New BRP Country Manual Trustee
South Africa
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | YES |
| New Position of the Authorities | NO |
| Evolution of Expert’s interpretation | YES |
BRP has published its latest Country Manual Trustee for
South Africa
Regulatory Summary and Behaviour Template
Material changes
The country manuals has been reviewed to ensure it remains in line with the regulatory developments.
We can confirm that there are generally no major changes in the South African regulation from a cross-border perspective. Please note that some responses in the Behavior Template have been streamlined with the information provided in the Regulatory Summary, particularly in relation to the introduction of a custodian. In particular, such services should not be presented to a client in and into South Africa on the trustee’s initiative (and remain a gray area during on-site visits if on the prospect’s initiative). Note also that we do not advise the trustee to undertake any pre-contractual activities for the custodian in this regard (and this remains a gray area even if provided on a passive and remote basis into South Africa).
Please note that the manual has been meaningfully updated and expanded with regard to information on trusts, i.e. the types of trusts available under South African legislation, trust registration, tax regime and reporting.
Non-material changes
We reviewed, refined and extended the information provided in the Regulatory Summary. This includes information on foreign exchange controls and on the FSP I license.
For more information, please contact us: info@brpsa.com
Geneva, March 11th, 2025