Onshore Foreign Currency Account (OFC)
An Onshore Foreign Currency Account enables you to invest using any of the major currencies of your choice. Private individuals who are taxpayers of good standing and are over the age of 18 are allowed to deposit a maximum “foreign capital allowance” of N$6,000,000 per calendar year for investment purposes. Additionally, same private individuals are entitled to a single discretionary allowance of N$ 1,000,000 per calendar year for any foreign exchange transaction without a tax certificate of good standing. These allowances may be transferred abroad for investment or other purposes or held in a resident/ onshore foreign currency account.
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