Real Estate Investor Magazine South Africa October 2015 | Page 59

taxpayer and South African citizen (R10 million if you took both parties’ R1 million discretionary allowances into account). Although a fair amount of money, the steady fall of the Rand along with the rising costs of property and other investments abroad meant that the allowance sometimes fell short of what was needed to make a meaningful investment within the European Union. What these changes mean for South Africa One reason for the drastic relaxation of the exchange control regulations is to incentivise international expansion for local companies, particularly into Africa. However, at its core, what the decision really reflects is the SARB’s decision to modernise capital flow management in a bid to attract more foreign investment. By relaxing controls and allowing foreign investors to move money in and out of the country without the fear of being trapped in a bad financial situation, South Africa has opened its doors to long-term capital investment. This can only be a good thing. The challenge of reporting and how Sable can help Sending money into South Africa has traditionally been easy, but ever-increasing surveillance requirements are www.reimag.co.za making it more frustrating than ever for locals to send money out of South Africa. Despite the SARB relaxing its capital flow restrictions (in fact, it has removed capital control measures on non-residents altogether in a bid to attract inward investment), it has tightened financial surveillance in an attempt to counter money laundering and the funding of terrorism. This means an increased emphasis on reporting and the associated bureaucracy - a frustrating process for many, as the complexity involved in securing both allowances makes the exercise long-winded and often plagued by red tape. Sable Forex operates in this niche. Our goal is to make the process easier by removing the daunting prospect of dealing with governmental red tape, inefficiency and bureaucracy. We do this by managing all reporting and surveillance requirements, accelerating the process through which your money enters and leaves the country. In all cases, we uphold the strictest compliance standards and conform to all SARB regulations. We tailor our approach to your needs, helping you open your own offshore account or, alternatively, holding your currency in our London-based client settlement account if you need time to make an investment decision. As an added bonus, you can fix your exchange rate when you send your funds and, when you are ready to buy, simply instruct us to transfer your funds to any onward bank of your choice. If you are interested in investing your money abroad, contact Sable Forex on [phone] or email us at [email protected]. You can also email me personally on [email protected]. Here’s to the positive changes we’ll see from 1 April. OCTOBER 2015 SA Real Estate Investor 57