3.5. Residents temporarily abroad (South African Resident Individuals)

3.5.1
A resident proceeding abroad temporarily, may on departure and annually thereafter, through an Authorised Dealer and/or ADLA, avail of the R1 million single discretionary allowance and the R10 million foreign capital allowance without returning to South Africa (see subsection 3.6 below). The green barcoded identity document or Smart identity document card must be presented to an Authorised Dealer prior to the resident travelling temporarily abroad. In addition, with regard to the R10 million foreign capital allowance, a TCS PIN verifying the taxpayer’s tax compliance status obtained via SARS eFiling must be presented to an Authorised Dealer prior to effecting any transfers. Authorised Dealers must ensure that the amount to be transferred does not exceed the amount approved by SARS. Authorised Dealers should note that the TCS PIN can expire and should the Authorised Dealers find that the TCS PIN has indeed expired, then the Authorised Dealer must insist on a new TCS PIN verifying the taxpayer’s tax compliance status.

Where residents temporarily abroad make use of a general or special power of attorney to facilitate future transfers, a certified copy of the valid green barcoded identity document or Smart ID card must accompany the power of attorney.

The annual limit of the R1 million single discretionary allowance and the R10 million foreign capital allowance dispensations may not be exceeded without prior Financial Surveillance Department approval.

Residents temporarily abroad may use their local debit and/or credit cards whilst temporarily abroad within the overall single discretionary allowance limit of R1 million per applicant during a calendar year.

3.5.2
Residents temporarily abroad may further receive pension and retirement annuity income but no other foreign currency may be availed of without the specific approval of the Financial Surveillance Department.

3.5.3
Any household and personal effects, motor vehicles, caravans, trailers, motorcycles, stamps and coins (excluding coins that are legal tender in South Africa) per family unit or single person, where the insurance value does not exceed R1 million may be exported against the prescribed SARS Customs Declaration.

3.5.4
Farming implements, where the insurance value does not exceed R1 million, may be exported, against the prescribed SARS Customs Declaration, by persons proceeding into Africa for farming purposes.