It was recently published by the Angolan Central Bank Order nr. 1/17, of 3 February, which establishes the foreign exchange procedures applicable to investments, transfer of funds, interests, dividends and other revenues related to securities transactions made by non-resident entities.
These investments may only be made by means of the transfer of funds from abroad in securities with no maturity or whose maturity is one year or more. In addition, the transfer of ownership of the securities by non-residents may only be effected in favor of other non-resident entities, subject to the exceptions set forth in the Order.
The execution of foreign exchange operations related to these investments should be executed through commercial banks authorized to operate in the country, registered in regulated market or in the securities centralized system. These operations are not subject to prior authorization by the Angolan Central Bank, being the financial institutions involved responsible for verifying the compliance with the applicable legislation.
The Order becomes effective 30 days after the date of its publication, which will be 5 March 2017.
© 2016 PwC. This communication is of an informative nature and intended for general purposes only. It does not address any particular person or entity nor does it relate to any specific situation or circumstance. PricewaterhouseCoopers & Associados – Sociedade de Revisores Oficiais de Contas, Lda. We will not accept any responsibility arising from reliance on information hereby transmitted, which is not intended to be a substitute for specific professional business advice.