Exchange Control
Exchange controls in South Africa have evolved over time, and while some restrictions have been relaxed, certain measures remain in place.
Exchange controls in South Africa refer to regulations imposed by the South African Reserve Bank (SARB) to manage the movement of currency in and out of the country. Exchange controls can have both positive and negative impacts on individuals.
Key aspects of exchange controls in South Africa, as a taxpayer over the age of 18:
- Single Discretionary Allowance (R1 million single transfer)
- Foreign Investment Allowance (up to R10 million)
- South African Reserve Bank Allowance (Special clearance applications amounts greater that R11 million)
At Arck, we offer a full turnkey solution with regards to applying for the relevant tax clearances to facilitating moving money into a foreign currency and setting up bank accounts to house those funds in multiple currencies if necessary.
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