Transferring Money out of South Africa!!
Are you Transferring Inheritance Funds Offshore?
Are you a South African living overseas and expecting an inheritance from a South African estate?
Here’s what you need to know.
All South African citizens over the age of 18 have two allowances for transferring funds abroad per calendar year:
•A R1 million single discretionary allowance (SDA) (which does not require tax clearance).
•R10 million foreign investment allowance (FIA) (which requires tax clearance).
These allowances are often used for transferring an inheritance, house sale, savings, pension payouts, etc, out of South Africa.
You will need to have a South African ID book or ID card and a South African tax number for the FIA (Foreign investment allowance).
If you would like more information on transferring your inheritance funds abroad please contact us to discuss your circumstances at firstname.lastname@example.org – with dedicated account managers in the UK and SA.
Head Office UK: +44 (0) 207 018 8552
Trading desk in Hartley Wintney (UK) & Pretoria (SA)
WhatsApp: +44 (0) 790 893 3594