The Law nº 9/18, which came into force on June 26, established the terms and conditions for the repatriation of financial resources domiciled abroad, the tax, exchange or criminal legal effects of the voluntary repatriation of said financial resources and the sanctioning regime of the coercive repatriation of the illegal resources maintained outside the Country.
To whom does the law apply?
It applies to domestic resident natural persons and to legal entities with headquarters or domicile in the national territory and who are holders of financial resources domiciled abroad.
It does not apply to domestic resident natural persons who, at the date before the entry into force of this Law, have been convicted of a crime or indicted in a police investigation or are defendant of a criminal offense or administrative proceeding for the commission of crimes that have relation to the resources illegally detained or expatriated abroad, namely:
- terrorism, including its funding;
- terrorist organization;
- trafficking of persons and sexual trafficking of persons and minors;
- traffic of organs;
- slavery and bondage;
- trafficking of narcotic drugs, psychotropic substances and precursors, punishable with imprisonment for more than 8 years;
- contracting or trafficking in weapons, munitions or material intended for their production;
- child pornography, including through the internet;
- against the security of the State;
- extortion by kidnnaping;
- crimes related to the subtraction of financial resources from the public purse.
What are the modalities of repatriation?
Voluntary: when it is made during the period of 180 days from the date of entry into force of this Law.
Coercive: when it is not carried out within 180 days and is exclusively related to financial resources arising from operations that are proven to be illegal.
Carried out through banking financial institutions domiciled in Angola, under the supervision of the National Bank of Angola.
What effects does it produce?
- Extinguishment of any fiscal and foreign exchange obligations required in relation to those financial resources;
- Exclusion of any and all liability for possible tax, exchange and criminal offenses as long as they relate to said resources.
The natural or legal persons who, at the date of publication of the Law, have already repatriated their financial resources to a bank deposit account maintained with a banking financial institution domiciled in Angola are covered by those effects.
Stamp duty: Transactions resulting from voluntary repatriation and transactions involving the application or reinvestment of such financial resources are exempt.
Where are voluntary repatriated financial resources used? In programs of economic and social development, directed by the State, under conditions to be defined by the Holder of the Executive Power.
What happens if repatriation is not possible? Voluntary repatriation is considered to be completed when it is not possible for legal or administrative reasons. In this case, the holder of the financial resources shall deliver to the National Bank of Angola, within the term of the voluntary repatriation, a statement issued by the institution of domiciliation of said resources or other legal entity with competence to do so, as the case may be, to confirm and justify the impossibility legal or administrative repatriation of said total or partial value, and the anticipated duration of the impediment. However, repatriation must be carried out as soon as the impediment is terminated.
What incentives can the State grant?
- The application in a closed collective investment undertaking, having as participants the State and the holders of repatriated financial resources, with guaranteed capital and capitalization or guaranteed minimum remuneration under management of authorized collective investment undertakings;
- Investment in foreign currency, bearer and freely tradable securities, with a maturity of at least 5 years.
The regime inherent to the coercive repatriation by the State applies exclusively to financial resources of illicit origin after the end of the period for voluntary repatriation.
What is the destination of coercive repatriated resources?
Revert, in full, in favor of the State and are intended to finance social projects.
Monetary unit: the repatriated financial resources retain the monetary unit of origin.
Movement regime: amounts allocated to bank deposit accounts in foreign currency resulting from the repatriation of financial resources may be handled in accordance with the Foreign Exchange Law and applicable complementary rules or regulations.
Anyone who repatriates funds must keep for a period of 10 years copies of the documents proving their repatriation.