South Africans can be deservedly proud of their wonderful country. Every year South Africa features on the top destinations in the world to visit. Our wildlife, beaches, mountains, deserts and forests are internationally renowned and we are home to some of the world’s “natural wonders”. Then there is the wonderful food, the world-famous wine, the amazing people and we could go on and on…
So it’s not surprising then, that despite the economic upheaval and political uncertainty, many South Africans are reluctant to consider the idea of emigrating and many in fact return to the country after years abroad.
Enjoying the best of both worlds
Emigrating is a big decision and for many South African’s the thought of leaving their beloved country, friends and family is just a step too far. Fortunately there is a way South Africans can enjoy the wonderful South African vibe and quality of life – and still protect their financial assets if they continue to reside in South Africa.
— FinGlobal (@FG_Emigration) November 20, 2017
The way to do this is by taking advantage of the allowances available to South African residents in terms of exchange control regulations:
Every resident above the age of 18 has two allowances that they can use to transfer funds from SA:
- Single Discretionary Allowance
As a resident, you may transfer a total of R1 000 000 from SA every calendar year. Please note that all card transactions while you are abroad are included under this allowance.
- Foreign Investment Allowance
As a resident, you may also use this R10 000 000 allowance per calendar year. A tax clearance is required from SARS. This tax clearance is associated with the Foreign Investment Allowance and differs from a normal ‘good standing’ tax clearance. You may also transfer funds abroad in excess of these allowances.
This means that cumulatively between spouses you are allowed to remit R22 million offshore on an annual basis! This is the ideal way to ensure your financial savings are protected offshore from the declining rand or any other negative economic or political events. You can even transfer larger amounts offshore, however it can take up to six months to obtain approvals from SARS and SARB.
Set up your own offshore bank account
FinGlobal’s relationship with a leading South African bank’s offshore subsidiary provides the opportunity to open and hold an offshore bank account that you can transfer money to on a regular basis. In most instances offshore non-resident bank accounts can be funded from South Africa – but only activated for transacting, when you present yourself in person at the foreign bank. Offshore bank accounts not only provide you with peace of mind but also enable you to hold funds in a range of currencies – offering you the agility to take advantage of unique investment opportunities.
In all your offshore financial transactions, with FinGlobal you’re in the safe hands of a foreign exchange intermediary approved by the South African Reserve Bank. Our total solution provides you with:
- Excellent exchange rates
- Low fees
- Unrivalled personal service
- Free exchange control advice
- Signature-ready documentation
- Secure and compliant processing
If you’re thinking of moving money abroad as you continue to enjoy South Africa’s quality of life, contact FinGlobal for financial advice, the most competitive rates, low fees and exceptional personal service.