Use your foreign investment allowance before it expires
Now's the time to act if you would like to transfer up to R11 million out of SA before year end.
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Use your allowances before year end
Resident South Africans or South African citizens living abroad who have not yet tax emigrated, in terms of exchange control, are entitled to transfer up to R1 million out of SA using a discretionary allowance and an additional R10 million foreign investment allowance (FIA) per calendar year. To make use of your FIA before the end of the year, you're going to need tax clearance from SARS. This Approval International Transfer (AIT) is valid for 12 months and it allows you to transfer up to R10 million. As part of our forex service, we can apply for your AIT, greatly reducing the amount of time you will have to wait for your certificate and saving you time and hassle.
AIT application requirements
The revised AIT option is a dynamic application suitable for both South African residents transferring money out of South Africa and non-tax-residents.
The new user-friendly e-Filing form for FIA applications requires more information than previously. Taxpayers applying for TCS status for international transfers are now required to submit the following:
- Relevant supporting documents showing the sources* of the capital to be invested
- A statement of assets and liabilities for the previous three years
- Proof of cessation tax residency (if the taxpayer is a non-resident for tax purposes)
- Applicable power of attorney where the TCS application is submitted by someone other than the taxpayer
- A detailed Capital Gains Tax Calculation schedule mentioning tax payable on deemed disposal of assets on the day before the taxpayer ceased to be a tax resident (if applicable)
*Among others, fund sources usually include cash or savings, distributions from a trust, donations, dividends from a company, inheritance, loans, sale of property, sale of shares and other securities, sale of crypto assets, transfer of listed securities
Our services include
Discretionary allowance transfers up to R1 million*
Investment allowance transfers up to R10 million**
Import and export payments for businesses
Money transfers into South Africa
Tax emigration and encashment of retirement annuities and pensions
AIT applications (tax clearances)
Inheritance and trust transfers to offshore beneficiaries
Trade finance, currency risk management and hedging strategies
Trade finance
Non-resident accounts
* Including foreign investment, gifts, travel, alimony and student fees
** And larger amounts on special application
We provide a specialist, personalised, end-to-end foreign exchange service.
Why transfer with us?
We are an established foreign exchange service with over a decade of experience, as well as offices across South Africa, the UK and Australia. As your forex partner, we can ensure you are always compliant, and you get the most competitive exchange rates. What’s more, we pride ourselves on exceptional customer service, and our South African team is always on hand and will be happy to assist you with any query you may have along the way.
Forget about your bank
Many South African’s first port of call when thinking of making large international money transfers is the bank. However, the bank falls short when it comes to advice, competitive pricing and attractive rates. A trusted forex provider can save you a considerable amount on every transfer you make and advise you on how to make the most out of every transfer.
We provide a specialist, personalised, end-to-end foreign exchange service.
Who we are
We are experts in helping small to medium-sized businesses, private individuals and clients with international interests. These clients are often global citizens with family, offices, suppliers, clients, property or wealth overseas. Our clients are at the heart of our business. First-hand referrals are our major source for growth in each sector. We realise that all of our clients are unique in terms of both their current circumstances and their future plans and we pride ourselves on thinking differently to tailor solutions that help. If you are looking for a smart, approachable addition to your team, we’re always here and we look forward to working with you.