New ex­change rules now al­low cit­i­zens to take out up to R4m

Weekend Argus (Saturday Edition) - - PROPERTY -

RE­LAX­ING ex­change con­trols will help South Africa’s di­ver­si­fi­ca­tion into for­eign prop­erty.

Prop­erty in­vestors keen on tak­ing ad­van­tage of the value of­fered by the prop­erty mar­ket in coun­tries such as the UK and Aus­tralia will wel­come the Na­tional Trea­sury’s lat­est an­nounce­ment re­lax­ing the con­trols, says off­shore prop­erty spe­cial­ist Scott Picken of In­ter­na­tional Prop­erty So­lu­tions.

“South Africans can now take out R4 mil­lion each plus a R750 000a-year trav­el­ling al­lowance. This al­lows them to take ad­van­tage of op­por­tu­ni­ties over­seas, es­pe­cially if they have al­ready reached the orig­i­nal R2m limit.”

Picken says the strength of the rand also bodes well, par­tic­u­larly for in­vestors eye­ing Aus­tralia, which of­fers good growth prospects and guar­an­teed mar­ket-re­lated rentals avail­able through lease­back pro­grammes.

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