New SA Exchange Controls

The Minister of Finance announced in the Medium Term Budget Policy Statement to make the following changes to the amount of money that may be taken offshore, with the effective dates still to be confirmed:

• The individual limit for residents has been increased to R4 million per annum, from R4 million per lifetime.

• The individual annual allowance for travel, gifts, loans or maintenance of dependents has been increased to
   R1million per annum, from R750 000 per annum.

• On formal emigration the emigrant may now take an unlimited amount out of the country as opposed to the
   previous restriction of R8 million (plus a 10% exist charge on anything in excess of this).

Consideration is also going to be given to the amounts accessible by residents who live abroad but who have not formally emigrated, with an indication given that they will look to align treatment of these individuals with those who have emigrated.

Stephen Leppan
Wealth Management

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