Blocked rands

Nico Le Roux — Thu Oct 28, 2010 11:49 am

Author: Nico Le Roux

Posted: Thu Oct 28, 2010 11:49 am

RELEASING BLOCKED RANDS

For those who have emigrated from South Africa the legislation governing blocked rands has long been a source of frustration.

Not only have blocked rands have been a largely passive investment, often decreasing in value, but most emigrants would have preferred to have the use of them in their new country and under their control.

It is estimated that some R20 – R25 billion is currently held in blocked rands and if your money is part of this you may soon be able to release it and transfer it abroad.

October 27th 2010, saw the Mid term budget speech and the proposal of some major reforms to the the existing exchange control regulations around blocked rands.

The treasury proposes releasing emigrants blocked assets without any exit levy. Or in laymen's terms you will now be free to unblocking your rand assets and transfer them to wherever in the world you desire.

A statement is expected from the reserve bank in the coming days as to when this will take effect and what the process will be.

Register your interest now with Incompass by e-mailing forex@incompass.co.za

Expatriates Forums in South Africa

Blocked rands