The Approval of International Transfers (AIT) PIN simplifies the process for transferring funds out of South Africa. Previously, individuals needed either an "Emigration" TCS PIN or a "Foreign Investment Allowance" (FIA) TCS PIN. Now, the Approval of International Transfers (AIT) PIN consolidates these two previous PINs into one.
WHO MUST APPLY
The Approval of International Transfers (AIT) PIN is relevant for both South African tax residents and non-residents who intend to transfer funds from South Africa.
TAX RESIDENTS APPLICANTS
SARS permits tax residents of South Africa to transfer up to R1 million offshore per calendar year, known as a single discretionary allowance (SDA). If you wish to transfer more than R1 million out of the country, you will need to obtain an Approval of International Transfers (AIT) PIN.
NON-TAX RESIDENTS APPLICANTS
Individuals who have ended their tax residency with SARS and obtained a "Notice of Non-Resident Tax Status" letter, but intend to transfer funds abroad, will require an Approval of International Transfers (AIT) PIN for every amount they need to transfer out of South Africa.
The single discretionary allowance (SDA) of up to R1 million does not apply to non-tax residents of South Africa.
UNLOCK SEAMLESS INTERNATIONAL TRANSFERS
SECURE YOUR SARS TRANSFER PIN WITH EASE
FREQUENTLY ASKED QUESTIONS ON THE
APPROVAL OF INTERNATIONAL TRANSFERS (AIT) PIN
WHAT IS THE APPROVAL OF INTERNATIONAL TRANSFERS (AIT) PIN?
In the past, individuals needed to obtain either the "Emigration" TCS Pin or the "Foreign Investment Allowance" (FIA) TCS Pin to be able to transfer significant amounts of money out of South Africa. The new AIT Process combines these two requirements and is now the standard for approving fund transfers from South Africa.
WHO NEED TO APPLY FOR THE APPROVAL OF INTERNATIONAL TRANSFERS (AIT) PIN?
The AIT process is relevant to South African tax residents transferring over R1 million out of the country in a calendar year, as well as taxpayers who have ended their tax residency in South Africa but require to transfer funds from a South African source overseas.
REQUIREMENTS FOR THE
APPROVAL OF INTERNATIONAL TRANSFERS (AIT) PIN
DOCUMENTS
Documentation specifying the origins of the capital intended for investment.
ASSETS AND LIABILITIES
Asset and liability statements (domestic and international) from the last three tax years.
NON-RESIDENT LETTER
For non- tax residents of South Africa, a "Notice of Non-Resident Tax Status" letter.
LISTED SECURITIES
Information regarding any South African-listed securities to be transferred to an overseas exchange.
POWER OF ATTORNEY
Necessary power of attorney if the TCS application is filed by a representative other than the taxpayer.
