Have you ever wanted to transfer funds out of the country and feared the tax-man? Fortunately, you can transfer up to a maximum of R1 million per calendar year without having to obtain a SARS tax clearance if you are 18 years or older. This is made possible with the R1 Million Single Discretionary Allowance.
R1 Million Discretionary Allowance
R1 Million Discretionary Allowance
This is ideal for individuals who want to transfer funds out of the country:
- Into off-shore bank accounts;
- For studies;
- For travel;
- For donations, etc.
When you come to us to make use of your R1 Million Single Discretionary Allowance, we can assist you with:
- Better Foreign Exchange Rates – We keep a close eye on Forex trends and know when the market is optimal for the best possible Forex rates;
- Quicker Turnaround Time On Transferring The Funds – Have the money when you need it and not weeks later; and
- Lower Fees – Gapex offers competitive fees. We know and respect that you sign up with us because you want to work intelligently with your mind and that is why we will not charge you more than is needed.
What Do I Need To Know About The R1 Million Single Discretionary Allowance?
According to the South African Reserve Bank’s website:
- Foreign exchange, in respect of a travel allowance, may be provided in any authorised form. The travel allowance may also be transferred abroad to the traveller’s own bank account, but not to an account of a third party;
- Foreign currency for travel purposes may not be bought more than sixty days prior to the departure of the traveller;
- You may not use the foreign currency you purchase for any purpose other than stated or declared when you purchased it;
- Travellers must convert unused foreign exchange to Rand within thirty days of returning to South Africa;
- In the case of a travel allowance, if you do not spend all the funds on holiday expenditure you may not keep the funds offshore or buy offshore assets;
- The cost of land arrangements (hotels, cruises, tours, etc.) forms part of your travel allowance, but payment locally of airfares does not;
- A Form NEP must be attested by your bank when the insurance value of goods taken out exceeds R50 000. When the value of the goods exceeds R200 000, prior approval of the Financial Surveillance Department of the South African Reserve Bank must be obtained before the Form N.E.P. is attested by the bank; and
- Travellers may also take up to a total value of R25 000 per person in the form of Rand notes.
If you do not want to travel to our office for a face-to-face meeting, we can perform the necessary FICA without meeting you in person. This is accomplished through third-party online verification. However, you are more than welcome to meet Grant in person before signing anything with us. Use the form on our Contact Us page to get in touch and find out how much we can save you with our R1 Million Single Discretionary Allowance service.