Opening an Angolan Investment Account from South Africa
South African residents can open non-resident investment accounts in Angola under Aviso 15/19. This guide covers documentation requirements, the account opening process, and South Africa-specific considerations including SARB (South African Reserve Bank) regulations.
Required Documentation
| Document | Details |
|---|---|
| Valid Passport | Angolan, South African, or other nationality passport |
| South African ID | If applicable, certified copy of SA ID document |
| Tax ID | South African tax number (issued by SARS) and Angolan NIF if available |
| Proof of Address | South African utility bill, bank statement, or municipal account (within 3 months) |
| Source of Funds | SARS tax clearance, bank statements (3-6 months), or employment letter |
| SARB Approval | Tax clearance certificate for foreign investment allowance if exceeding R1 million |
| Account Application | Completed form from the chosen Angolan bank |
Documents must be notarized or apostilled. The Angolan Embassy in Pretoria (371 Schoeman Street, Arcadia) provides notarization services.
Step-by-Step Process
Step 1: SARB Foreign Investment Allowance South African residents may invest up to R1 million abroad annually without tax clearance (Single Discretionary Allowance). For amounts up to R10 million, a SARS tax clearance certificate is required (Foreign Investment Allowance). Ensure your allowance is confirmed before initiating transfers.
Step 2: Choose an Angolan Bank Contact major Angolan banks (BAI, BFA, BIC) to confirm their non-resident account procedures. Request the specific documentation list for South African applicants.
Step 3: Prepare and Notarize Documents Visit the Angolan Embassy in Pretoria or arrange notarization through an authorized South African notary with apostille. Allow 1-2 weeks for processing.
Step 4: Submit Application Send the complete documentation package to the Angolan bank by courier (DHL, FedEx) or secure electronic submission.
Step 5: Account Activation KYC verification and account opening typically takes 3-4 weeks from receipt of complete documentation.
Step 6: Fund the Account Transfer ZAR from your South African bank. The standard route is ZAR to USD (through your SA bank using the foreign investment allowance) and then USD to AOA (through the Angolan bank).
Step 7: Begin Investing Once funded, instruct a CMC-licensed broker to execute trades on BODIVA.
Estimated Costs
| Item | Approximate Cost |
|---|---|
| Embassy notarization | R200-500 per document |
| SWIFT transfer fee | R150-400 per transfer |
| FX conversion (ZAR/USD) | 0.5-1.5% spread |
| FX conversion (USD/AOA) | 0.5-2% spread |
| Broker commission | 0.5-1.5% of transaction value |
SARB Compliance
South African investors must comply with exchange control regulations administered by the SARB through authorized dealers (commercial banks). All foreign investment transfers must be processed through your bank’s foreign exchange department with appropriate documentation. Retain all transaction records for SARS reporting purposes.
For the broader investment framework, see Aviso 15/19 and the diaspora FAQ.