From the 1st of April 2015 the South African Reserve Bank has announced increases to the annual foreign allowance for individuals.
The annual foreign allowances are as follow:
FOREIGN INVESTMENT ALLOWANCE
- SA residents may invest R 10 million per annum.
- Tax clearance certificate, in respect of foreign investments, are required.
- SA residents may transfer R 1 million per annum abroad.
- This allowance can include a travel allowance, donations to missionaries, maintenance, monetary gifts and loans, study allowance, wedding expenses.
- Travel allowance for residents under 18 years of age are capped at R 200,000 per annum.
- No tax clearance certificate needed.
- Emigrants allowance are R 20 million.