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The Angolan National Bank (“BNA”) published the Notice no. 17/20, of August 3rd, approving new rules and procedures for carrying out foreign exchange transactions, applicable to individuals.
Among other amendments, BNA forces foreign employees working in the country to open a bank account in a banking financial institution based in Angola, in which the foreign employees must receive their work incomes earned in the country.
Notwithstanding, foreign employees may buy foreign currency and transfer abroad their work income legally earned under an employment agreement in Angola, at any time, provided that the frequency of said transfers is superior to the work incomes’ earning frequency.
Also Read: Angola approves new tax laws – including property
The Angolan banking financial institutions must verify several requirements prior to the approval of the purchase of foreign currency, namely, the validity of the work visa, the existence of a valid employment agreement, that the incomes were transferred by the employers and tax compliance of the foreign employees.
This Notice will enter into force on the 2nd of September, 30 days after its publication.
Article by Marco Correia Gadanha
Marco Correia Gadanha
Marco Correia Gadanha is a partner of the Portuguese law office MC&A. He is specialized in legal advice to international transactions. Marco has extensive experience of legal practice in Portugal and in the Portuguese-speaking African countries. Since 2008, he has practiced mainly in the areas of labor and litigation, assisting national and international clients in these and other matters, namely corporate law, especially in Portugal, Angola and Mozambique. He graduated at the University of Coimbra in 2005 and he holds post-graduations in Labor and Angolan Law.
Thank you for sharing the informative and valuable information.