Repatriation of Funds
This section is aimed at foreign (temporary) residents of South Africa who wish to send money back to their country of origin. In other words, money that was brought into South Africa now needs to be returned to its country of origin.
What is a temporary resident?
There may be several reasons for being granted temporary resident status in South Africa. However, temporary residence does NOT include those who are merely in the country on a temporary, short-term visit, such as a tourist. A temporary resident is therefore a foreign national.
When arriving in South Africa:
* You need to make a declaration stating any foreign assets owned and confirming that any such assets will not be placed at the disposal of any 3rd party South African permanent resident
* You need to provide an authorised dealer (such as a bank) with proof of your temporary residence status
WARNING: If you fail to undertake the steps mentioned above, you may have severe difficulty in taking your assets with you when you eventually leave South Africa.
Concessions
The following concessions are made to temporary residents in South Africa.
* Existing foreign assets – as a foreign national with foreign assets, you are allowed to dispose of or invest your foreign assets, including cash, subsequent accruals and income, without interference by the Financial Surveillance Department, provided that you have completed the requisite declaration and undertaking outlined above.
* Repatriation – an authorised dealer may permit you, as a foreign national, to send money overseas that you have earned or received during your time in South Africa, as long as you can prove the source of the money and that the amount to be transferred is reasonable in relation to your income in South Africa.
If you are considering the repatriation of funds, it may make sense to contact a currency exchange company. A good company works through the local banks, and is registered with the Financial Services Board (FSB), making the process of sending money out of South Africa easy and hassle-free.
