- It will soon be easier to move up to R10 million out of South Africa without intense scrutiny from the SA Revenue Service (Sars).
- Finance minister Tito Mboweni said “financial emigration” will be phased out by March 2021.
- Rather than prohibiting all foreign exchange transactions except for a list of those allowed – as has been the case since 1933, SA will move to allow any transaction, except for a list of those prohibited.
South African citizens will soon be able to move up to R10 million out of South Africa without the intense scrutiny of the South African Revenue Service (Sars), under a new plan announced by finance minister Tito Mboweni as part of the 2020 Budget.
South Africans could previously easily move money out of the country – as long as they had been granted “financial emigration”. Such “financial emigration”, for SA Reserve Bank purposes, was only granted when an individual could prove that they had residency in another country.