Below we learn about the One Million Annual Allowance that South African residents are able to transfer out of South Africa each calendar year. This one million allowance is also know as the discretionary allowance.
Why is there is an One Million Annual Allowance?
If you are not already aware South Africa operates a system of exchange control. For residents this means they receive certain allowances, that enable them to transfer a certain amount of funds out of South Africa, over a certain time period and for certain reasons.
One of these allowances is a one million annual allowance.