FICA

  • ID
  • Proof of Address

Guidelines for acceptable proof of address can be found at the following link

Tax Clearance

  • Signed Tax Special Power of Attorney (POA)
  • ID (very clear)
  • Proof of Address
  • Worldwide Statement of Assets & Liabilities
  • Source of Funds

Currency Assist will send Efficient Group an A&L statement template and POA form for signature after the New Client form has been completed, together with a list of required documents required for obtaining tax clearance.

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Supporting Documenation

SARS and SARB require that we demonstrate the source of capital to be invested.

Supporting documents required for each source of capital is listed below.

An extremely useful document that significantly simplifies the process and contributes to a smooth clearance process is a letter from Efficient Group stating client history and source of wealth

More Info

Supporting Documentation Detail

Shares

Portfolio statement not older than 3 months. This statement should also include the number of shares and current market value.

Donation

If the donation is between spouses:

  • A declaration (IT144); and
  • Bank statement of donee, not older than 3 months

If the donation is not between spouses

  • A Declaration (IT144)
  • Proof (Copy of the receipt) of donations tax paid; and
  • Bank statement of donor and donee, not older than 3 months.

Currency Assist will send Efficient Group a completed IT144 form for signature by donor and donee.

SARS will also check the tax status of the donee - this is to stop individuals from using their spouse's allowance when their own tax affairs aren't in order.

Loan

Where the parent lends money to the child to invest offshore:

  • Loan agreement; and
  • Bank statement of the parent, not older than 3 months.

The trust lends money to the trustee or beneficiary to invest offshore:

  • Loan agreement;
  • Bank statement of trustee or beneficiary, not older than 3 months;
  • Latest Trust Financials;
  • Three months bank statements of trust, not older than 3 months; or
  • Trust’s latest share portfolio statement (not older than 3 months). This statement will also include the number of shares and current market value.

The company lends money to a director of the company to invest offshore:

  • Loan agreement between the company and the director;
  • Bank statement of the director, not older than 3 months; and
  • Company’s latest annual financial statements.

Inheritance

  • A letter from the executor of the estate;
  • A copy of the Liquidation & Distribution account; and
  • Bank statement, not older than 3 months.

Exchange control might sometimes request further information from the executor, though this should generally suffice.

Currency Assist can request this directly if Efficient Group can provide contact details for the executor

Savings

  • Bank statement, not older than 3 months; and
  • Proof of source (i.e. where and how the client obtained the money).

This is where it becomes particularly useful to have a letter from Efficient Group stating client history.

Sale of Property

  • A copy of the transfer duty.
  • Original letter of the Conveyancer to confirm the transfer of the property and that the money will be transferred from the trust account; or
  • Proof of receipt of the proceeds together with applicant’s bank statement not older than 3 months.

Currency Assist can request this directly if Warwick can provide contact details for the Conveyancer

Distribution from Trust

  • Resolutions from the Trust making the distributions;
  • Details of the source from the Trust making the distribution;
  • Bank statement of Trust, not older than 3 months; or
  • Trust’s latest share portfolio statement (not older than 3 months); this statement will also include the number of shares and current market value.

Royalty Income

  • Source of royalty income; and
  • Proof of royalty payment.