Foreign exchange operations executed by individuals are liberalized and are accordingly exempt from licensing by the National Bank of Angola and will now become subject to the rules set forth in National Bank of Angola’s Order (Order) No. 3/23, of 9 March 2023.
 
From the new applicable regime, we highlight the following:

• Foreign exchange operations by individuals may be settled using own funds in foreign currency or by purchasing foreign currency.
• The total amount of the foreign exchange operations of each individual may not exceed his/her financial capacity, regardless of the purpose or of the payment instrument used.
• The total amount of unilateral transfers per individual may not exceed USD 250,000 per calendar year.
• Non residents with a relationship with an entity established in Angola, namely as employee, corporate body member or equivalent, may transfer their legally earned income abroad, at any time, with any periodicity as long as it exceeds that of the receipt. The opening of a bank account in Angola by non residents is, as a rule, optional, and their income may be transferred directly by the payor to the non resident's bank account abroad.
• Employees with an employment relationship with an entity established in Angola and an employment contract with a term longer than 12 months must open an account in their name with a Banking Financial Institution based in Angola, where their income must be domiciled, before being transferred abroad.
• The abovementioned operations must be registered with the Integrated Foreign Exchange Operations System – SINOC.
• The Banking Financial Institutions are required to analyze the documentation and information provided and validate the operations.
• Transfers of foreign currency for capital operations, financial transactions or import of goods for own use may only settled via direct credit on the bank account of the counterparty.

This Order repeals Order No. 5/21, of 14 April 2021, and all other legal provisions that contradict this Order.

Order No. 3/23 shall enter into force on 10 April 2023.

For more information on this Banking Alert please contact:
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