Real Estate Investor Magazine South Africa September 2014 | Page 57

OFFSHORE

Exchange challenges
For those considering large Rand exchanges in the
current climate, deciding when to buy or sell Rands is
only part of what goes into a currency transfer. Making
the actual transfer will trigger exchange control and
financial surveillance obligations.
These obligations form part of the exchange controls
in South Africa and are a continuing source of great
frustration for people trying to externalise funds or
bring money into the country. The regulations are
enforced by the Financial Surveillance Department of
the South