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by zx76 1300 days ago
Exchange control has been somewhat relaxed compared to when I'm guessing when your parents left. It used be insanely punitive. Provided you have up to date tax clearance I think you can now take R11m out the country per year. So approx. $600k per year. So people with a higher net worth than this who are leaving will have to a take a few years to fully financially emigrate, but it used to be much more complicated and restricted. If you have a substantially larger net worth you can also negotiate with the reserve bank! Famously Mark Shuttleworth - the Ubuntu linux founder - had a series of big court cases litigating some of these rules. He sold Thawte for approx $500m(?) to Verisign while South African but then moved to the UK. It's still a very unusual thing and foreigners are often surprised that a country with western style democracy has some China-style exchange controls.