Recently, Parliament approved a bill on the extraordinary tax and foreign exchange regime that regulates the repatriation of assets held abroad that were not declared in Angola in December 2017.
All Angolan nationals residing in the country and companies resident in Angola having a head office, effective management or permanent establishment are subject to this regime, in which all foreign assets as defined, that were not declared to the tax authorities by 31 December 2017, have to be declared and the corresponding amounts repatriated within 180 days from the publication of the law.
Bank deposits, certificates of incorporation and other financial instruments are considered to be foreign held assets. Life insurance policies related to investment funds and capitalisation operations of “life insurance” exceeding USD100 000 also include in foreign held assets.
