{"id":43954,"date":"2025-12-09T10:00:21","date_gmt":"2025-12-09T08:00:21","guid":{"rendered":"https:\/\/stbb.co.za\/dev2\/?p=43954"},"modified":"2025-12-09T10:04:10","modified_gmt":"2025-12-09T08:04:10","slug":"all-about-property-exchange-control-update-what-non-residents-should-know-about-the-new-income-transfer-rules","status":"publish","type":"post","link":"https:\/\/stbb.co.za\/dev2\/all-about-property-exchange-control-update-what-non-residents-should-know-about-the-new-income-transfer-rules\/","title":{"rendered":"All About Property | Exchange control update: What non-residents should know about the new income transfer rules"},"content":{"rendered":"

The South African Reserve Bank’s Financial Surveillance department recently issued Exchange Control Circular No. 15\/2025<\/u><\/a> (\u2018the Circular\u2019), which introduces important changes that directly impact how non-residents and individuals who have ceased tax residency may transfer income abroad. On evaluation, these amendments streamline certain processes, introduce stricter requirements for others, and place SARS compliance at the centre of all outbound transfers. For non-resident property owners, understanding these changes is imperative to avoiding delays and ensuring that transfers are processed lawfully and efficiently.<\/p>\n

Notable changes to income transfers<\/strong><\/p>\n

The Circular amends section B.3 of the Authorised Dealer Manual. While many provisions remain unchanged, several practical adjustments now govern the transfer of income, such as dividends, rental income, trust distributions, pensions, annuities, and other recurring receipts.<\/p>\n

Pension and annuity transfers<\/em>
\nResidents temporarily abroad may continue to receive pensions and compulsory annuities, including living annuities. Importantly, non-residents and individuals who ceased South African tax residency may transfer pension and annuity income offshore without<\/em> the need to obtain an annual tax compliance status (\u2018TCS\u2019) of good standing. Instead, authorised dealers may rely on IRP5\/IT3(a) certificates or payment advices showing the applicable tax codes. Notably, confirmation is required only once \u2013 either when the contract begins or at the first payment following the update of this rule.<\/p>\n

Transfers of other income by residents temporarily abroad<\/em>
\nAny income not specifically provided for must now fall under the single discretionary allowance (\u2018SDA\u2019) and\/or foreign capital allowance (\u2018FCA\u2019). This shifts many miscellaneous income transfers into the standard individual allowances framework.<\/p>\n

Dividends paid to non-residents<\/em>
\nAccording to the Circular, authorised dealers may transfer dividends if SARS provides either:<\/p>\n