Legal Update/ Angola: Currency outflow limits to resident and non-resident individuals

 

Angola has revised rules on currency outflow limits for resident and non-resident individuals, according to official legal database Legis-PALOP+TL.

As of April 2, 2022, individuals will be subject to new obligations regarding the transport of national or foreign currency, under penalty of criminally punishable offence.

Individuals, foreign exchange residents and non-residents, who carry national or foreign currency at entry into Angola in a total value equal to or greater than the equivalent of USD 10,000 must, mandatorily, declare these values ​​upon entry by completing a declaration made available by the customs services.

The declaration form available at the customs services upon entry into the country must be completed and signed by the traveler and delivered to the customs services. These services validate the information on the form, retain the original and deliver the duplicate to the traveler.

Legal Update/ Angola: New Fuels Export Rules and Procedures

According to the new rules, foreign exchange residents may not carry national and/or foreign currency with a total value greater than the equivalent of USD 10,000 when leaving Angola.

Individuals who are foreign exchange residents under 18 years of age, traveling unaccompanied, cannot carry national or foreign currency, with a total value greater than the equivalent of USD 1,000, when leaving Angola.

When leaving Angola, individuals who are not foreign exchange residents may not carry foreign currency in excess of the currency with which they entered Angola. The transport out of Angola of Currency in an amount equal to or greater than the equivalent of USD 10,000 is subject to proof of entry of that amount into Angola, through the delivery of the duplicate of the entry declaration of Currency to the customs services on departure.

Legal Update/ Angola: Private Investment Law Regulation

Considered to be foreign exchange residents are individuals who have their usual residence in the country; Angolan citizens who are diplomats, consular representatives or the like in the exercise of functions abroad, as well as the members of their respective families; individuals whose absence abroad, for a period longer than 90 days and less than 1 year, is due to studies or is determined by the exercise of public functions; all foreign citizens residing in Angola and holders of a residence card.

Currency non-residents are considered to be individuals with habitual residence abroad; Angolan nationals who emigrate, as well as those who are absent from the national territory for a period longer than one year; diplomats, consular representatives or similar, exercising functions in the national territory, as well as the members of their respective families.

Border authorities, within the scope of their powers, may condition the exit of national or foreign currency, regardless of whether the amounts comply with the limits regulated in the new Notice, whenever the traveler carrying the Currency is suspected of any criminal offense.

 

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