Other current external transactions are reported by credit institutions to the Central Bank and to the Ministry of Money and Credit.
The exercise of the activity of transferring funds through foreign cash transport companies is subject to compliance with a set of specifications issued by the Central Bank.
Transfers abroad of more than CFAF 100 million are declared to the Central Bank and the Ministry in charge of currency and credit at least 30 days before their completion.
For the purposes of this Regulation, factor income includes:
- Direct and portfolio investment income;
- Labour compensation;
- Work remuneration;
- Other income, including rents, product and production taxes and subsidies.
Transfers of capital income of non-residents outside CEMAC, in particular in the form of profits, dividends, interest and royalties, shall be free, subject to the provision of supporting documents required by exchange regulations, where the basic transaction is not subject to authorisation or, where applicable, has been authorised by the competent authority.
Transfers, outside the CEMAC, of part of the working income of non-residents or foreign residents, in particular salaries, fees, per diem, miscellaneous allowances and social benefits, are free on presentation of the supporting documents required by exchange regulations.
Transfers, outside CEMAC, of other non-resident income, in particular rents and taxes on products and production, are free upon presentation of supporting documents.
Transfers, outside CEMAC, of non-resident income from public and private contracts are free on presentation of supporting documents.
Without prejudice to the application of Article 6 of the Regulations, requests for transfers for amounts exceeding one million CFA francs shall be made on presentation of the supporting documents required by exchange regulations.
Other transfer operations outside CEMAC are free, subject to the presentation of supporting documents. These include the following operations:
- The payment of taxes due to a foreign administration;
- The payment of penalties and fines imposed by a foreign administration;
- Contributions, social benefits, annuities, pensions, insurance premiums or allowances;
- The payment of damages due following a judicial, arbitrating or amicable settlement decision;
- Family workers due to illness, study or subsistence;
- Donations and gifts to charitable organisations, medical research organisations or associations defending social or humanitarian causes, up to a maximum of CFAF 10 million per year and per principal;
- Donations and inheritances;
- Income from the sale of assets;
- Sums from various legal sources.
Transfer requests are executed by credit institutions upon presentation of the supporting documents required by foreign exchange regulations.