5. Foreign Nationals

5.1 On taking up temporary residence in South Africa, foreign nationals (except those who are purely in South Africa on a temporary visit) are required, on arrival, to declare in writing to an Authorised Dealer:

  • (a) whether they are in possession of foreign assets and, if so, give an undertaking to the effect that they will not place such foreign assets at the disposal of a third party normally resident in South Africa; and
  • (b) that they have not applied for similar facilities through another Authorised Dealer.

5.2 On receipt of such completed declarations and undertakings, foreign nationals may:

  • (a) conduct their banking on a resident basis;
  • (b) dispose of or otherwise invest their foreign assets, including foreign cash funds held by them, subsequent accruals, as well as foreign income, without interference from the Financial Surveillance Department;
  • (c) conduct Non-resident Rand accounts or foreign currency accounts in the books of an Authorised Dealer; and
    • (aa) transfer abroad funds accumulated during their stay in South Africa provided that the source from which they have acquired such funds can be substantiated; and
    • (bb) the value of such funds is reasonable in relation to their income-generating activities in South Africa during the period.
  • (d) retransfer abroad capital which has been introduced into South Africa, provided the individual can substantiate the original introduction of such funds.
  • (e) retransfer abroad household and personal effects, including motor vehicles, provided that the items have been purchased with funds which would have been transferable and/or the items have been imported into South Africa. The individual must be able to substantiate the importation of any goods by presenting documentary evidence to an Authorised Dealer. These effects may be transferred abroad under cover of the required SARS Customs Declaration.

5.3 The above provision excludes single transactions up to an amount of R3,000 per transaction per day within a limit of R10,000 per applicant per calendar month. While the personal banking of foreign nationals temporarily resident in South Africa may be conducted on a resident basis, any interest held by such individuals in local entities (i.e. legal persons) will be deemed as non-resident for the purposes of local financial assistance.

5.4 On presentation of documentary evidence to an Authorised Dealer, foreign nationals may also transfer lump-sum commutations and monthly pensions abroad.

5.5 In the case of mine labourers who are returning or who have already returned permanently to countries outside the CMA, Authorised Dealers may approve the transfer abroad of lump sum commutations as well as monthly pensions. Migrant labourers are also permitted, in terms of existing arrangements with Customs, to take with them reasonable amounts in the form of Rand notes representing their earnings in South Africa.

5.6 Bonuses and surplus pension distributions may be transferred abroad provided that documentary evidence is presented to the Authorised Dealer confirming same prior to any transfer.

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