Updated: Nov 6, 2019
How do I get a tax clearance certificate? Can I take my inheritance overseas? What is the Foreign Investment Allowance in South Africa and what do I need to apply?
Other than your personal detail, including ID and tax number, you will need share all the detail of the actual investment, the total amount invested offshore and the type of investment. ie: If it cash, equities, bonds or property, as well as the country where the investment will be made.
You will also disclose the source of the funds and give supporting documents are and where needed. Source of funds options:
Inheritance: You will need a letter from the executor of the estate and a copy of the L&D Account, as well as the latest statement reflecting the funds in your bank account. Sale of a property, in which case you will need copies of the Deed of Sale, transfer duty declaration and receipt. You will also need a letter from the Conveyancer confirming the transfer of the property and statement of account, and the latest statement of the relevant bank account.
Donations: Funds through donations require details of the donor, proof of donations tax paid on the specific donation, latest bank statements of relevant bank account reflecting the funds.
Shares: This requires a letter from institution stating the transfer of the funds will happen after approval of the Tax Clearance Certificate has been issued. It must contain the amount of shares and estimated current market value available.
Savings/Cash: 3 months statement of the relevant bank account reflecting the funds and proof of savings; being where and how the savings were obtained.
Send us an email and MintAccounting will send you a form to complete. You can also book an obligation free consultation with us.