Get ZA SARS FIA 001

Every South African is granted a one million Rand cash transfer as a Foreign Investment Allowance (FIA) per annum from South Africa abroad, for any legal purpose. No tax clearance certificate is required.

What is the Foreign Capital Allowance? Exchange control regulations allow individuals to transfer R10 Million out of South Africa each year as part of their Foreign Capital Allowance, subject to obtaining a SARS Tax Clearance Certificate.

WHAT IS THE MAXIMUM AMOUNT I CAN TRANSFER OFFSHORE? You can transfer a maximum of R11 million (R10 million foreign capital allowance and a R1 million single discretionary allowance) per calendar year from South Africa, without special approval from the SARB.

The short answer is yes: foreign income is taxable in South Africa. The South African tax system states that if you're a South African resident (for tax purposes), you will be taxed on all local and foreign income you receive, regardless of where it is paid and where the source of the income is.

TCS changes in respect of Foreign Investment Allowance (FIA) and Emigration | South African Revenue Service. Home.

There are limits on the amount of currency you can bring into South Africa. For cash in South African Rand (ZAR), the limit is 25,000ZAR. For combinations of cash in other currencies, the limit is US$10,000 (or equivalent). You should declare any amount higher than this on entry to South Africa.

This process typically takes between 4 - 10 weeks and may require the taxpayer to submit additional supporting documentation requested by SARS in support of the application.

As a South African citizen over the age of 18, you have two types of foreign currency allowances. The first is a Single Discretionary Allowance of up to R1 million a year and the second is your Foreign Investment Allowance also known as a Capital Allowance of up R10 million a year.