have been lifted. In future South Africans’ Discretionary Allowances may be used for all legal purposes abroad â€“ including making an investment.
Increased allowances afford South Africans more financial freedom than before and comes into effect 1 April 2015. For simple, safe and secure assistance to process and move your money offshore let us call you