South Africans have to obtain tax clearance from SARS before they can utilise their foreign investment allowance.
South Africans are entitled to an annual foreign investment allowance of R4 million.
The South African Reserve Bank relaxed exchange controls in November 2010 by increasing the once in a life-time allowance of R4 million to R4 million per annum.
South Africans wishing to utilise this allowance need to have a green bar coded identity document and require tax clearance from SARS. Note this tax clearance must be for foreign investment allowance and will always denote an amount. The tax clearance certificate will be valid for 12 months from date of issue.
FX Capital can assist with tax clearance applications and foreign payments using foreign investment allowance.
South Africans are entitled to an annual foreign investment allowance of R4 million.
The South African Reserve Bank relaxed exchange controls in November 2010 by increasing the once in a life-time allowance of R4 million to R4 million per annum.
South Africans wishing to utilise this allowance need to have a green bar coded identity document and require tax clearance from SARS. Note this tax clearance must be for foreign investment allowance and will always denote an amount. The tax clearance certificate will be valid for 12 months from date of issue.
FX Capital can assist with tax clearance applications and foreign payments using foreign investment allowance.
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FX Capital
FX Capital is a registered financial services company that is established since 2004 and specialises in foreign exchange, foreign payments and currency risk management. Our clients include companies and private individuals and we are able to offer expert advice and service in addition to excellent savings on exchange rates and bank fees due to the large volumes we do with our partner banks.
Services to Companies include:
- Currency risk management
- Hedging strategies
- Treasury management
- Foreign Investment Allowances – families qualify for R4 million per adult per annum
- Discretionary allowance – R1m per adult and R200k per child allowed per annum – used for foreign investment, travel, gifts, study
- Emigration allowances
- Foreign loan repayments
- Forward cover and hedging facilities for the discerning client
- SARS tax clearance applications
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