On last 14 April, Notice no. 5/21 ("Notice 5/21") was published in the Official Gazette, which revokes the current Notice no. 17/20, 3 August 2020, which update and clarify the rules and procedures to be observed in foreign exchange transactions involving the purchase of foreign currency or the transfer of own resources in foreign currency, by resident and foreign exchange residents.
The Notice no. 5/21 applies to the transactions already provided for in the Notice that has been revoked, and the main new features are as follows:
- Elimination of the definition of capital transactions of a personal nature, current transfers, transfer for family support or maintenance, transfers for educational, scientific and cultural purposes, transfers for health treatment and travel;
- Elimination of the need for licensing by the National Bank of Angola ("BNA") for all transactions carried out under this Notice, delegating to the Banking Financial Institutions the power to carry out the financial and capital operations provided for in this Notice;
- Establishment of an annual limit up to the cumulative amount equivalent to USD 250.000,00 (two hundred and fifty thousand United States Dollars), for Foreign Exchange Residents, over the age of 18, through the purchase of foreign currency or using their own funds, for any purposes abroad, including investments, personal and family expenses;
- Express provision for the creation of its own specific regulations to be applied to resident foreign employees who work for the Oil Sector, with the general regime foreseen in article 13 of Notice no. 5/21 not being applicable.
This Notice comes into effect 30 days after the date of publication, i.e. 14 May 2021.
António Vicente Marques – Sociedade de Advogados, RL
Luanda, May 2021