Exchange Control

Discretionary Allowances

The discretionary allowances may not be used for foreign investments Annual Allowance R750,000 per calendar year to those persons over 18 years of age without need to obtain a tax clearance certificate and used for monetary gifts and loans to non residents, maintenance payments under certain circumstances and travel. The travel allowance for persons under 18 years of age is limited to R160,000 per annum.
Personal Allowances
Maintenance per month R 9,000
Overseas Study travel allowance per person R 50,000
Overseas Study living allowance (without spouse) R160,000
Overseas Study living allowance (with spouse) R320,000
Gifts to non residents per annum R 30,000
Foreign Investments – tax clearance certificate required
Once off investment allowance to natural persons over 18 years R4.0 million
Corporate and Trust investments require South African Reserve bank approval
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