South Africa: Compliance requirements for income transfers by residents to nonresidents
Exchange Control Circular 15/2025, published October 22, 2025
Exchange Control Circular 15/2025 (published October 22, 2025) updated Section B.3 of the South African Currency and Exchanges Manual for Authorized Dealers—which sets out the policy and operational framework for various income transfers by residents to nonresidents, including dividends, interest, royalties, rental income, trust income, and directors’ fees—to provide that nonresident recipients of dividends, rental income, trust income, or directors’ fees from residents must provide the South African Revenue Service (SARS) compliance evidence before funds can be released.
If the recipient is not in the SARS database, a SARS Manual Letter of Compliance – International Transfer is required; if the recipient is on the SARS database, a TCS – AIT PIN will be needed.
Read a November 2025 report prepared by the KPMG member firm in South Africa