South African Residents Investing Abroad
As a South African Resident you are permitted to transfer a maximum amount
of R4 Million per year but clearance from the South African Reserve Bank is
required each time an application is submitted.
The Procedure is as follows:
1. The client will need to approach their bank and complete two forms, namely
the Balance of Payment form (also know as The Application to Sell Foreign Currency)
even if they wish for the funds to be transferred in Rand. This form is required
and supplied by the bank and must be completed by the client, with an original
signature for bank purposes.
2. The client will also need to complete the second form which the MP1423,
this is also a required and supplied by the bank an example of this form
is attached for the clients convenience.
3. The client must ensure they have received their Tax Clearance and that they
have an original Tax Clearance Certificate with them when they approach their
bank to make the transfer.
The application form to be submitted to SARS is called F1A001
*Reserve Bank applications may take as long as 6 weeks for approval*
Information supplied by: STBB
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