ARTICLE · 12 MARCH 2021

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Exchange Control – Emigration

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In his February 2020 Budget Speech, the South African Minister of Finance announced various proposed relaxations to the existing exchange control regime, including phasing out of the concept

South AfricaFinance and Banking

Esther Geldenhuys

In his February 2020 Budget Speech, the South African Minister of Finance announced various proposed relaxations to the existing exchange control regime, including phasing out of the concept of emigration as recognised by the Financial Surveillance Department of the South African Reserve Bank (FinSurv).

The long-awaited changes to the exchange control emigration rules have finally been announced in Exchange Control Circular No. 6/2021 (Circular 6). With effect from 1 March 2021, South African exchange control residents no longer need to formally apply through FinSurv for approval upon emigration.

However, this does not mean that emigrants may now freely remit funds offshore. While the formal emigration process has been abolished, the remittance of funds on emigration will still require a verification process which will, in certain instances, include a risk management test.

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