Foreign Allowance

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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. 

 

DISCRETIONARY ALLOWANCE

-          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.

 

EMIGRATION ALLOWANCE

-          Emigrants allowance are R 20 million.

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