EXCHANGE CONTROL ALLOWANCES
Foord’s global funds can be accessed by South African investors utilising their annual exchange control allowances. Every South African can spend up to R1 million per calendar year buying foreign exchange (the “single discretionary allowance”). This is a no-questions-asked facility that may be used for any legal purpose abroad, including investment. Investors should inquire about the process to transfer monies abroad from their bank, acting as an Authorised Dealer in foreign exchange.
In addition, every South African in good tax standing and over the age of 18 can apply to transfer up to R10 million per calendar year pursuant to a SARS Tax Compliance Status foreign investment allowance application. This is an online application process available from the Tax Status section of the SARS eFiling portal. The process involves the provision of a personal balance sheet and documents supporting the proof of monies and source of funds for the intended transfer abroad.