To assist you with international money transfers and offshore investments, PSG has a bespoke in-house specialist Foreign Exchange service that guarantees our clients the best exchange rates so you save money on any currency transactions.
The advantage of using PSG Foreign Exchange is that we are able to give you access to our preferential institutional Interbank rates which are much cheaper than the retail rates Private Clients are getting with their banks. Typically, this can translate into a saving of around R40 000 - R50 000 for the client per annual Foreign Investment Allowance of R4million.
With trading platforms in both South Africa and the UK through our international office in London, PSG is well poised in the international Forex arena and enables the global investor to transfer funds to almost any destination and invest in the currency of their choice.
For inbound transfers, there are no restrictions, while selling ZAR for outbound transfers is regulated by the SA Reserve Bank’s exchange controls which, in addition to Emigration allowances, permits the following when transferring money abroad:
Capital Foreign Investment Allowance:
Allowance of R4 000 000 per adult, annually. Funds may only be invested into offshore investment portfolios, property, bank accounts or other investments and applies to all taxpayers over the age of 18
Prior to any transfer of funds, a specific Tax Clearance Certificate issued by SARS must be obtained. PSG can assist you with these applications.
Residents (natural persons), who are over the age of 18 years may be permitted to avail of a single allowance within an overall limit of R1 000 000 per individual in each calendar year, without the requirement to obtain a Tax Clearance Certificate.
At the discretion of the Reserve Bank additional amounts over and above these allowances may be transferred offshore where special clearance is obtained.
In addition to facilitating your Foreign Exchange requirements, PSG is also able to assist you with obtaining a SARS Tax Clearance Certificate and Reserve Bank approval when required, while ensuring compliance with any other legislative requirements.
Contact me for your foreign exchange needs: