Hi Everyone,
It's been a while since I posted on this forum, but I've never posted on this section.
There's an opportunity and an idea that I have, but I am not sure if it is compliant with South African law regarding exchange and tax regulations. I'm also not going to fully describe my idea for fear of it being stolen, but I hope it will be enough for someone to give advice.
My idea is to transfer currency (Rands) from a South African bank account using SWIFT to an account that I have in a European country. I'm only a citizen of SA, not of the European country. I will then exchange Rands to Dollars in the European account. I will then transfer dollars from the EU account to my forex trading account in SA. I will then trade dollars to Rands in my trading account and make a profit. The profit isn't much, but it's more than enough for me whereby the only thing I will do is to sit behind my laptop and click a few buttons.
I also want to state that the activities that I want to do are lawful. This is why I would like to know about tax and exchange regulation issues.
I'm aware that SWIFT operates from 8am until 5pm during weekdays only. I'm also aware that I am allowed to transfer a maximum of R10 million annually overseas. Are there any other compliance issues that I must be aware of while doing this activity?
Kind Regards
Sly21C
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