Want to invest up to R1 million offshore?

Want to invest up to R1 million offshore?

Want to invest up to R1 million offshore? Do it now, before the 31 December 2019 annual deadline

According to South African Reserve Bank regulations, SA citizens are entitled to invest up to R1 million offshore each calendar year without a foreign tax clearance certificate.

This single discretionary allowance, as it’s called, is available every year until 31 December. For amounts greater than R1 million and up to R10 million, a tax certificate and clearance must first be obtained.

What does this mean for you?

Well, if you have up to R1 million that you want to move offshore, now is the time to do it.

If you have R2 million you want to push into offshore investments or use to diversify your portfolio, you can move R1 million now before the 2019 deadline, and the other R1 million in the new year, taking advantage of the 2020 discretionary allowance. In this case, you cannot move any more funds offshore without a tax certificate until 2021.

At Octagon Financial, we can help you choose the best offshore investment offering that suits both your current and future needs, as well as assist with the completion of all the necessary documents to safely move your funds.

Interested? Contact your advisor today!