Question:
How do I get money out of South Africa? Do I need clearance from the Reserve Bank, and how do I go about getting it?

Answer:
Much depends on why you want to take money out of the country. If you want to make an investment overseas, then you can legally take out R2-million, provided that you have Reserve Bank approval and a tax clearance certificate from the SA Revenue Service (Sars).

The best way to find out everything you need to know about this subject is to log onto the Reserve Bank website: www.reservebank.co.za.

If you plan to emigrate, then you need the services of an organisation that specialises in international taxation, immigration and emigration, as they'll be able to help you through the minefield that accompanies this.

For example, it will depend on whether there is a cessation of tax residence in South Africa, while you'll need to distinguish between formal emigration and 'temporarily abroad' status, according to experts in the field, Maitland.

Won the lotto?

Just be warned: if you have been approached by a person or company saying you have won the lotto, or you have been told you can make a large amount of money by letting someone use your SA bank account for the transfer of funds, it could be a scam. The Reserve Bank has a section on their website addressing this.

Another word of warning: if you invest overseas and the vehicle is not regulated by a SA governing body, then you have no recourse if your money disappears.

Investing overseas is a tricky business and you should use the services of professional advisors in South Africa; at least they know who the legitimate players overseas are.

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