Legal

Account Funding

Local Account Funding

Offshore Account Funding

To attain offshore funding details please contact PrivateSales@saxomarkets.co.za or phone our office at +27 10 201 6300.

Foreign Investment Allowance

Residents (natural persons), who are over the age of 18 years may be permitted to avail of a single discretionary allowance within an overall limit of R1 million per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate.  
 

Further to the single discretionary allowance, Private individuals may invest R4 Million outside of South Africa per annum. The R4 Million Foreign Investment Allowance applies to all taxpayers over the age of 18 years old and represents an annual total allowance (per calendar year). The first step to transferring the investment allowance out of South Africa is to obtain a Tax Clearance Certificate from the South African Revenue Service (SARS).  

Process

A tax clearance application needs to be completed and submitted to your local SARS office. This can take 2-4 weeks if applying by post and a few hours if you personally go into your SARS tax office with all your documents in order and the form correctly filled out. You will be unable to transfer funds out of South Africa using your foreign investment allowance until you have received this tax clearance.

 

Clients are able to send less than the amount applied for in the tax clearance and only the actual amount sent out of the country will contribute to your R4 Million total allowance. Tax clearances are valid for 12 months from the date of issue by SARS.

Documentation

The following forms need to be completed:

  • SARB MP1423
  • FIA001
  • Balance of Payments (BoP)

The following forms need to be completed:

  • South African ID copy
  • Recent evidence of available funds
  • Statement of Assets & Liabilities

Please note when providing proof of funds that the cash must be available i.e. in a bank account, access bond, short term deposit etc. Share portfolios etc are not acceptable. SARS will only grant clearance for available funds

 

Transfer of funds offshore


Once SARS clearance is obtained, clients deposit ZAR into their local Bank suspense account. An FX rate is then negotiated and the funds are transferred offshore.

 

Please contact Saxo Capital Markets if you require any further information. 

Contact us
Phone: +27 (0) 10 201 6300
E-mail: SA.Isnt@saxomarkets.co.za

Saxo Capital Markets South Africa is an authorized Financial Services Provider and regulated by the Financial Services Board, registration number 40983. Registered address: The Place, 1 Sandton Drive, Sandown, Johannesburg, South Africa.  

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