Private clients: South African residents

Invest R1 million a year outside of South Africa without a Tax Clearance Certificate

If you’re a taxpaying South African who is over the age of 18, you’re allowed to invest up to R1 million a year offshore. Once we receive your Tax Clearance Certificate, we will transfer your money out of South Africa free of charge.

Spending your annual discretionary allowance offshore

A South African may transfer up to R1 million offshore per calendar year, without having to get a Foreign Tax Clearance Certificate. This amount is covered by your annual discretionary allowance. Your annual discretionary allowance includes the following transfers:

• Monetary gifts and loans: South African resident to non-resident
• Travel allowance: South African resident within 60 days before departure date
• Donation to missionaries
• Maintenance and alimony payments, as per court orders
• Wedding expenses, if backed up by documentary evidence
• Study allowance, if supported by proof of registration
• Foreign capital allowance or transfers without a Tax Clearance Certificate
• Travel allowance for minors is R200,000 per calendar year
• Any time you use your South African debit or credit card abroad

These costs make up your annual discretionary allowance and their combined total cannot exceed R1 million per calendar year.

Foreign Tax clearance certificate

Should you wish to send more than R1 million offshore, we can assist in applying for a Foreign Tax Clearance Certificate free of charge. SARS gives an estimated time for the application of between 2-4 weeks, using our service we can reduce this time frame.

Formal emigration

If you’re planning on emigrating, We can help with all the paperwork and logistics so that your funds reach your new destination without hassle.

You’ll need the following documents to transfer your money out of South Africa:

• Form MP 336(b)
• South African ID or passport
• SARB Formal Emigration Number
• Proof of address