We convert your South African Rand offshore allowance into Dollar, Sterling, Euro, and other currencies for transfer abroad.
Your Single Discretionary Allowance is a maximum of R1-million per calendar year. No SARS tax clearance is required for this. Foreign exchange for travel and other foreign transactions form part of this R1m allowance.
Your Foreign Investment Allowance is R10-million per calendar year. A compliant SARS tax clearance for foreign investment is required before funds may be converted from ZAR to the nominated foreign currency.
A compliant SARS tax clearance for purposes of foreign investments is required to make use of the Foreign Investment Allowance. Kuda FX offers a service of applying for the tax clearance on behalf of our clients. Once approved, the tax clearance is valid for 12 months.