The exchange control manual is being simplified and will be completed in 2015. The following threshold changes will take effect from 1 April 2015:
- South African residents’ foreign capital allowance will increase from R4 million to R10 million per calendar year or upon emigration, or R20 million per family unit.
- The subcategories under the individual single discretionary allowance are removed and the annual R1 million allowances may be used for any legal purpose abroad.
These dispensations are subject to the statutory requirements of the Reserve Bank and SARS. Further administrative details will be communicated by the Reserve Bank.