Includes how foreign exchange is managed and implications for U.S. business.
Last Published: 8/23/2019

Since July 2013, all companies operating in Angola have been required to operate in local currency (kwanza) and use local banks to make all payments, including payments to suppliers and contractors located outside of Angola.  The law aims to strengthen demand for the kwanza, thereby building up the capacity of Angola’s financial sector.

For travel into and out of Angola, the government has tightened regulations on currency movement.  Effective April 15, 2016 Angolan citizens are permitted to carry up to USD 10,000 into or out of the country with Angolan residents subject to a USD 5,000 limitation.  The limit on transit of local currency is 50,000 kwanzas (approximately USD 145).  Officials at the Luanda airport regularly search departing passengers for currency and will confiscate amounts over these limits.

The 2018 investment law grants foreign investors “the right and guarantee to transfer abroad” dividends or distributed profits, the proceeds of the liquidation of their investments, capital gains, the proceeds of indemnities and royalties, or other income from remuneration of indirect investments related to technology transfer after proof of implementation of the project and payment of all taxes due.    Under the 2018 investment law tax on dividends starts at 15 percent and can rise to as high as 50 percent depending on the value and how early repatriation occurs.  For details on remittances for foreign investors in Angola, please review the Investment Climate Statement within this report.
 

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