Loading...
See More

SA relaxes more exchange control rules

Oct 27 2011 16:40 Reuters

Related Articles

Treasury eases exchange controls

Forex changes for foreign firms

Sarb Exchange Control changes name

Cosatu seeks forex policy reversals

New Templeton funds for SA

DA: Scrap exchange controls

 
Johannesburg - The government said on Thursday it would further relax foreign exchange control rules for individuals, making it easier for citizens to invest up to R5m abroad annually.

The National Treasury also said it would allow companies to top up capital in their offshore businesses, and relaxed rules for coporations that want to invest outside their current business lines.

The changes mark the latest step by the government to move away from stringent controls over foreign exchange flows out of the country.

“The annual R4m foreign investment allowance plus the R1m current single discretionary allowance will be consolidated into one R5m foreign investment allowance per year,” the Treasury said.
 
South Africans could invest more than R5m overseas a year as long as they adhere to “strict criteria” set by Reserve Bank for disclosure.

The Treasury said limits for individuals on alimony, wedding and travel allowances would be done away with.

In recent years, South Africa has raised the amount of money domestic institutions such as retirement funds are allowed to invest abroad.
 
The South African Reserve Bank will release further details within a month, the Treasury said.
investments  |  investing  |  national treasury
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...