EXCHANGE CONTROL THRESHOLD CHANGES EFFECTIVE 1 APRIL 2015

EXCHANGE CONTROL THRESHOLD CHANGES EFFECTIVE 1 APRIL 2015

Exchange control rules are continually modernised to attract investment and enable local firms to expand internationally. With effect from 1 April 2015:

• Authorised dealers may process corporate investment up to R1 billion annually (up from R500 million) and may also carry over any unused allowance.
• South African residents’ Foreign Capital Allowance increases from R4 million to R10 million per year or upon emigration, or R20 million per family unit.
• The subcategories under the Individual Single Discretionary Allowance are removed and the annual R1 million allowance may be used for any legal purpose abroad.
• The dispensation for credit card usage, currently limited to individuals, is extended to corporates.

These dispensations are subject to the statutory requirements of the Reserve Bank and the SARS.
With thanks to STBB