Taxpayers can no longer just send R10 million overseas per year on a no-questions-asked basis. Complicated application processes now await such requests for money to leave SA.
In an unexpected move, the National Treasury introduced a new regime for South African residents who are either considering financially emigrating or just making use of the R10m allowance for investment purposes. The authorities now consider the two scenarios the same thing.
Exchange Control has a long history in South Africa. We started with the Currency and
