Angola - Foreign exchange operations by resident and non-resident individuals

In brief

It was published Notice 5/21, of 14 April, of the National Bank of Angola, which establishes the rules and procedures for the execution of foreign exchange operations by individuals, and revokes Notice 17/20, of 3 August, of the National Bank of Angola.

Among the main amendments, we highlight the following:

• All foreign exchange operations carried out by individuals are exempt from licensing by the National Bank of Angola, including capital operations (e.g. external financing, acquisition of property abroad);

• The annual limit for private operations (e.g. for investment purposes, personal expenses, family assistance) carried out by foreign exchange residents is increased to USD 250,000;

• The requirement for non-resident foreign employees to open a bank account in Angola and domicile their remuneration in such account is maintained, but this Notice expressly establishes that the transfer of remuneration by non-resident foreign employees in the oil sector is governed by separate regulations.

This Notice enters into effect 30 days after the date of its publication.

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