Angola | 2020.10.09
BNA Clarifies Rules on Payment of Salaries to Non-Residents

By means of communications to the commercial banks dated 22 and 30 September 2020, the BNA clarified some aspects of the framework resulting from Order No. 17/20, of 3 August 2020, which imposed that the payment of salaries to non-resident employees be made into accounts domiciled in Angola. We highlight the following:

  • The mandatory opening of a bank account in the Country applies only to employees who have a labor relationship, in the form of an employment contract, with a company which is a resident for foreign exchanges purposes, and is not applicable to individuals carrying out activities under service contracts;
  • The operators and certified service providers in the oil and gas industry were afforded a temporary moratorium with respect to the implementation of Order No. 17/20.
  • The payment of the salaries to employees who are non-resident for foreign exchanges purposes may continue to be made in foreign currency, if that has been the currency provided for in the contract.
  • Employees who are non-resident for foreign exchanges purposes may transfer the amount of their salaries without limit, provided that the amount to be transferred does not exceed the total amount defined in the employment contract, net of taxes and other mandatory contributions.
  • Employees who are non-resident for foreign exchanges purposes may transfer the amount of their salaries to any account abroad, including accounts not held by them, provided that the foreign exchange regulations and the regulations on the prevention of money laundering and the financing of terrorism are duly complied with.
  • To transfer their income abroad, the employees must hold one of the visas allowing a paid activity to be carried out, as defined in Law No. 13/19, of 23 May 2019, approving the Legal Framework for Foreigners in the Republic of Angola.
  • It is possible to transfer income pursuant to an expired employment contract and visa, provided that the income was earned whilst the contract and the respective visa were in force.
  • In the case of employment contracts registered with SINOC before the Order came into force, the BNA clarified that the commercial banks must ascertain the value of the remainder of the employment contract; request the BNA to deregister the employment contracts registered with SINOC that are still in force and pending payment; and register a new contract with the remaining value of the contract on behalf of the non-resident employee who is their client, effective on the registration date.

For more information on this Alert please contact:
mirandaalliance-alert@mirandaalliance.com

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