Angola | 2020.01.07
New rules on foreign exchange operations by non-residents

BNA Order No. 15/19, of 30 December 2019, defines the procedures for foreign exchange transactions by non-residents in respect of foreign direct investment, foreign investment in securities, any divestment of such assets and income from investments.

Foreign exchange operations relating to foreign investment projects registered with the National Bank of Angola prior to 30 December 2019 are subject to the new rules. The new Order does not apply to investments made by non-residents in the oil sector.

The Order sets out which foreign exchange operations made by non-residents require prior licensing by the BNA and which are exempt from licensing. The Order also determines which documents should be submitted to the BNA by financial institutions in cases subject to licensing, and which documents should be reviewed in order to assess the legitimacy of transfers abroad of shareholder loans and income from unlisted foreign direct investments. Finally, the Order determines the forms that foreign direct investment in unlisted entities and foreign investment in securities may take.

Order No. 15/19 repeals BNA Order Nos. 13/14 and 14/14, both of 24 December 2014, Order No. 1/17, of 3 February 2017, and all the provisions of Instruction No. 1/03, of 7 February 2003, that contradict this Order.

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