TanyaVDWesthuizen Posted December 15, 2015 Report Share Posted December 15, 2015 (edited) Hi all, In amidst the chaos of last week where the South African Rand was sorely punished for the removal of Finance Minister Nene there was a little bit of good news for South Africans living abroad who still have funds in SA. The South African Reserve Bank released a Circular on 10 December 2015 to the effect that South African residents who are living and working abroad temporarily (so indefinitely abroad without formally emigrating) may now avail of their R 1 million single discretionary allowance and the R 10 million foreign capital allowance per calendar year without returning to South Africa. The requirement for a green bar coded ID or smart card, and a valid tax number remains a requirement. Finally, just as a reminder, residents temporarily abroad may receive their SA monthly pension and/or income on retirement annuities; as well as monetary gifts. The Rand depreciated 10% in 48 hours on the announcement of Nene’s removal from his position and then proceeded to recover 5% with the change in mindset and subsequent appointment of Pravin Gordhan. A net loss though of 5% in 3 working days! We saw the Rand trade as high as 16.05 on USD, 11.40 on AUD and 24.40 on GBP on Friday in extremely volatile conditions. Fortunately some sanity has returned to the markets as Pravin Gordhan has returned to the position of finance minister, a position he vacated in 2014 and the recovery in the Rand appears to be a clear indication that markets are much happier with his ability to manage South Africa’s financial affairs. The Rand recovered to levels of 15.15 on USD, 10.95 on AUD and 22.90 on GBP and appears a little more stable for now. Please contact me to assist you with your transfers, tax clearances and also emigration process. Wishing all out clients a happy Christmas, a restful holiday season and best wishes for the New Year. Edited December 15, 2015 by Mara Removed advertising content Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted December 15, 2015 Report Share Posted December 15, 2015 Tanya, what changed on 10 December 2015, the money do not need to be returned or the person do not need to return to South Africa? Quote Link to comment Share on other sites More sharing options...
AFreshStart Posted December 16, 2015 Report Share Posted December 16, 2015 12 hours ago, Gerhardk said: Tanya, what changed on 10 December 2015, the money do not need to be returned or the person do not need to return to South Africa? The R1-million DA changed. Previously if you were living abroad, but had not formally immigrated you had access to the R10-million FIA, but not the DA, the circular indicates you can now access both. Cheers Matt 1 Quote Link to comment Share on other sites More sharing options...
TanyaVDWesthuizen Posted December 16, 2015 Author Report Share Posted December 16, 2015 HI Gerhard, The DA allowance can now be utilized even if you left SA in a previous calendar year . We had to apply to the bank for approval to send funds on DA allowance if the client left SA in the previous calendar year(s). Now the R1mil DA can be used to send funds irrelevant of when you left SA, same as with the R10mil FIA allowance, as long as you have a green bar coded ID/new I'd card and an active sars tax ref nr. 1 Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted December 16, 2015 Report Share Posted December 16, 2015 Great thanks Matt and Tanya 1 Quote Link to comment Share on other sites More sharing options...
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