October 25, 2021
Complimentary FTCC for 2022 Annual Allowances
At the start of each new calendar year, South African residents may avail themselves of new annual allowances granted by the SARB under Exchange Control regulations. The 2022 allowances remain unchanged and are as follows:
- R1 million Single Discretionary Allowance (SDA)
- R10 million Foreign Investment Allowance (FIA)
If you are considering a currency transfer to invest offshore, purchase a property, or simply want to send your hard earned savings abroad, you can still do so by using the balance of your 2022 annual allowances before year-end.
A Foreign Tax Clearance Certificate from SARS is required for your annual Foreign Investment Allowance of up to R10 million per annum and Currency Partners offers a complimentary service to handle your application as part of our specialist foreign exchange services.
Applying for your Foreign Tax Clearance Certificate now, means you have everything ready and in place to transact quickly, when ready, so you don’t miss out on a favourable market rate.
Did you know?
A Foreign Tax Clearance Certificate is valid for 12 months from date of issue, so you can apply now and draw down on the balance over the next 12 months.
You do not need to redeem your investments to apply for a Foreign Tax Clearance Certificate and have the “cash reflecting” – we can apply using your portfolio statements, so you remain invested and let your money keep working for you.
SPEAK TO AN EXPERT