Angolan Parliament approves Law on the repatriation of capital

23 February 2018

The Angolan parliament on Thursday approved the draft Law on the Repatriation of Financial Resources Domiciled Abroad, put forward by the President of the Republic and the draft Law on the Extraordinary Regime of Asset Regulation, proposed by UNITA, the largest opposition party, Angolan news agency Angop reported.

The two documents approved for discussion in detail came after a proposal made by the President of the Republic, João Lourenço, in December 2017, with a view to Angolans with financial resources abroad repatriating this capital in order to revitalise investments in Angola.

The government’s proposed law stipulates that Angolans with undeclared deposits of over US$100,000 abroad will have six months to repatriate the money to Angola without being subjected to any criminal, tax or foreign exchange investigation, while the draft presented by UNITA outlines payment of a 45% tax on repatriated cash.

The move includes bank deposits of organisations and individuals, in excess of US$100,000 “or the equivalent in another foreign currency, depository certificates, securities and other financial instruments,” including life insurance policies linked to investment funds and capitalisation operations of the life insurance segment. (macauhub)