Helfin Private Wealth is pleased to provide a concise overview of the Approval for International Transfer (AIT) process, a crucial requirement for specific cross-border transactions.
Understanding AIT and Allowances
The AIT process is essential for transactions utilising the R10 million Foreign Capital Allowance (FCA) or conducting specific cross-border transfers such as inheritances, trust distributions, or emigration proceeds. An AIT is required for the FCA, but not for the R1 million Single Discretionary Allowance (SDA).
It is also important to note that an AIT application requires that funds are verifiable, readily available and denominated in ZAR, which must be supported by current bank statements (within 14 days), with all tax affairs up-to-date.
The AIT Application Process through Helfin Private Wealth
Our streamlined process ensures compliance and efficiency:
- Initiation: We will guide you through initiating your AIT application and ensure all requirements are met from the outset.
- Documentation: We assist you in gathering the necessary details (amount, purpose, source of funds) and compiling all relevant supporting documents including ID and recent proof of address.
- Submission: Together with our trusted tax providers, our expert team reviews your application and supporting documentation before submitting the application to SARS on your behalf.
- Approval: Upon successful assessment of tax compliance and funds verification by SARS, a valid 12-month Tax Compliance Status (TCS) PIN is issued for externalising the applicable funds.
Why Choose Helfin Private Wealth for Your AIT Process?
Helfin Private Wealth ensures your large international transfers are handled smoothly at highly competitive exchange rates:
- Complimentary Service: We offer complimentary AIT Application Services as part of our comprehensive wealth management offering.
- Expert Support: Our experienced team provides full guidance, significantly minimising administrative burdens and maximising the likelihood of first-time success on all applications.
- Efficiency and Security: We guarantee secure and efficient processing through our trusted tax providers and established partnerships.
- Competitive Exchange Rates: Our clients benefit from access to optimal service and pricing in the market, enabling significant savings on currency conversions.
We encourage early applications during this time of year to guarantee seamless and timely international transfers before the annual allowances for 2025 expire at the end of the year.
Please note that any information in our posts, documents, infographics, emails etc is general information and should not be considered as providing financial advice. We therefore disclaim all liability and responsibility arising from any reliance placed on such information by any reader, client or visitor to our website. Though we make every effort to ensure the accuracy of the information provided we accept no liability for any inaccuracies.