You will need a tax clearance certificate if you are transferring any funds abroad.

Foreign Investment refers to the investment in domestic companies and assets of another country by a foreign investor. Large multinational corporations will seek new opportunities for economic growth by opening branches and expanding their investments in other countries.

You will need a tax clearance certificate if you are transferring any funds abroad in terms of your foreign investment allowance. This certificate can be used to apply for foreign investment allowances available to South Africans abroad, without financial emigration.

This, however, can take up to 21 working days.

It is important to keep the following in mind, before a tax clearance certificate is offered:

  • In any application, the reason for the application must be properly stated and the tax clearance certificate issued is only valid for one year from the date of issue, provided you remain compliant with SARS requirements in this period.
  • SARS can withdraw a tax clearance certificate at any time if it was issued in error, or if it was obtained as a result of fraud, misrepresentation, or non-disclosure of material facts.
  • There are a number of requirements that SARS has set out that need to be met before a tax clearance certificate can be issued:
  • You must have registered for income tax before applying for a tax clearance certificate.
  • You should have no outstanding debt for any taxes (including income tax, Value Added Tax (VAT), dividend tax, administrative penalties and employees’ tax) and if you do, arrangements must have been made to settle this debt.
  • Your tax returns and tax declarations must be up to date in the process of being assessed by SARS.
  • All tax reference numbers contained in your documentation must be active and correct (not deregistered or suspended on the SARS system).
  • The registration details on the application form must correspond with the information on the SARS system.

    Our team at Randtangle with its wealth of exchange control expertise can guide you and submit applications to ensure an effective process to invest offshore.


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    What you need to know

    If you are a former South African citizen who lives abroad, but needs access to trapped funds, like a retirement annuity, we can assist you to emigrate formally.

    You will also be able to qualify for an allowance as soon as you emigrate formally.

    Your capital allowance will be an amount of R10 million per adult or R20 million per family and a travel allowance of up to R1 million per adult and R200,000 per child under the age of 18.

    Furthermore, you will have an export allowance entitling you to export household and personal effects, including cars up to a total insured value of R2 million.

    It is also possible to request the transfer of your remaining liquid assets that exceed the foreign capital allowance limits. We also manage the application for assets exceeding these allowances.

    The processes, how long it takes and estimate costings – Randtangle need to advise if they are happy with the above

    How are RandTangle’s fees calculated?

    RandTangle charges a service fee based on the specific circumstances and need surrounding the emigration of each client, and the services required, We do not have a commission based service fee that changes based on policy size. Contact us for a no obligation quotation.

    How do I get my money out of South Africa?

    There are various ways you can access your money in South Africa. This includes using normal allowances, such as your annual Discretionary Allowance, or formally emigrating from South Africa. We can help with all of these.

    Complete the form today and get started.