Exchange Control: Residents

02/21/2024

Foreign capital investments

Resident individuals who are over 18 and taxpayers in good standing are permitted to invest abroad. The current limit is R10 000 000 per person per calendar year. Applications by individuals to invest in fixed property and other investments will also be considered in addition to the foreign capital allowance.

Single discretionary allowance

(in addition to foreign capital allowance)

Residents over the age of 18 years may be permitted a single allowance within an overall limit of R1 000 000 per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate. Minors are entitled to an annual allowance of R200 000. The discretionary allowance may be used for any legal purpose abroad (including investment).
It may be utilised solely at the discretion of the resident, without a requirement for the resident to produce documentary evidence relating to the funds to be transferred to the Authorised Dealer, except for travel outside the Common Monetary Area (eSwatini, Lesotho, Namibia and South Africa). If the allowance is used for travel, a passenger ticket needs to be produced.

Study allowances

The direct costs of study may be transferred directly to the institution. Should a spouse accompany a student, a discretionary allowance may be accorded to the spouse. Household and personal effects, including jewellery (but excluding motor vehicles), up to a value of R200 000 per student may be exported.

Emigration limits
Foreign Capital Allowance (reduced by foreign capital investments)

Single Person – R10 000 000
Family Unit – R20 000 000

Household & Personal Effects, Motor Vehicles, Stamps, Coins & Kruger Rands
R2 million can be transferred.


Disclaimer: The information contained in this article is a summary of current legislation and budget proposals proposed by the Minister of Finance on the 21st February 2024. We suggest that you do not act solely on material contained in the booklet as the nature of the information contained herein is general and may in certain circumstances be subject to misinterpretation. In addition, the budget proposals may not include all legislative adjustments which could be made in the near future. Consequently we recommend that our advice be sought when encountering these potentially problematic areas. While every care has been taken in the compilation of the booklet, no responsibility of any nature whatsoever shall be accepted for any inaccuracies, errors or omissions.