The South African Reserve Bank is responsible for the day-to-day administration of exchange controls in the country.
Exchange Control Regulations are all the legal provisions that limit the extent to which South African residents and companies are able to transfer funds abroad and these provisions are administered by the Bank’s Financial Surveillance Department.
Companies and individuals, have the right to buy and sell foreign exchange, subject to conditions and within limits prescribed by the Financial Surveillance Department. Authorised Dealers are not agents for the Financial Surveillance Department but act on behalf of their customers.
Transfer of funds to beneficiaries abroad that did not formally emigrate:
Individuals temporarily abroad who has received any form of distribution from an estate are only able to transfer these funds abroad as part of their discretionary and offshore allowance however SARB approval should be applied for if the distribution exceeds these allowances.
Fin Select will assist you in compiling the SARB application as well as the submission via an authorised dealer.