Getting money back to UK..

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Oct 28th 2010, 12:44 pm

#16

NicoleRoux

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Re: Getting money back to UK..

How was your property financed? If you brought funds into SA to finance the property, and you immgrated to South Africa on or after 13.03.1995 then you might be able to retransfer your assets that you previously introduced.
For all other options (travel allowance, capital allowance) you will need a green bar coded ID book to be able to transfer the money out of South Africa.

All transfers must be done through an authorised representative or an agent of such so its highly unlikely a company based outside of South Africa can help.

(SNIP)

Last edited by Mitzyboy; Oct 28th 2010 at 6:31 pm.

Oct 28th 2010, 10:05 pm

#17

Alfresco

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Location: Brisbane

Posts: 20,821

Re: Getting money back to UK..

Quote:

Originally Posted by Pablo

No, alas.

There are different, and higher, limits for those who are formally emigrating from SA.

Just relaxed them further yesterday.

Foreign investment allowance is now R4 000 000 PER ANNUM - was per lifetime.

Holliday allowance now R1 000 000 per annum - was R750 000.

Oct 29th 2010, 7:23 am

#18

NicoleRoux

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Posts: 4

Re: Getting money back to UK..

The Mid Term budget has proposed many changes to the allowances but note they are not in effect yet, a paper will be released soon according to the reserve bank (but 99.9% of the time they are adopted as per the budget)

Highlights:

Emigrant blocked assets released - great news for any past emigrants with their funds stuck with an authorised dealer (bank) in South Africa.

Life time allowance of 4 million to become an annual 4 million allowance per adult

Discretionary allowances up from R750,000 a year to R1 million per adult (this is for travel, study, gifts etc.)

Oct 29th 2010, 7:35 am

#19

Alfresco

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Location: Brisbane

Posts: 20,821

Re: Getting money back to UK..

Quote:

Originally Posted by NicoleRoux

I got an email from exchange4free and they said the rule changes are effective immediately. I have just emailed them again for clarification.

Not that it affects me. I've already got my money out.

Last edited by Alfresco; Oct 29th 2010 at 8:14 am.

Oct 29th 2010, 8:08 am

#20

NicoleRoux

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Joined: Oct 2010

Posts: 4

Re: Getting money back to UK..

Quote:

Originally Posted by Alfresco

I got an email from the crowd I used and they said the rule changes are effective immediately. I have just emailed them again for clarification.

Not that it affects me. I've already got my money out.

I cant find it on line but have the PDF from the reserve bank dated 27/10/2010, it is exchange control circular no. 37/2010. This says 'a number of circulars in amplification of the foregoing, (the new allowances) will be issued in full course and that the reserve bank will publish further details on these reforms in due course.

There might have been something since i have not seen so if any ones seen anything saying it is with immediate effect and they could please provide a link that would be great.