Angolan government approves proposed law for repatriation of capital

8 February 2018

The Angolan government has approved a draft law that gives overseas investors 180 days to repatriate their capital without any criminal or legal consequences, said the governor of the National Bank of Angola at the end of a Council of Ministers meeting on Wednesday in Luanda.

José de Lima Massano said that the draft law establishes incentives for these resources to be freely returned to Angola, as well as the instruments that, in the case of illegal funds retained abroad, can also be repatriated “without the authorities taking any criminal, judicial or other action.”

“Once the period of 180 days has elapsed, the authorities will, in the case of illicit resources, use all means available to them, in accordance with the law, to ensure their repatriation in order to be integrated into the economy and support the development effort,” he said.

The governor of the Angolan central bank also stressed that “the process is voluntary” and added that those who have resources abroad and want to repatriate can also do so freely.

Last January the authorities announced that Angolan citizens with undeclared foreign deposits of more than US$100,000 would be given a period of six months to repatriate without being subjected to any criminal, tax or foreign exchange investigation, in accordance with the draft law of the Extraordinary Regime of Tax and Exchange Regularisation. (macauhub)