6. Immigrants

6.1 On taking up permanent residence in South Africa:

  • (a) Immigrants are required, on arrival in South Africa, to declare to an Authorised Dealer, whether they are in possession of foreign assets and, if so, give an undertaking that they will not place such foreign assets at the disposal of a third party normally resident in South Africa; and
  • (b) Immigrants must provide their Authorised Dealer with documentary evidence substantiating that they have been granted permanent residence in South Africa. They will then be regarded as immigrants with effect from the date of their arrival in South Africa.

6.2 Persons who have applied for, but who have not been granted permanent residence in South Africa, may avail of a single discretionary allowance of R1 million per calendar year. The funds tendered in payment must represent either savings from local earnings or the proceeds of foreign currency introduced to and exchanged in South Africa.

6.3 Immigrants may be permitted to:

  • (a) Dispose of or otherwise invest their foreign assets, including foreign cash funds held by them, subsequent accruals and foreign earned income, without interference from the Financial Surveillance Department, provided the necessary declaration and undertaking were completed as outlined in 6.1(a) above.
  • (b) Within five years of the date of their immigration, retransfer or re-export all own assets introduced or imported during the five-year period (including growth), provided that:
    • (aa) The necessary declarations and undertakings were completed on their arrival in South Africa as outlined in 6.1(a) above; and
    • (bb) They can substantiate the original introduction or importation of such assets.
  • (c) Within five years of the date of their immigration, transfer abroad their South African assets in excess of those referred to in 6.3 (b) above, provided that:
    • (aa) The Authorised Dealer concerned is satisfied that the individuals will be leaving South Africa permanently;
    • (bb) The Authorised Dealer is satisfied that the assets to be transferred are reasonable in relation to the growth resulting from such individual’s business or employment activities and/or is market-related; and
    • (cc) Such transfers are not financed from local financial assistance facilities.
  • (d) After five years of the date of their immigration, Authorised Dealers may permit immigrants to retransfer or re-export the Rand equivalent of funds introduced or own assets imported (including growth), provided that:
    • (aa) The necessary declarations and undertakings were completed on their arrival in South Africa; and
    • (bb) They can substantiate the original introduction or importation of such assets.
  • (e) Any household and personal effects, including motor vehicles, may be exported under cover of the prescribed SARS Customs Declaration provided that the goods to be exported have been purchased with funds that would have been transferable and/or have been imported into South Africa. The individual must, in need, be able to substantiate the importation thereof by the production of documentary evidence.

6.4 Payments by immigrants:

  • (a) Immigrants may approach their Authorised Dealer for the provision of foreign currency to cover current and arrear premiums due on foreign currency life insurance policies or contributions to pension and medical aid funds, provided that:
    • (aa) The necessary declarations and undertakings were completed; and
    • (bb) Documentary evidence is presented, verifying the amounts due and that the commitment was entered into before the applicants took up residence in South Africa.
  • (b) Immigrants may, against the presentation to an Authorised Dealer of documentary evidence confirming the amount involved, repay loans received in their previous country of domicile.
  • (c) Immigrants may settle foreign tax commitments from South Africa against the production of documentary evidence confirming the amount involved.
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