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In terms of South African Reserve Bank Exchange Control, South African residents are entitled to 2 allowances:
South Africans living abroad who have not formally emigrated in terms of exchange control are entitled to make use of the R10 million foreign investment allowance and the R1 million discretionary allowance. For example, you left South Africa to go work in Australia for 2 years on a contract and ending up staying and 10 years later you are still living in Australia. You never formally emigrated in terms of exchange control; you are considered a South African Resident temporarily abroad and entitled to the R10 million foreign investment allowance and R1 million single discretionary allowance. In order to send funds overseas for example, from the proceeds of a property sold or an inheritance you have received you will be required to make use of your R10 million foreign investment allowance, R1 million single discretionary allowance or formally emigrate.
FX Capital can assist you with getting your tax affairs up to date, even applying to have your tax number re-activated and then obtain tax clearance in order to send funds overseas.
We can also assist with your emigration.
Read to emigrate or not to emigrate for an explanation on the difference between emigration and South African resident in terms of South African exchange control.