How do I transfer money out of South Africa after selling property?
To transfer money out of South Africa after selling property, you must obtain AIT (Approval of International Transfers) from the South African Revenue Service, ensure your tax affairs are compliant, submit supporting documents, and provide the AIT PIN to your bank before funds can be released.
Introduction
If you’ve sold property in South Africa and your funds are sitting in a local bank account, you’re likely facing a frustrating situation:
👉 Your bank won’t release your money.
This is not a banking issue — it’s a compliance requirement driven by SARS and exchange control rules.
Why Property Sale Funds Get Blocked
South African banks must confirm:
- Your tax affairs are compliant
- The source of funds is legitimate
- SARS has approved the transfer
Before applying, make sure your tax affairs are compliant using professional tax services to avoid unnecessary delays.
Step-by-Step Process
1. Ensure Full Tax Compliance
All returns must be submitted and up to date.
2. Prepare Supporting Documents
You will need:
- Sale agreement
- Conveyancer statement
- Bank statements
- ID / Passport
Where records are incomplete, updated financial statements can help support your application.
3. Apply for AIT
Submit your application via SARS eFiling with full supporting documentation.
Refer to South African Revenue Service for official requirements.
If you’re unsure how to structure your application, professional AIT clearance support can help prevent rejections.
4. Receive AIT PIN
Once approved, SARS issues a PIN.
5. Transfer Funds
Provide the PIN to your bank → funds released.
Common Mistakes That Delay Approval
- Submitting while tax returns are outstanding
- Weak source of funds explanation
- Missing documentation
- Using incorrect TCS type
Need Help Releasing Your Funds?
If your bank is holding your funds or you are unsure whether you qualify for AIT, we can help you assess your situation and manage the process from start to finish.
👉 Request an AIT assessment
Frequently Asked Questions
Do I need AIT after selling property in South Africa?
Yes, AIT approval is generally required before funds can be transferred abroad.
How long does AIT take?
Simple cases may move quickly, while more complex cases can take longer depending on compliance and documentation.
Can non-residents transfer property proceeds?
Yes, but only once the required tax and banking requirements are satisfied.
Written by LBA Accounting
Specialists in tax compliance, AIT clearance, and advisory for local and international clients.