The South African Expat
Financial Glossary

Definition: The official tax clearance procedure required by the South African Revenue Service (SARS) for resident individuals transferring more than R2 million abroad per calendar year. With the Single Discretionary Allowance (SDA) increased to R2 million, the AIT applies to transfers that exceed this threshold.

Definition: Funds held in a South African bank account that are subject to restrictions on being transferred offshore - typically because the account holder did not complete financial emigration before it was discontinued in March 2021, or because the funds originated from a source that requires specific SARB or FinSurv approval before release.

Blocked rand accounts were a formal SARB classification under the old exchange control regime. Many expats who left SA before 2021 without completing financial emigration may find that certain funds are treated as restricted or require additional compliance steps before they can be transferred out of SA.

If you have been told your funds are "blocked" or that you have a blocked rand account, speak to our team - the route to releasing these funds depends on your specific circumstances.

Definition: The shorthand term for South Africa's exchange control regulatory framework - the system of rules governing how money flows in and out of the country. Excon rules are set by the South African Reserve Bank (SARB) and determine how much residents can transfer offshore, under what conditions, and with what approvals.

When your bank, attorney, or forex provider refers to "exchange control requirements" or "excon approval," they are referring to compliance within this framework. The SDA, FIA, and AIT are all tools that exist within the Excon system.

Definition: A South African Reserve Bank (SARB) provision allowing resident individuals to transfer up to R10 million abroad per calendar year, which strictly requires prior AIT approval from SARS.

Definition: The division of the South African Reserve Bank (SARB) responsible for monitoring and enforcing South Africa's exchange control regulations. FinSurv reviews applications for transfers that exceed the standard annual allowances - specifically those above the combined SDA and FIA limit of R12 million per calendar year.

For transfers above R12 million, a special FinSurv application is required alongside a Letter of Compliance from SARS. This is a separate and more complex process than a standard AIT application.

Definition: A formal document issued by SARS confirming that a taxpayer has no outstanding tax obligations and is compliant with South African tax law. It is specifically required - alongside a FinSurv application to SARB - for individuals wishing to transfer more than R12 million offshore in a single calendar year.

The Letter of Compliance is distinct from the AIT. The AIT covers transfers up to R10 million under the FIA. Above the combined R12 million ceiling, the Letter of Compliance triggers a more involved regulatory process.

Definition: A term used loosely by South African expats to describe several distinct classifications - each with different implications for transfers, tax, and fund access.

1. SARS Tax Non-Resident A person who has formally ceased SA tax residency through SARS. This is the classification that unlocks access to retirement funds after the three-year rule and removes the obligation to file SA tax returns on foreign income.

2. SARB Exchange Control Non-Resident A person formally recognised by the South African Reserve Bank as having emigrated - previously achieved through financial emigration. Since March 2021 this classification is no longer processed separately - it flows automatically from the SARS cessation process.

3. Immigration Non-Resident A person who does not hold SA permanent residency or citizenship. This is an immigration classification and has no direct bearing on your tax status or ability to transfer funds - though clients often conflate the two.

If you are unsure which classification applies to your situation - or whether you were ever formally classified as anything at all - speak to our team. Many expats who left SA years ago are still classified as tax residents in SARS's records without knowing it.

Definition: The maximum amount a South African resident can transfer offshore in a single calendar year using their standard annual allowances - made up of the R2 million Single Discretionary Allowance (SDA) plus the R10 million Foreign Investment Allowance (FIA).

Transfers within this combined limit require AIT approval from SARS for the FIA portion, but do not require a separate SARB application. Transfers above R12 million require a Letter of Compliance from SARS and a special application to FinSurv.

Definition: South Africa's central bank, responsible for monetary policy and overseeing the country's exchange control framework. SARB sets the rules governing how much money South African residents can transfer offshore and under what conditions.

In practice, most standard transfers - using the SDA or FIA - are now approved through SARS, not SARB directly. SARB's Financial Surveillance department (FinSurv) becomes involved only for transfers above the combined R12 million annual limit.

Definition: The South African government body responsible for collecting taxes and administering tax legislation. For expats and non-residents, SARS is the primary authority for tax compliance, and their approval - via the AIT - is required before most large international transfers can be processed.

SARS also administers eFiling, which allows non-residents to submit tax returns and apply for compliance approval from anywhere in the world.

Definition: A SARB allowance permitting South African residents (18 years and older) to transfer up to R2 million offshore per calendar year without requiring prior AIT approval from SARS. This limit was increased from R1 million to R2 million per adult as of the budget announcement in March 2026.

Definition: A mandatory reporting category used by the South African Reserve Bank to classify and record all money flowing in and out of South Africa. Every international transfer processed through a South African bank or forex provider must be assigned a BOP code that describes the reason for the transfer - for example, a gift, an investment, a property purchase, or a living expense.

Your bank or forex provider submits the BOP report to SARB on your behalf. You will typically be asked to confirm the purpose of your transfer so the correct code can be applied. Providing an accurate BOP category is a legal requirement under South Africa's exchange control rules.

Definition: South African legislation aimed at combating money laundering by requiring financial institutions to verify the identity and residential address of their clients.

Definition: A standard compliance requirement used by banks and financial institutions worldwide to verify the identity of their clients before providing services. KYC checks typically require proof of identity (passport or driving licence) and proof of address (utility bill or bank statement dated within three months).

In the UK, KYC is the term you will encounter when your UK bank asks for identity documents before processing a large outbound transfer. In South Africa, the equivalent legislative framework is FICA - the Financial Intelligence Centre Act. Both serve the same purpose: preventing money laundering and financial crime.

If your UK bank requests KYC documentation before funding a transfer to WBForex, this is standard procedure and applies to all regulated financial services providers - not just forex specialists.

Definition: A compliance requirement - under both UK and SA anti-money laundering regulations - in which the client provides evidence or a written explanation of where the funds being transferred originated. Common acceptable sources include a salary, property sale proceeds, an inheritance, a retirement fund encashment, or the sale of investments.

For larger transfers, a written declaration alone is typically not sufficient. Documentary evidence is usually required - for example, a sale agreement, an estate distribution statement, payslips, or a fund administrator payment confirmation.

A source of funds request from your bank or from WBForex is not unusual and not a suggestion of wrongdoing - it is a standard regulatory requirement that applies to all large or complex international transfers. Being prepared for this request, with the relevant documents ready, is the single most effective way to avoid unnecessary delays in your transfer timeline.

Definition: A tax levied on the dutiable value of a deceased person's estate in South Africa, currently charged at 20% on the first R30 million and 25% on the excess.

Definition: The legal framework that governs how a South African estate is distributed when the deceased left no valid will. In South Africa, intestate estates are administered under the Intestate Succession Act, which prescribes a fixed distribution order - typically spouse first, then children, then other blood relatives.

For UK-based beneficiaries, an intestate estate almost always takes longer to resolve than a testate (willed) estate. The Master of the High Court must appoint an executor, the distribution must follow the statutory formula regardless of family wishes, and the process of obtaining the Letter of Executorship and finalising the L&D Account can extend the timeline significantly.

If you are a UK-based beneficiary of a SA intestate estate, managing expectations around timing is important - and having a specialist on your side helps.

Definition: A mandatory financial report drafted by the executor of a deceased estate detailing all assets, liabilities, income, and how the inheritance will be distributed among heirs.

Definition: An official document issued by the Master of the High Court in South Africa that legally authorizes a nominated executor to manage and distribute a deceased person's estate.

Definition: The South African legal authority responsible for overseeing the administration of deceased estates, trusts, and insolvencies.

Definition: The formal process of notifying SARS that you are no longer a South African tax resident - the post-2021 replacement for what was historically called financial emigration. Once SARS confirms your non-resident status, you may be eligible to access certain restricted funds, including retirement annuities, after a qualifying period.

Unlike the old financial emigration process, cessation of tax residency does not involve a separate SARB application. It is handled entirely through SARS and assessed against two tests: the ordinarily resident test and the physical presence test.

Definition: A tax levied in South Africa on the profit made when disposing of an asset. For expats ceasing SA tax residency, SARS treats the event as a deemed disposal - meaning you are considered to have sold all your South African assets at market value on the date your tax residency ceased, and CGT may be payable on the resulting gain, even if no actual sale occurred.

CGT on deemed disposal is one of the most overlooked costs of ceasing tax residency and should be factored into planning well in advance.

Definition: A bilateral treaty between two countries that determines which country has the right to tax a resident's income, and prevents the same income from being taxed twice. South Africa has a DTA in place with the United Kingdom, which is directly relevant to SA expats living in the UK who still earn income from South African sources - such as rental income, pension drawdowns, or investment returns.

Understanding which country has primary taxing rights is essential before transferring funds and filing tax returns in both jurisdictions.

Definition: The financial institution responsible for managing and administering a South African retirement fund on behalf of its members. Major SA fund administrators include Liberty, Allan Gray, Momentum, Old Mutual, Sanlam, Ninety One, and Coronation - among others. Your retirement annuity, preservation fund, or pension fund is held by one of these entities, not by SARS or SARB.

When you initiate an RA encashment or preservation fund withdrawal, it is the fund administrator - not SARS - who processes the actual payment once the tax directive has been issued. The administrator also verifies your identity, FICA compliance, and the relevant cessation documentation before releasing funds.

Different administrators have different processing times, documentation requirements, and levels of familiarity with offshore transfer requests. Knowing who your fund administrator is - and having the right paperwork ready - significantly reduces delays.

WBForex works directly with all major SA fund administrators on behalf of our clients, managing the correspondence and documentation process end to end.

Definition: A post-retirement investment product in South Africa from which the retiree draws a regular income, typically between 2.5% and 17.5% of the fund value per year. A living annuity is distinct from a Retirement Annuity (RA): once funds have been used to purchase a living annuity at retirement, they cannot be encashed as a lump sum - only drawn as income.

Expats who have already converted their RA into a living annuity cannot access the full fund value. Income drawn from a living annuity can, however, be transferred to the UK using the SDA or FIA allowances.

Definition: The primary test SARS uses to determine whether an individual is a South African tax resident. Under this test, a person is considered ordinarily resident in SA if South Africa is the country to which they would naturally return after their travels or periods abroad - in other words, their permanent home.

This is a subjective, facts-based test. Simply living in the UK does not automatically make you a non-resident under SARS rules - SARS looks at where your family is based, where your assets are held, where your bank accounts are, and your overall pattern of life. If you fail this test (i.e. SA is still considered your permanent home) you remain a SA tax resident regardless of how long you have lived abroad.

The ordinarily resident test is assessed first. If a person is not ordinarily resident in SA, SARS then applies the secondary physical presence test.

Definition: Three distinct types of South African retirement savings vehicle - often used interchangeably by clients, but with meaningfully different rules around access and taxation.

Pension Fund An employer-linked retirement fund into which both you and your employer contribute. On resignation or retrenchment, the fund value can be transferred to a preservation fund or taken as a cash lump sum (subject to tax). At retirement, at least two-thirds must be used to purchase an annuity.

Provident Fund Similar to a pension fund but historically allowed the full fund value to be taken as a lump sum at retirement. Legislative changes brought provident funds broadly in line with pension funds from March 2021, though transitional protections apply to contributions made before that date.

Retirement Annuity (RA) A privately held retirement savings product - not linked to an employer. RAs cannot be accessed before age 55 except by individuals who have ceased SA tax residency and satisfied the three-year rule. At retirement, up to one-third can be taken as a lump sum - the remainder must purchase an annuity.

For expats, the RA is typically the most relevant fund type - and the one WBForex most commonly assists clients in accessing from abroad.

Definition: The secondary test SARS applies to determine SA tax residency - used only where a person has already been found not to be ordinarily resident in South Africa. Under this test, a person is a SA tax resident if they were physically present in South Africa for:

More than 91 days in the current tax year, AND More than 91 days in each of the five preceding tax years, AND More than 915 days in total across those five preceding years.

If all three conditions are met, the person is deemed a SA tax resident for that year. Most UK-based expats who have lived in the UK for several years will not meet this threshold - but it is worth confirming, particularly in the first few years after leaving SA.

Definition: A South African retirement savings vehicle that holds funds transferred from a pension or provident fund - typically when leaving an employer. Preservation funds have different withdrawal rules to Retirement Annuities (RAs): members are entitled to one partial withdrawal before retirement age, regardless of tax residency status.

For expats who have ceased SA tax residency, the three-year rule that applies to RAs does not apply in the same way to preservation funds, making the access rules and timelines materially different.

Definition: The process of withdrawing funds from a South African retirement savings fund before the retirement age of 55, which is permitted for individuals who have formally ceased South African tax residency for at least three consecutive years.

Definition: A tax applied by SARS to lump sum withdrawals from South African retirement funds - including RA encashments and withdrawals from pension and provident funds. The tax is calculated using SARS's lump-sum tax tables and is applied on a lifetime cumulative basis — meaning every taxable lump sum you have ever taken from a SA retirement fund counts toward the total.

Two separate tables apply, depending on the type of withdrawal. For early RA encashment before retirement age under the non-resident route, SARS applies the withdrawal lump-sum tax table. The first R27,500 is tax-free on a lifetime cumulative basis, with 18%, 27%, and 36% bands above. The R550,000 lifetime threshold applies only to retirement lump-sum benefits at age 55+, not pre-retirement withdrawals.

The tax is deducted at source by the fund administrator before any funds are released — so what arrives in your UK account will be net of this charge.

Definition: South Africa's tax year runs from 1 March to the last day of February - completely different to the UK tax year, which runs from 6 April to 5 April. For SA expats filing tax returns in both countries, this misalignment creates complications around which income falls into which reporting period.

It also affects the SDA and FIA allowances, which reset on 1 January each calendar year rather than following either tax year - meaning three different annual cycles can be in play simultaneously for an active client.

If you are filing with both SARS and HMRC, understanding which income falls into which period - and in which currency - is essential to avoid errors and potential double taxation under the DTA.

Our in-house SARS-registered tax practitioner handles cross-border filing for UK-based SA expats, including reconciling the mismatched tax year periods.

Definition: A mandatory instruction issued by SARS to a South African retirement fund administrator, specifying exactly how much tax must be deducted before a lump sum withdrawal is paid out. No retirement fund administrator - whether Liberty, Allan Gray, Momentum, Old Mutual, or any other - can release a lump sum payment without a valid tax directive in place. The directive is not optional and cannot be bypassed.

The tax directive is applied after the retirement lump sum tax calculation is complete. It is issued by SARS directly to the fund and typically takes between 10 and 21 working days to process - meaning it sits on the critical path of every RA encashment timeline.

Many clients are unaware of this step until they are already mid-process. It is one of the most common causes of delays in offshore RA transfers.

Our team submits and tracks the tax directive application on your behalf, so you always know where you are in the queue.

Definition: A digital tax clearance code issued by SARS to verify a taxpayer's compliance status, used by authorised dealers to confirm approval before processing large offshore transfers. Since 2023, the application process for obtaining this clearance is the Approval for International Transfer (AIT). When your AIT is approved, SARS issues a TCS PIN which your authorised dealer uses to process the transfer. If you have been told you need a TCS PIN, don't worry - you apply through the AIT process and our team handles the full application on your behalf.

Definition: The minimum waiting period required before a South African expat who has ceased tax residency can access and encash their South African Retirement Annuity (RA) early. The clock starts from the date SARS formally recognises the cessation of tax residency - not the date you physically left South Africa.

Until the three-year period is complete, funds remain locked in the retirement fund and cannot be withdrawn, regardless of where you live.

Definition: A tax deducted at source in South Africa on interest income earned by non-residents from South African sources - for example, interest on SA bank accounts or fixed deposits. The rate is currently 15%, though this may be reduced under a Double Taxation Agreement (DTA) between South Africa and the recipient's country of residence.

SA expats in the UK who retain South African savings accounts or investments should be aware that interest earned may be subject to this withholding, and may need to be declared to HMRC.

Definition: A specialist South African attorney who manages the legal transfer of property ownership - the SA equivalent of what a UK solicitor handles in a property transaction. All property transfers in South Africa must be registered by a qualified conveyancer through the Deeds Office. Unlike in the UK, both buyer and seller are typically represented by conveyancers who work together to facilitate the transfer.

For expats selling SA property from abroad, the conveyancer plays a critical compliance role beyond just the legal transfer. They are legally responsible for calculating and withholding the Section 35A tax amount from the sale proceeds, paying it directly to SARS before releasing the balance to the seller.

The conveyancer is also the entity that should be made aware of your non-resident status from the outset - failure to disclose this can create compliance complications and delays in the release of funds.

Definition: A capital gains tax (CGT) relief provision under South African tax law that excludes the first R2 million of any capital gain made on the sale of a primary residence from CGT. If the total gain on the property sale is R2 million or less, no CGT is payable on the residential property portion of the estate.

For non-residents and expats, the primary residence exclusion is available - but only where the property was genuinely used as a primary residence for a qualifying period. A property rented out to tenants does not qualify. A property left empty does not automatically qualify. The exclusion is based on actual use, not ownership.

The exclusion interacts directly with Section 35A withholding - the conveyancer calculates whether the exclusion applies when determining how much to withhold from sale proceeds. If the exclusion eliminates the CGT liability entirely, the withheld amount is refunded by SARS after a tax return is filed.

Many expats selling SA property assume the exclusion applies automatically - it does not. Our in-house SARS-registered tax practitioner can confirm whether your property qualifies before you proceed with a sale.

Definition: A withholding tax applied to rental income earned by non-residents from South African property. The tenant or letting agent is technically required to withhold 25% of the gross rental amount and pay it to SARS on the non-resident landlord's behalf.

In practice this withholding is frequently not applied - particularly where individual tenants are unaware of the obligation. However, the non-resident landlord remains liable to SARS for the tax regardless of whether it was withheld at source. Non-resident landlords are required to register with SARS and file annual returns declaring their SA rental income.

The rate may be reduced under the Double Taxation Agreement (DTA) between South Africa and the landlord's country of residence.

Definition: A withholding tax applied to the proceeds of South African property sales where the seller is a non-resident. Under Section 35A of the Income Tax Act, the purchaser (or their conveyancer) is required to withhold a portion of the purchase price and pay it directly to SARS as a prepayment against any capital gains tax liability.

The current withholding rates are:

7.5% for individuals 10% for companies 15% for trusts

The withheld amount is not a final tax - it is held by SARS pending submission of a tax return. If the actual CGT liability is lower than the amount withheld, the difference is refunded. If it is higher, additional tax is due.

Section 35A catches many expats off guard - particularly those who assumed the full sale proceeds would transfer directly to their UK account.

Definition: A document issued by a South African bank confirming that a specific account exists, is active, and belongs to the named account holder. Some SA banks and third-party verifiers request an AVL before processing large inbound international transfers or before releasing funds to an offshore beneficiary.

The AVL is typically issued by the account holder's SA bank on request - either as a stamped letter or a digitally certified document. It is different from a bank statement and different from a FICA verification letter.

For expats receiving inheritance transfers or large RA encashment proceeds into a SA account before moving them offshore, the AVL may be requested as part of the receiving bank's due diligence on large or unusual inflows.

Definition: A six-digit number used in South Africa to identify a specific bank branch - the direct equivalent of a UK sort code. When sending money into a South African bank account, you will need the recipient's branch code alongside their account number.

South African banks have both branch-specific codes and universal branch codes - a single code that works for all branches of that bank regardless of where the account was opened. Most major SA banks now use their universal branch code for international transfers:

Absa: 632005 FNB: 250655 Nedbank: 198765 Standard Bank: 051001 Capitec: 470010

If you are unsure which branch code to use, ask your recipient to provide the universal branch code for their bank - this avoids the risk of using an outdated or branch-specific code that could delay the transfer.

Definition: A financial institution that provides services on behalf of another bank in a different country - acting as an intermediary to facilitate international transfers via the SWIFT network. When funds travel between two countries whose banks do not have a direct relationship, the transfer passes through one or more correspondent banks along the route.

Correspondent banks may deduct their own handling fees from the transfer amount, which can reduce the final sum received. This is one reason why the amount your recipient receives may differ slightly from the amount you sent.

Definition: The two currencies involved in a foreign exchange transaction, expressed as a ratio - for example, GBP/ZAR (British Pound to South African Rand) or USD/ZAR (US Dollar to South African Rand). The first currency listed is the base currency being bought or sold; the second is the quote currency in which the price is expressed.

WBForex specialises in GBP/ZAR and USD/ZAR transfers, giving our clients access to tighter rates and deeper expertise in these specific pairs than a generalist provider.

Definition: The difference between the buy and sell price of a currency pair offered by a bank or forex broker.

Definition: An agreement to exchange currency at a fixed rate on a specified future date. A forward contract allows you to lock in today's exchange rate for a transfer that will happen weeks or months from now - protecting you against adverse currency movements in the interim.

Forward contracts are particularly useful when you know you will need to transfer funds at a future date (for example, to cover a property purchase or regular monthly income transfer) and want certainty over the amount you will receive.

Definition: A standardised international format for bank account numbers used across Europe and many other countries to identify the recipient's account for an international transfer. UK bank accounts have IBANs; South African bank accounts do not - SA uses a branch code and account number system instead.

When sending funds to a UK or EU bank account, you will need to provide the IBAN rather than a standard account number.

Definition: The South African Rand is one of the most volatile major emerging market currencies in the world. The GBP/ZAR exchange rate can move by 5-10% or more within a matter of weeks - and in periods of global or SA-specific stress, significantly more. This volatility is driven by a combination of factors including global risk sentiment, South African political and economic developments, commodity prices (particularly gold and platinum), load-shedding cycles, and SARB interest rate decisions.

For SA expats transferring funds between South Africa and the UK, rand volatility has a direct impact on how many pounds arrive at the other end of a transfer - or how many rands are needed to fund a UK obligation. A transfer that looks straightforward at one rate can deliver meaningfully less a week later.

This is the core reason forward contracts exist - and why timing decisions on large transfers are worth discussing with a specialist rather than simply acting on the rate you happen to see on a given day.

Definition: A European payment integration initiative that enables fast, low-cost euro transfers between participating countries. SEPA transfers are commonly used for payments within the EU and EEA.

Please note: WBForex uses the SWIFT network for all international transfers. We do not process payments via SEPA. If you are transferring funds to a eurozone account, your transfer will be routed via SWIFT.

Definition: A foreign exchange transaction where currency is bought or sold at the current market rate for immediate delivery (usually settled within two business days).

Definition: A standard format of Bank Identifier Code (BIC) used to specify a particular bank or branch for international wire transfers.

Definition: The date on which the funds from a currency exchange transaction are actually settled and credited to the recipient's account - as distinct from the trade date, which is when the exchange rate is agreed and the transaction is booked.

For most spot trades, the value date is two business days after the trade date (T+2). Knowing your value date matters when you need funds to arrive by a specific deadline.

Definition: A generic term for sending money electronically from one bank account to another across international borders - typically processed through the SWIFT network. Wire transfers get the job done, but they are one of the most expensive ways to move money internationally. Banks typically charge fixed sending fees, apply a poor exchange rate on top, and the recipient's bank may deduct its own charges on arrival.

For South African expats sending GBP/ZAR or USD/ZAR, a specialist forex provider will almost always deliver more rands at the other end than a standard bank wire - often significantly more on larger amounts.

Definition: An older term for the SARB side of what was historically called financial emigration - the process of formally notifying the South African Reserve Bank that you were leaving SA permanently and wished to move your assets offshore under a designated emigrant status.

This process was discontinued in March 2021. The exchange control component no longer requires a separate SARB application - it is now handled through SARS via the cessation of SA tax residency process.

Definition: The term previously used to describe the formal process of notifying both SARS and the South African Reserve Bank (SARB) that you were leaving South Africa permanently - for both tax and exchange control purposes.

Important: Financial emigration as a formal process was discontinued in March 2021. It no longer exists in its original form. The current equivalent is cessation of SA tax residency, which is handled exclusively through SARS - SARB is no longer part of the standard process for most individuals.

If someone has told you that you need to "financially emigrate," they're using an outdated term. The good news is the process is simpler than it used to be - and we handle it end to end.

Definition: A predecessor term for what is now known as the Foreign Investment Allowance (FIA). The Foreign Capital Allowance referred to the SARB-approved limit allowing SA residents to transfer capital offshore, before the current R10 million per calendar year FIA structure was introduced.

If your financial adviser or attorney has referenced a Foreign Capital Allowance in older documentation, they are referring to the same underlying provision - now governed under the FIA rules.

Definition: A term clients often use to mean "getting permission from the South African Reserve Bank to send money abroad." In the current exchange control framework, SARB no longer sits in the standard transfer process for most individuals.

For everyday SDA and FIA transfers, approval comes from SARS via the AIT - not SARB. SARB's Financial Surveillance department (FinSurv) only becomes directly involved for transfers above the combined R12 million annual limit, which require a special application alongside a Letter of Compliance.

If someone has told you that you need "SARB approval" for a standard transfer, it is worth clarifying exactly what they mean - it may simply be an AIT they are referring to.

Definition: A catch-all term clients use to describe SARS confirmation that they are tax compliant - typically required before large international transfers. Over the years this has been known by three names: the Tax Clearance Certificate (TCC), the Tax Compliance Status PIN (TCS PIN), and the current process - the Approval for International Transfer (AIT). The AIT sits within the Tax Compliance Status system, and when approved, SARS issues a TCS PIN that your authorised dealer uses to verify the clearance.

If someone has told you that you need "tax clearance" for your transfer, they almost certainly mean an AIT. We can confirm exactly what applies to your situation in a free initial call.

Definition: The original paper-based certificate issued by SARS to confirm a taxpayer was in good standing - a predecessor to both the TCS PIN and the current AIT system. If you completed a large offshore transfer before roughly 2016, a TCC is likely what you used at the time.

The TCC was phased out as SARS moved to a digital compliance system. It was replaced by the TCS PIN, and in 2023 SARS introduced the Approval for International Transfer (AIT) as the current application process within the Tax Compliance Status system. When an AIT is approved, SARS issues a TCS PIN which your authorised dealer uses to verify the approval.