BNA Notice no. 17/20, of 3 August, which establishes the rules and procedures that should be followed by foreign exchange residents and non-residents, when carrying out transactions for the purchase of foreign currency or for the transferring of own funds abroad, was published in the National Gazette.

Foreign Exchange Residents

Regarding foreign exchange residents, the following operations, among others, fall under the scope of the Notice:

• Travel costs and transfer of funds related to family support, education and health;
• Import of goods for private purposes;
• Capital transactions, namely, the acquisition of real estate or securities abroad and financing operations contracted with a foreign financial institution.

The cumulative amount equivalent to USD 120,000, when ordered by the same person, is established as an annual limit for the abovementioned operations, either through the purchase of foreign currency or through the transfer of own funds. It should be noted that this limit is not applicable, namely, regarding the payment of health, education and accommodation expenses when made directly to the service providers.

Foreign Exchange Non-Residents

With regard to foreign exchange non-residents, the following operations fall under the scope of the Notice:

• Salary transfer for dependent employees;
• Transfer of financial resources brought into the country;
• Transfer of capital income.

Among other relevant aspects, it is established that all foreign exchange non-resident workers who earn a salary in the country are obliged to open a bank account in a financial institution domiciled in Angola, through which the transfer of their remuneration to abroad should be exclusively made. 

Prior to undertaking the purchase of foreign currency required for the transfer of salaries abroad, the financial institutions must ensure that a valid work visa exists, that the amounts to be transferred are coherent with the amounts stipulated in the employment contract and that the individual’s tax obligations are duly met. 

It should be noted that, with the exception of capital transactions, the operations covered by the above Notice are exempt from licensing by the National Bank of Angola, without prejudice of their registration at the Integrated Foreign Exchange Operations System (SINOC).