Aviso 15/19 — The Gateway for Diaspora Investment
BNA Aviso 15/19 is the regulatory instrument that enables non-resident investors — including Angolan diaspora members — to participate in Angola’s capital markets. Published by the Banco Nacional de Angola in 2019, this notice created a formal framework for cross-border investment in Angolan securities with repatriation rights.
What Aviso 15/19 Enables
Prior to Aviso 15/19, non-residents faced significant barriers to investing in Angolan securities. The regulation establishes:
- Non-Resident Investment Accounts: Banks may open special investment accounts for non-residents denominated in both Kwanza (AOA) and foreign currency
- Securities Access: Non-residents may purchase equities on BODIVA, government bonds (OTs and BTs), and eligible corporate bonds
- Capital Repatriation: Investment returns — including dividends, interest, and capital gains — may be converted to foreign currency and transferred abroad through the banking system
- Regulatory Clarity: A single regulatory framework replaces previously fragmented and ambiguous rules
How It Works
| Step | Action | Details |
|---|---|---|
| 1 | Select a Bank | Choose a licensed Angolan commercial bank that offers non-resident investment accounts |
| 2 | Complete KYC | Submit required documentation including passport, foreign tax ID, proof of address, and source of funds |
| 3 | Open Account | Bank opens a non-resident investment account (conta de investimento de nao-residente) |
| 4 | Fund the Account | Transfer funds from abroad via international wire transfer (SWIFT) |
| 5 | Invest | Instruct a CMC-licensed broker to execute trades on BODIVA or subscribe to bond offerings |
| 6 | Repatriate | Request conversion of Kwanza proceeds to foreign currency and transfer abroad |
Eligible Investments
Under Aviso 15/19, non-residents may invest in:
- Equities: BAI (Kz 100,500), BFA (Kz 118,000), BODIVA SA (Kz 55,500), BCGA (Kz 24,000), ENSA (Kz 18,000)
- Government Bonds: Obrigacoes do Tesouro (OTs) with various maturities
- Treasury Bills: Bilhetes do Tesouro (BTs)
- Corporate Bonds: Eligible issues approved by the CMC
- Collective Investment Schemes: CMC-authorized funds
Tax Considerations
Non-resident investors are subject to Imposto sobre a Aplicacao de Capitais (IAC) at standard rates (typically 10% on dividends and capital gains). Double taxation agreements may provide relief — see country-specific guides for Portugal, Brazil, and UK.
FX Repatriation Process
Repatriation of investment returns is processed through the same licensed commercial bank where the non-resident account is held. The bank converts Kwanza at the prevailing interbank rate (reference: USD/AOA 914.60) and executes the international transfer. Processing typically takes 5-15 business days, though timelines may vary with FX market conditions.
Practical Considerations
- Account opening from abroad typically takes 2-4 weeks due to KYC requirements
- Document notarization or apostille through an Angolan consulate may be required
- Minimum investment amounts vary by bank and instrument
- Ongoing reporting obligations apply to the account holder
For country-specific account opening guides, see Portugal, Brazil, UK, USA, and South Africa.