Change in foreign investment allowance
During the 2022 budget review the Minister of Finance announced that the criteria for South African resident individuals investing abroad have been expanded.
In addition to the annual R10 million foreign investment allowance, tax-compliant South African resident individuals may now also invest in different asset classes offshore.
The Financial Surveillance Department at the South African Reserve Bank will consider applications by private individuals via an authorised dealer to invest in different asset classes offshore. Private individuals wishing to take up this opportunity must first approach SARS to obtain a tax-compliant status (TCS) PIN verifying their tax compliance status report, which must accompany their application to the Financial Surveillance Department.