R1M Discretionary Allowance

R10mil is easy to get permission for, you just need to apply for a tax clearance certificate and follow the admin process within eFiling. This is a once-off (currently capped at R10mil total).

The R1mil discretionary is an annual allowance, again, requires reserve bank clearance, but this is a formality.

So over 11yrs you can actually expatriate R21mil
 
Tag11 said:
R10mil is easy to get permission for, you just need to apply for a tax clearance certificate and follow the admin process within eFiling. This is a once-off (currently capped at R10mil total).

The R1mil discretionary is an annual allowance, again, requires reserve bank clearance, but this is a formality.

So over 11yrs you can actually expatriate R21mil
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The R1M annual discretionary allowance does not require reserve bank clearance.
 
TysonRoux said:
Not true, but you could convince us with a link or two.

Over 11 years?
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Hey Tyson,

South Africans are allowed to transfer up to R1 million offshore per calendar year without having to obtain a Foreign Tax Clearance Certificate.

To send more than R1 million offshore, you’re going to need a Foreign Tax Clearance (FTCC) from SARS.

This certificate is valid for 12 months and it allows you to transfer up to R10 million.

This collectively makes up R11 million and is per person, so technically your wife could do the same.

This article explains it:

https://www.thesouthafrican.com/financial-emigration-for-south-africans-everything-you-need-to-know/
 
As far as I'm aware you have up to R11 million total discretionary allowance.
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josh o nator said:
Hey Tyson,

South Africans are allowed to transfer up to R1 million offshore per calendar year without having to obtain a Foreign Tax Clearance Certificate.

To send more than R1 million offshore, you’re going to need a Foreign Tax Clearance (FTCC) from SARS.

This certificate is valid for 12 months and it allows you to transfer up to R10 million.

This collectively makes up R11 million and is per person, so technically your wife could do the same.

This article explains it:

https://www.thesouthafrican.com/financial-emigration-for-south-africans-everything-you-need-to-know/
Click to expand...

That's why I corrected @Tag11 when he stated "As far as I'm aware you have up to R11 million total discretionary allowance. " - it is R1M discretionary allowance per year.
 
TysonRoux said:
That's why I corrected @Tag11 when he stated "As far as I'm aware you have up to R11 million total discretionary allowance. " - it is R1M discretionary allowance per year.
Click to expand...

You're spot on, I don't think getting the R11 million total is too hard
 
TysonRoux said:
That's why I corrected @Tag11 when he stated "As far as I'm aware you have up to R11 million total discretionary allowance. " - it is R1M discretionary allowance per year.
Click to expand...

I didn't say that.

But it is a moot point, the R1mil discretionary amount does not require clearance, but it does require paperwork and disclosure on your tax returns.
 
The R1m is what you can transfer without clearance or penalty. Technically you can transfer any amount with clearance.
 
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