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In line with the South African Reserve Bank’s (SARB) undertaking to implement a new capital flow management system, changes began to come through in early 2021. In the first circular for the year, issued on the 4th of January 2021 (Circular), the SARB announced that with effect from 1 January 2021 the full "loop structure" restriction for private individuals and companies that are tax resident in South Africa had been lifted to encourage inward investments into South Africa. The removal does come with caveats, however, in that such structures are subject to the normal criteria that applies to inward investments into South Africa, and must be reported to the Financial Surveillance Department (Finsurv). 

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