Between 500,000 and 800,000 Angolans live outside the country, yet the vast majority have no exposure to Angola’s formal capital markets. The reasons are understandable–until recently, there was little to invest in, and the mechanisms for cross-border participation barely existed. That is changing. BODIVA now lists 5 companies with a combined market capitalization of $3.37 billion, government bonds are accessible from as little as AOA 1,000 (roughly $1.10 at USD/AOA 914.60), and the regulatory framework for non-resident investors, while imperfect, is functional.
This guide walks through the entire process of investing in Angola from abroad, from initial documentation to executing your first trade.
The Legal Framework for Non-Resident Investors
Angola’s Lei do Investimento Privado (Private Investment Law) and the Banco Nacional de Angola’s (BNA) foreign exchange regulations establish the legal basis for non-resident investment. Key provisions include:
- Non-resident status: Angolans living abroad for more than 183 days per year are classified as non-residents (não residentes) for tax and exchange control purposes.
- Capital markets access: Non-resident investors can trade on BODIVA through licensed brokers, purchasing both equities and fixed-income securities.
- Aviso 15/19: This BNA regulation exempts capital markets transactions from the Comissão Especial de Operações Cambiais (CEOC) tax–a significant cost reduction for cross-border investment flows.
- Repatriation rights: Investment proceeds, including dividends, interest, and capital gains, can be repatriated to the investor’s country of residence, subject to BNA approval and documentation requirements.
The Imposto sobre a Aplicação de Capitais (IAC), Angola’s capital gains and investment income tax, applies at a standard rate of 15% on dividends, interest, and capital gains. Double taxation treaties may reduce this rate depending on your country of residence.
Step-by-Step: From Documentation to First Trade
Step 1: Obtain or Verify Your NIF
The Numero de Identificação Fiscal (NIF) is the foundation of all financial activity in Angola. Every investor, resident or non-resident, must have one.
If you already have a NIF from previous residence in Angola, verify that it is still active. NIF numbers do not expire, but associated records may need updating if your address or residency status has changed.
If you need a new NIF, you can apply through:
- The Administração Geral Tributaria (AGT) office in Luanda, either in person or through a representative holding a procuração (power of attorney).
- Angolan consulates in some jurisdictions–availability varies by country and is not consistent. The Lisbon, London, and Pretoria consulates have historically processed NIF applications, though processing times range from 2 weeks to 3 months.
Documents required: Valid passport or Bilhete de Identidade (BI), proof of foreign address, and a completed Modelo 1 tax registration form.
Step 2: Register with BNA as a Non-Resident Investor
The BNA maintains a registry of non-resident investors authorized to participate in Angola’s capital markets. Registration requires:
- A valid NIF
- Proof of non-resident status (foreign residency permit, utility bill, or employer letter)
- Passport copy
- Declaration of the source of investment funds (declaração de origem de fundos)
This registration is distinct from opening a bank account or brokerage account–it is a regulatory prerequisite that authorizes your cross-border capital flows. Processing time typically ranges from 4 to 8 weeks, though delays are common. A Luanda-based lawyer or authorized representative can file on your behalf.
Step 3: Open a Custody Account Through a Licensed Broker
To hold and trade securities on BODIVA, you need a custody account at the Central de Valores Mobiliarios de Angola (CEVAMA), BODIVA’s central securities depository. This account is opened through a licensed broker (Sociedade Corretora de Valores Mobiliarios, or SCVM).
As of early 2026, licensed brokers operating on BODIVA include firms affiliated with Angola’s major banks. Not all brokers support remote onboarding for non-residents–see our remote account opening guide for a detailed breakdown of which firms do, what documents they require, and how long the process takes.
You will also need to open a non-resident bank account (conta bancária de não residente) at an Angolan bank to serve as the settlement account for your trades. This account holds your kwanza-denominated funds and receives dividends, interest payments, and sale proceeds.
Step 4: Fund Your Account via FX Transfer
Once your brokerage and bank accounts are open, you need to transfer funds into Angola. This is where the practical complexity increases.
Wire transfers: The standard method is an international wire transfer to your Angolan bank account. Your sending bank will need the receiving bank’s SWIFT code, your account number, and your BNA non-resident registration reference. Transfers from European banks typically take 3-7 business days; from the US or UK, allow 5-10 business days.
FX conversion: Your foreign currency (EUR, USD, GBP, ZAR, BRL) will be converted to kwanzas (AOA) at the receiving bank’s prevailing rate. The spread between the official BNA rate and the bank’s retail rate varies but expect 1-3% on institutional transfers. See our FX guide for strategies to minimize conversion costs.
CEOC exemption: Under Aviso 15/19, capital markets investment transfers are exempt from the CEOC tax. Ensure your transfer is coded correctly and references your BNA non-resident registration to claim this exemption.
Step 5: Trade
With a funded account and an active CEVAMA custody account, you can begin trading. Options include:
| Asset Class | Where to Trade | Minimum | Yield / Return Profile |
|---|---|---|---|
| Equities | BODIVA (via broker) | ~AOA 50,000 | Variable; BFA up ~X% since IPO |
| Treasury Bills (BT) | Primary auction / secondary | AOA 1,000 | Short-term, discount instruments |
| Treasury Bonds (OT) | Primary auction / secondary | AOA 1,000 | Coupon-bearing, 2-20yr maturities |
| Corporate Bonds | BODIVA secondary market | Varies | Issuer-dependent |
| Portal do Investidor | Direct retail platform | AOA 1,000 | Government bonds only |
The Portal do Investidor is particularly relevant for diaspora investors who want straightforward government bond exposure without navigating a full brokerage relationship. It provides direct access to primary market bond auctions with a minimum investment of just AOA 1,000.
What You Can Invest In
Angola’s investable universe is still small relative to regional peers like Nigeria or South Africa, but it is expanding:
Equities: BODIVA lists 5 companies, dominated by banking and financial services. The BFA IPO in 2024–which attracted over 11,000 orders and 8,488 new investors–demonstrated latent retail demand. The government’s ProPriv privatization programme is expected to bring additional listings in insurance, telecommunications, and industrial sectors.
Government bonds: The largest and most liquid segment. Angola issues both Bilhetes do Tesouro (treasury bills, maturities up to 364 days) and Obrigações do Tesouro (treasury bonds, maturities from 2 to 20 years). Nominal yields have historically been attractive, though real yields depend on inflation dynamics and kwanza depreciation.
Corporate bonds: A growing but still thin market. Several Angolan corporates have issued bonds on BODIVA, though secondary market liquidity is limited.
Common Challenges and How to Address Them
Document legalization: Documents issued abroad generally require either an apostille (for Hague Convention countries including Portugal, Brazil, the UK, and the US) or consular legalization. Budget 2-4 weeks for this process and verify specific requirements with your broker before submitting.
Communication delays: Angolan institutions do not always respond promptly to email or phone inquiries. Having a trusted representative (mandatário) in Luanda–whether a lawyer, family member, or professional service provider–significantly accelerates every step of the process.
FX volatility: The kwanza has experienced significant depreciation against hard currencies over the past decade. While this makes AOA-denominated assets cheaper to acquire in foreign currency terms, it also means your returns in home-currency terms depend heavily on the exchange rate at the time you repatriate proceeds. Consider this when sizing your Angolan allocation within a broader portfolio.
Repatriation processing: While the legal right to repatriate investment proceeds exists, the practical process requires BNA approval and documentation proving the original investment source. Maintain thorough records of all transfers into Angola, as you will need them when you seek to repatriate.
This guide is a starting point. Each step involves nuances that vary by your country of residence, the specific broker you select, and the asset class you target. The country-specific guides in this diaspora section address those variations in detail.