The Circular updates the rules for income transfers and specifies SARS compliance documentation for pensions, dividends, trust income, and other payments to non-residents or former tax residents.
The South African Reserve Bank (SARB) issued Exchange Control Circular 15/2025 on 22 October 2025, revising provisions in the Currency and Exchanges Manual for Authorised Dealers.
The amendments focused on income transfers and tax compliance, reflecting input from Authorised Dealers, the South African Revenue Service (SARS), and market participants.
Key changes clarified requirements for transferring pensions and annuities to residents temporarily abroad. They set out mandatory SARS compliance documentation for transfers of dividends, trust income, rental income, and other capital payouts to non-residents or former South African tax residents.
The circular also outlined tax code obligations and supporting evidence needed for pension and annuity payments managed by registered funds or licensed insurers.
