However, the SVDP is already underway and has been open to exchange control SVDP applications since 1 October 2016.

In terms of the latest draft, changes to SVDP are as follows:

  • Seed capital will be calculated as 40% of the highest value of aggregate assets situate outside of South Africa between 1 March 2010 and 28 February 2015. This has been reduced from 50%.
  • The window period has been extended to 30 June 2017 from 31 March 2017.
  • The SVDP is only applicable to those amounts that were never declared to SARS, that is, pre-tax money.