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