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Ok. Got itThe criteria for South African resident individuals investing offshore have been expanded to include investments in different offshore asset classes.
Change in foreign investment allowance
During the 2022 budget review the Minister of Finance announced that the criteria for South African resident individuals investing abroad have been expanded.
In addition to the annual R10 million foreign investment allowance, tax-compliant South African resident individuals may now also invest in different asset classes offshore.
The Financial Surveillance Department at the South African Reserve Bank will consider applications by private individuals via an authorised dealer to invest in different asset classes offshore. Private individuals wishing to take up this opportunity must first approach SARS to obtain a tax-compliant status (TCS) PIN verifying their tax compliance status report, which must accompany their application to the Financial Surveillance Department.
What this means for you as a Nedbank Private Wealth client
If you wish to invest more than the R10 million allowed in terms of the foreign capital allowance, you will need to apply to SARS for a TCS PIN. Once you have received your TCS PIN, our team of specialists can help you with an application to the Financial Surveillance Department. Once approval has been granted, our team will facilitate the transaction with all the necessary supporting documents you will have given us.
The TCS PIN has an expiry date. If yours expires, you will need to give us a new one to verify your tax compliance before the application can be submitted to the Financial Surveillance Department.
Want to know more? Here’s what to do:
Legal disclaimer Nedgroup Private Wealth Pty Limited and its subsidiaries (we, us, our) have issued this communication for information purposes only, so you must not rely on it as though it is advice, without getting financial, tax or other professional advice. We collected the information in this communication from various sources, and have included facts and events or market conditions that were current at the time of going to print. We do not warrant that this information is complete or accurate, or have anything to say about whether it is appropriate for investors in all jurisdictions to use this information. The opinions and recommendations given may change without notice. We and our employees may hold securities or financial instruments mentioned in this information. This information is not an offer or solicitation of financial services or products, and we do not accept liability for any loss or damage, including, but not limited to, loss of profits or any financial or other monetary or direct or special indirect or consequential loss, however arising, whether arising from negligence or breach of contract or other duty as a result of this information being used or relied on. Nedbank Private Wealth, an authorised financial services provider through Nedgroup Private Wealth Pty Ltd Reg No 1997/009637/07 (FSP828), a registered credit provider through Nedbank Ltd Reg No 1951/000009/06 (NCRCP16), a member of JSE Ltd through Nedgroup Private Wealth Stockbrokers Pty Ltd Reg No 1996/015589/07, an authorised financial services provider (FSP50399) and a registered credit provider (NCRCP59). |
Sending money abroad is quick and easy with the award-winning Nedbank Private Wealth app and Online Banking platform.
Sending money abroad is quick and easy with the award-winning Nedbank Private Wealth app and Online Banking platform.