Page 42 - Nexia Cape Town 2018 TG Digital

EXCHANGE CONTROL: RESIDENTS

Foreign capital investments
Resident individuals who are over 18 and tax payers 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, to cover the following
discretionary allowances (w�e�f� 1/4/15 to cover use for any legal purpose):
■ monetary gifts and loans
■ donations to missionaries
■ maintenance transfers
■ travel allowance (minors entitled to an annual allowance of R200 000)
■ study allowance
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�

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