DEVELOPMENT OPPORTUNITIES IN AFRICA: BEAC changes rules for money transfers between residents and foreigners

In a circular letter dated 14 August, Abbas Mahamat Tolli , the governor of the Bank of Central African States Beac, clarifies transfers outside Cemac :

• Cameroon
• Central African Republic
• Congo
• Gabon
• Equatorial Guinea
• Chad

on profits generated by non-residents and foreign residents.

" All labour income paid in FCFA may be transferred outside CEMAC, provided that the non-resident or resident alien provides evidence that a portion of his or her local expenses (rent, hotel expenses, and other items of subsistence) have been met. Otherwise, the amount of the employment income to be transferred may not exceed 75% of this income " , 

states the document signed by the governor. However, it states, the transfer of labour income in foreign currency to foreign non-residents is free of charge.

It also indicates that the Beacthe non-resident or resident alien may delegate the transfer from the CEMAC of the earned income to the entity that paid that income, provided that the transfer is made directly to the foreign account of the non-resident or resident alien. The entity must, inter alia, attach to the transfer request a certificate of delegation of the transfer of the earned income signed by the non-resident or resident alien.

The delegated entities must report to their credit institution every six months (by 15 January and 15 July at the latest) a detailed overview of the recipients of earned income who are responsible for the transfer from CEMAC.

This declaration includes salaries, commissions and other income from work (daily, various benefits and perks) to be paid by the delegated entity, amounts to be transferred outside CEMAC, bank references (IBAN recipients of the income from work abroad.

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