Moving your Funds and inheritance from South Africa to New Zealand using Currency Partners
About Currency Partners
Currency Partners expert team confidently handle every aspect of the exchange control process for you. The services and benefits for their premium Private Client FX service for you include:
- Pre-completed electronic currency forms (they don’t require original documentation)
- Foreign tax clearance certificates from SARS
- SARB Exchange Control approval applications
- Offshore, Non-resident and Cash Management bank accounts
- Automatic market orders and target rate watch alerts
- Better price promise (They will better any live comparative quote)
- All-inclusive exchange rates
If you would like to be referred to a Currency Partners consultant email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Personal Payments
Currency Partners understand that behind every currency transfer there is a story that matters to you. Which is why they value you as a customer.
By giving you access to the best pricing available in the market, Currency Partners typically save their clients between 1% and up to 3% on the retail exchange rates from their bank with Currency Partners premium Private Client FX (Forex) service.
Whether you are looking to make small regular payments or a large once-off currency transfer, speak to a specialist Personal FX Dealer who will guide you through the process every step of the way to ensure your individual requirements are met.
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Foreign Investment and Tax Clearance
Thinking of investing abroad?
Currency Partners help you maximise the foreign currency you’ll have available to invest by giving you access to the best pricing available in the market from their select panel of banking partners. Currency Partners typically save their clients between 1% and up to 3% on the retail exchange rates from your bank with Currency Partners premium Private Client FX solution.
Transfers to externalise funds from South Africa are also subject to Exchange Control regulations and the annual allowances granted by the South African Reserve Bank (SARB) for this purpose. As such, each South African resident taxpayer may avail themselves of their single Discretionary Allowance (of up to R1 million) and/or of their individual Foreign Capital Allowance (of up to R10 million) each calendar year (ending 31 December) for the purposes of direct offshore investment in foreign currency denominated assets.
Single Discretionary Allowance (DA)
The allowance is up to R1 million per calendar year (ending 31 December), for which no foreign tax clearance from SARS is required. This annual single Discretionary Allowance can be used for any legal purpose abroad and should include any travel spend from South Africa in foreign currency, such as your credit card expenditure, whilst travelling abroad.
Individual Foreign Capital Allowance (FCA)
The allowance is up to R10 million per calendar year (ending 31 December) and a Foreign Tax Clearance Certificate (FTCC) issued by SARS, is required for transfers under this annual allowance. These certificates, can be applied for with SARS and once issued, the certificate is valid for 12 months. Let Currency Partners specialist expert team handle the application (at no additional charge) for you.
Special Approval Applications
A special approval application must be made to externalise amounts greater than the annual allowances, and a “Letter of Compliance” from SARS begins this process. SARS letter in hand, an application must be made to the SARB for the special approval to be granted before transacting the balance of funds. There is no limit on the value of these approval applications, no restriction on the number of applications that can be made and there is no exit levy or penalty payable.
Currency Partners also handles the tricky process of obtaining your Foreign Tax Clearance Certificate from SARS (at no additional charge) required for transfers under the annual individual Foreign Capital Allowance of up to R10 million per calendar year (ending 31 December).
After obtaining your foreign tax clearance, Currency Partners can then purchase the foreign currency you require at highly competitive preferential exchange rates from their banking partners, so you can save money on the retail rates from your bank.
If you would like to be referred to a consultant email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Overseas Property
Whether you are buying property in South Africa or remitting proceeds from the sale of property from South Africa, careful timing, expert knowledge and solid planning can result in a significant saving, when purchasing an overseas property.
Rely on Currency Partners premium Private Client FX solutions to transfer your currency at highly competitive exchange rates when paying the initial deposit and consider securing a favourable market rate in advance for the balance of the proceeds to give you certainty and peace of mind.
Currency Partners commitment to saving you money on the exchange rates, surpasses what conveyancers are able to offer through the banks. At Currency Partners, they will guarantee to beat any comparative live exchange rate quote and their preferential pricing terms typically result in savings of 1% and up to 3% on the retail bank rates for their clients. And especially on a property purchase, that’s a worthwhile consideration!
In addition to saving you money on the exchange rates, Currency Partners also handles any relevant exchange control obligations when introducing funds to or remitting funds from SA.
If you would like to be referred to a Currency Partners consultant email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Moving your inheritance to New Zealand
In South Africa today, their legal experts are faced with the challenge of having globally based clients, whether they are South Africans living abroad or foreigners living in South Africa.
Currency Partners specialises in helping their Legal and Fiduciary clients with the movement of funds in and out of South Africa, along with all the addional services required to make currency transfers.
Offshore investing has become an important part of wealth creation and leaves a legacy for future generaons. But what happens when you pass away? While no one really likes to dwell on these things, careful estate planning and consideraon of country- specific laws on how your assets will be distributed after death is a must.
And what better time to discuss this very important topic than during Natonal Wills Week? In this mailer, we’ll be highlighng some important facts about the inheritance of foreign assets.
Firstly, don’t underesmate the need for an expert partner that can help you navigate the ins and outs of this complex process. The administraon of a deceased estate is fraught with red tape and legal requirements. Part of being a South African resident means that you need to understand the SARB exchange control rulings when investing offshore or inheriting an offshore asset. Unless you have nerves of steel and the patience of a saint, it’s not a task that should be undertaken alone.
At Currency Partners, they have the expertise to help their partners and their clients navigate the challenging world of international payments. Their experienced FX team will open Estate Late accounts, and manage the entire exchange control and offshore payment process with ease. Currency Partners can also assist with a formal Tax Migration application, should this be the best option for you
Next, it’s essenal to have a general understanding of SARB’s rulings regarding inheritance. For your interest, Currency Partners have put together a list of the most pertinent rules below:
South African residents who inherit foreign assets from a non-resident aer 17 March 1998 do not need to declare to the SARB or repatriate to South Africa.
South African residents who inherit foreign assets from a South African estate on or aer 23 February 2022 may retain the asset offshore in their name without permission from the SARB subject to local tax disclosure and compliance. Note: This does not apply retroacvely and contravenons before this date must be regularised.
South African residents temporarily abroad, who inherit from a South African estate and have a South African bar-coded ID, can ulise their annual allowances to receive their inheritance payments offshore.
If you would like to be referred to a Currency Partners consultant email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Leaving or Returning to South Africa
Currency Partners goal is to ensure that you maximise the amount of currency that goes or comes back with you.
Whether you are emigrating, immigrating, or simply moving abroad, exchange control and currency requirements can be notoriously onerous – which is why their clients seeking peace of mind, go to Currency Partners for expert assistance with this specialised process.
Emigration allowances are currently set at R20 million per family unit and their specialist expert team can advise and assist with the formal emigration process, as well as the related exchange control requirements.
Currency Partners will navigate the red tape for you, while their Personal FX Dealers are equipped to monitor exchange rates, manage currency fluctuations and assist you in timing your transfer so that you not only benefit personally, but financially too.
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Non-Residents in South Africa
At Currency Partners, they not only facilitate your currency transfers at optimum exchange rates so you can save money, but their expert Client Services team will handle the required exchange control obligations and Reserve Bank approval applications to remit funds for Non-Resident individuals from SA.
If you’re working abroad and need to make regular or ad hoc international payments or transfers, you can benefit from their preferential pricing and the highly competitive exchange rates offered by their Private Client FX solution.
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Bank Accounts and Cash Management
Currency Partners Client Services team are able to assist with the opening of foreign currency Offshore Bank Accounts for South African residents as well as private, high interest yielding, Cash Management bank accounts for both Resident and Non-resident individuals in South Africa.
Ask their friendly Client Services team for more information and assistance with opening the bank account that is right for you
The services and benefits for their premium Private Client’s include:
- Pre-completed electronic currency forms (Currency Partners don’t require original documentation)
- Foreign tax clearance certificates from SARS
- SARB Exchange Control approval applications
- Offshore, Non-resident and Cash Management bank accounts
- Automatic market orders and target rate watch alerts
- Better price promise (Currency Partners will better any live comparative quote)
- All-inclusive exchange rates
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Tax Migration (formally known as financial emigration)
Currency Partners, together with their tax and emigration specialists, offer their clients assistance with Tax Migration requirements, in conjunction with their foreign exchange services.
Recent regulatory changes to Financial Emigration have given rise to a new “Tax Migration” process, which includes:
- Confirmation of tax residency in terms of the South African tax residency tests by SARS
- An Emigration Tax Clearance Certificate application with SARS, requiring supporting documentation to confirm the non-resident status;
- An “exit tax” calculation on worldwide assets, in terms of section 9H of the Income Tax Act;
- SARS approval before any funds may be expatriated by an authorised dealer
- Withdrawals of Retirement Annuities, Pensions, Provident and Preservation funds once non-resident status has been held for 3 consecutive years
Value for you
- A SARS “change in tax residency” application
- Retirement products or policy withdrawals
- Emigration Tax Clearance Certificate application with SARS
- Opening of non-resident bank accounts to expatriate funds
- Preferential exchange rates so you save on your currency transfers
Again, be aware that the cheapest fees don’t necessarily mean the best rate of exchange.
Currency Partners understand that behind every currency transfer there is a story that matters to you, which is why you are our most valuable currency. They value you.
Currency Partners is proud that some of the biggest names in Financial Services have chosen them as their preferred specialist Foreign Exchange provider.
Whether you are emigrating or simply moving abroad for the adventure of a lifetime, managing your currency requirements under SA exchange control regulations can be a tricky process. That is why their clients seek peace of mind with expert advice and assistance from Currency Partners.
Emigration allowances are currently set at R10 million per individual and R20 million per family unit. Please contact their specialist team for assistance with special approval applications to transfer assets in excess of these foreign capital allowance limits abroad and for advice regarding the formal emigration process.
Currency Partners will navigate the red tape for you, while their Personal FX Dealers are equipped to monitor exchange rates, manage currency fluctuations and assist you in timing your transfer so that you not only benefit personally, but financially too.
They typically save their clients between 1% and 3% on the retail exchange rates from their bank, which translates into typical potential savings of between R10,000 – R30,000 per R1 million transferred (or currency equivalent).
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Cryptocurrency
Cryptocurrency is fast becoming a widely accepted and recognized
alternative store of value to preserve purchasing power against inflation
and depreciation of the Rand.
Together with Currency Partners, South Africa’s largest specialist
provider of foreign exchange rates and services for individuals,
Cryptocurrency Partners can assist you with buying, selling and holding
Bitcoin and other select cryptocurrencies.
Value for you
- Currency Partners take the hassle out of the process for you
No need to open an account with a Crypto Exchange
You can manage all your foreign and crypto currency in one place
Keep track of your transactional history and portfolio market value
Currency Partner will watch the markets for you, so you don’t have to
Get news and learn about cryptocurrencies when you sign up to their newsletter
To start buying cryptocurrency and experience the same excellent personal service you have become accustomed to from Currency Partners, please email me on info@lekkerlifenewzealand.co.nz and i will put you in contact with a member of their team who will be ready to assist and explain the process to you.
OR
Register with Currency Partners online
Currency Partners News Letter
WHAT WE KNOW
29/05 – 04 June 2023 (Week 22)
It’s often said that the trend is your friend when trying to predict future equity and currency movements, however, the rand has been neither predictable nor friendly this year, let alone this past week. We opened last week around the R19.50/USD level before strengthening ever so much down to the R19.15/USD – R19.30/USD range. That is, until Thursday afternoon, where not even our knight in shining armour (SARB Governor Kganyago) could save us despite the 0.5% repo rate hike. We ended up swinging weaker by about 3% and reached a high of R19.81/USD.
A case of damned if you do, damned if you don’t, it feels as though we’re stuck in an episode of looney tunes where Wile E. Coyote was knocked sideways by a boulder and has been left with stars spinning above his head while trying to find his bearings once again. Kganyago’s team voted unanimously to raise rates by 0.5% in anticipation of exacerbated upward inflation pressure, most notably the weak exchange rates impact on our fuel prices which has a trickle-down effect on 99% of goods in SA.
Last week there was a reshuffle, but not the kind we’re used to. Instead of the usual changing of the guard, Ramaphosa shifted powers from Mantashe to Ramokgopa – this would seemingly be an improvement since the latter has fewer ties to the coal industry and would hopefully be able to speed up new energy procurement that is not just another Karpowership fiasco in the making. Though, just like with any government initiative, the proof will be in the pudding.
WHAT WE THINK
Last week we said that “it’s clear the economy will struggle further under even tighter monetary conditions. Indeed, the worst case really would be that we see another 0.50% hike and a muted Rand response: a currency at near all-time lows, limited tools left with which to fight inflation and a continued squeezing of the domestic economy.”
The are a two main news events this week, namely, EU unemployment and inflation on Thursday followed by the revered US Non Farm Payroll and unemployment on Friday. The US Fed members will be speaking throughout Wednesday and will hopefully give us some insight into what the Fed’s policy announcement may look like, though they are notorious for being tight lipped in that regard.
The rand is fully into unchartered territory at present and so we expect movements to remain volatile as the market is still extremely skittish as we wait for it to settle down somewhat. Any further pressure on the rand may lead to a test closer to R20.00/USD as market participants are more than happy to go long into USD for the added safe haven benefit.
Our range for the week: R19.45/USD – R19.85/USD.
