Trapsuutjie Posted July 1, 2007 Report Share Posted July 1, 2007 Does anybody know how people can take a larger amount of money out of the country? I know you can make a foreign investment of 2 million rand per adult, and your travel allowance of R160 000 per adult and R50 000 per child per annum. I am also aware that friends and family in South Africa may each donate R30 000 every year. If you immigrate formally, are you allowed to take more money out of South Africa, and if so, what are the requirements? Trapsuutjie. Quote Link to comment Share on other sites More sharing options...
Springbok Posted July 1, 2007 Report Share Posted July 1, 2007 Does anybody know how people can take a larger amount of money out of the country? I know you can make a foreign investment of 2 million rand per adult, and your travel allowance of R160 000 per adult and R50 000 per child per annum. I am also aware that friends and family in South Africa may each donate R30 000 every year. If you immigrate formally, are you allowed to take more money out of South Africa, and if so, what are the requirements? Trapsuutjie.anyone can take more than the above amounts out of S.A., you're just going to pay a "penalty" on the excess above your legal limits. e.g. if you want to take out R10 million, the SARB will allow you R2 million (+ your travel allowances + donations), but on the excess above that, you will pay a 10% (i think) penalty.PS - you are an Emigrant (migrate from) from South Africa, but you are an IMmigrant (migrate into) in Australia. Quote Link to comment Share on other sites More sharing options...
W+R Posted July 2, 2007 Report Share Posted July 2, 2007 anyone can take more than the above amounts out of S.A., you're just going to pay a "penalty" on the excess above your legal limits. e.g. if you want to take out R10 million, the SARB will allow you R2 million (+ your travel allowances + donations), but on the excess above that, you will pay a 10% (i think) penalty.PS - you are an Emigrant (migrate from) from South Africa, but you are an IMmigrant (migrate into) in Australia.Springbok, I believe what you have stated above is exactly correct. Am I right in saying that you do not pay any penalty or tax on the money you transfer that is still within the foreign investment allowance? (i.e. <2M)Just wanted someone to confirm that for me.CheersW Quote Link to comment Share on other sites More sharing options...
Springbok Posted July 2, 2007 Report Share Posted July 2, 2007 Springbok, I believe what you have stated above is exactly correct. Am I right in saying that you do not pay any penalty or tax on the money you transfer that is still within the foreign investment allowance? (i.e. <2M)Just wanted someone to confirm that for me.CheersWno penalty on amounts within your allowance. bly om te hoor jy kan die volle R2 miljoen uitvat... Quote Link to comment Share on other sites More sharing options...
Guest Bronwyn Posted July 2, 2007 Report Share Posted July 2, 2007 Hang on a sec...what R30k donation per friend or family member??My DH tried to bring his R160k back last month when he went to SA on business and it was stopped by the bank because they saw the plane ticket was a return one from Aus. The bank's Forex Dept. held back the money and it is still sitting pretty in Rands....! We don't know how to get it over without eating into the R2mill allowance.How does this work in practice? I have lots of family... Quote Link to comment Share on other sites More sharing options...
Trapsuutjie Posted July 9, 2007 Author Report Share Posted July 9, 2007 Bronwyn,Friends and family are each allowed to make a donation up to R30 000 per annum.They simply go to the bank, and ask to make a donation. The bank check that they did not exceed the R30 000 limit for the year, and as long as the receiving bank account is not in their own name, the bank will transfer it to your account. Quote Link to comment Share on other sites More sharing options...
Guest colton Posted July 9, 2007 Report Share Posted July 9, 2007 We have had lots of "gifts" from family as well, at least we get all our money out that way. Quote Link to comment Share on other sites More sharing options...
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