WHAT IS EXCHANGE CONTROL
Though it may have many forms, Exchange Controls can be defined as government-imposed limitations and their immediate aim is to restrict the buying and selling of a national currency or to preserve foreign currency reserves. These controls allow countries to better stabilize their economies by limiting in-flows and out-flows of currency, which can create exchange rate volatility.
Controls might include a ban on the conversion of the proceeds of certain assets or by certain categories of person, an obligation to surrender foreign exchange proceeds to the central or local bank, authorisation requirements, quantitative limits, or indirect methods. Exchange Controls are most imposed because of concerns about outward flows, but controls can also be imposed to restrict inward flows, for example an influx of funds risks damaging an economy.
The purpose of Exchange Control is to prevent the loss of foreign currency resources through the transfer abroad of real or financial capital assets held in SA.
It also constitutes an effective system of control over the movement of financial and real assets into and out of South Africa, whilst simultaneously avoiding interference with the efficient operation of the commercial, industrial, and financial system.
If you need assistance regarding exchange control, get in touch with Randtangle today.
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What you need to know
If you are a former South African citizen who lives abroad, but needs access to trapped funds, like a retirement annuity, we can assist you to emigrate formally.
You will also be able to qualify for an allowance as soon as you emigrate formally.
Your capital allowance will be an amount of R10 million per adult or R20 million per family and a travel allowance of up to R1 million per adult and R200,000 per child under the age of 18.
Furthermore, you will have an export allowance entitling you to export household and personal effects, including cars up to a total insured value of R2 million.
It is also possible to request the transfer of your remaining liquid assets that exceed the foreign capital allowance limits. We also manage the application for assets exceeding these allowances.
The processes, how long it takes and estimate costings – Randtangle need to advise if they are happy with the above
How are RandTangle’s fees calculated?
RandTangle charges a service fee based on the specific circumstances and need surrounding the emigration of each client, and the services required, We do not have a commission based service fee that changes based on policy size. Contact us for a no obligation quotation.
How do I get my money out of South Africa?
There are various ways you can access your money in South Africa. This includes using normal allowances, such as your annual Discretionary Allowance, or formally emigrating from South Africa. We can help with all of these.
Complete the form today and get started.