Reserve Bank Regulations depending on individual permits

Various rules apply depending on an individual permit;

 Non- Residents/Short term permit (tourist)

A non-resident living and working in South Africa is freely able to move their money out of the country as long as he/she can prove ‘reasonable’ source of funds (employment contract, payslips and bank account). Funds brought into South Africa from abroad can be freely remitted back out the country as long as it is proved that these funds came in from overseas (copy of swift payment and bank account).

Temporary Residents permit (foreign national)

Temporary residents need to make a declaration stating any foreign assets owned and confirming that any such assets will not be placed at the disposal of any 3rd party South African permanent resident.

Individuals need to provide an authorised dealer (such as a bank) with proof of your temporary residence status. As a foreign national with foreign assets, individuals are allowed to dispose of or invest foreign assets, including cash, subsequent accruals and income, without interference by the Financial Surveillance Department. An authorised dealer may permit a foreign national to send money overseas that has been earned or received during time in South Africa (repatriation), as long as it can be proved the source of the money and that the amount to be transferred is reasonable in relation to your income in South Africa.

There are no limits on these allowances and you do not require a tax clearance certificate from SARS. Other circumstances under which a temporary resident is permitted to transfer money abroad include the following:

Gifts and loans of money

Maintenance payments

Donations to missionaries

A study allowance

A travel allowance

A R4 million per annum individual capital allowance

Citizens/permanent residence holders

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