Aviso 15/19, issued by the Banco Nacional de Angola (BNA) in 2019, fundamentally changed the foreign-access framework for Angola’s capital markets by exempting inbound and outbound foreign-exchange transfers related to securities transactions from the standard BNA prior-approval regime. Before this regulation, non-resident investors faced a bureaucratic process that could take weeks or months to move capital in and out of the country. Under the current framework, capital invested through the Bolsa de Divida e Valores de Angola (BODIVA) – and the proceeds from selling those investments – can flow through authorised commercial banks without individual BNA authorisation.
This guide walks non-resident investors through the practical steps required to access Angolan capital markets, from initial documentation through to capital repatriation.
Step 1: Engage a Licensed Broker
All securities transactions on BODIVA must be executed through a licensed broker-dealer (sociedade corretora or sociedade distribuidora de valores mobiliarios). As of early 2026, the Comissao do Mercado de Capitais (CMC) – Angola’s securities regulator – has licensed approximately a dozen firms. Major commercial banks including BAI, BFA, Standard Bank Angola, and BIC operate brokerage subsidiaries. Independent firms also hold licences.
Selecting a broker is the single most important operational decision for a foreign investor. The broker handles order execution, custody arrangements, tax withholding, and – critically – the FX documentation required under Aviso 15/19. Investors should evaluate brokers on execution capability, English-language support, experience with non-resident accounts, and the quality of their correspondent banking relationships for FX settlement.
Step 2: Open a Securities Account
Non-resident investors must open two linked accounts:
Securities Account (Conta de Titulos). Held at the Central de Valores Mobiliarios (CVM), BODIVA’s central securities depository. This account holds your bond and equity positions in dematerialised form.
Angolan Bank Account (Conta Bancaria). A Kwanza-denominated current account at a BNA-licensed commercial bank. All trading on BODIVA settles in Angolan Kwanza (AOA). Your broker will typically facilitate the opening of this account at their parent bank or a partner institution.
Required Documentation
The following documents are standard for non-resident individual investors. Corporate and institutional investors face additional requirements:
- Valid passport (notarised copy, apostilled or consularised)
- Proof of residential address (utility bill or bank statement, typically no older than 3 months)
- Tax identification number from country of residence
- Bank reference letter from the investor’s home-country bank
- Source-of-funds declaration
- Completed CMC non-resident investor registration form
- Power of attorney (if appointing a local representative; must be notarised and apostilled)
Document requirements can shift at the discretion of individual banks and the CMC. Investors should confirm current requirements directly with their chosen broker before submitting paperwork. Processing times for non-resident account opening range from 2-6 weeks, depending on the completeness of documentation and the bank’s internal compliance review.
Step 3: Fund the Account via FX Transfer
Under Aviso 15/19, the inbound transfer process works as follows:
- The investor instructs their home-country bank to wire foreign currency (typically USD or EUR) to their Angolan bank account.
- The Angolan receiving bank converts the foreign currency into Kwanza at the prevailing market rate.
- The bank documents the transaction as a capital-market investment under the Aviso 15/19 framework.
- Kwanza funds are credited to the investor’s account and become available for securities purchases.
The FX conversion rate is determined by the interbank market. Since the BNA liberalised the exchange-rate regime in 2018, the Kwanza has floated against the dollar, though the central bank intervenes periodically to smooth volatility. Investors should be aware that the spread between the official and parallel exchange rates, while narrower than in years past, can fluctuate – and the rate obtained for a large conversion may differ from quoted indicative rates. For a detailed analysis of currency dynamics, see our FX risk assessment.
Step 4: Trade on BODIVA
Once funded, the investor can place orders through their broker for any instrument listed on BODIVA:
Government Bonds (Obrigacoes do Tesouro, OT). Kwanza-denominated sovereign debt with maturities typically ranging from 1-10 years. Yields have ranged from 15-22% depending on tenor and market conditions. USD-indexed Treasury Bonds (Obrigacoes do Tesouro Indexadas, OT-NR) offer yields of 7-9% with principal and coupon payments adjusted for Kwanza/USD depreciation.
Corporate Bonds. A small but growing segment. Issuers have included Angolan banks, telecommunications companies, and the sovereign wealth fund (FSDEA).
Equities. BODIVA’s equity board currently lists five securities, including BAI and BFA. The banking sector analysis provides detailed financials on these listed institutions. The PROPRIV privatisation pipeline is expected to add Sonangol, Endiama, and Unitel in the medium term.
Trading hours are 09:30-13:00 Luanda time (GMT+1) for government bonds and 09:30-12:30 for equities. Settlement is T+2 for bonds and T+3 for equities.
Tax Obligations for Non-Residents
Angola levies the Imposto de Aplicacao de Capitais (IAC) – the investment income tax – at a flat rate of 15% on:
- Interest income from bonds
- Dividend income from equities
- Capital gains from the sale of securities
For bonds, IAC is typically withheld at source by the issuer or paying agent. For equities, the broker withholds IAC on dividends and is responsible for calculating and remitting tax on capital gains at the point of sale.
A critical consideration for equity investors: as of the most recent regulatory guidance, there is an exemption from capital gains tax for securities listed and traded on BODIVA. This exemption, designed to encourage equity-market development, has been referenced in CMC communications and government policy documents. However, investors should verify the current status of this exemption with qualified Angolan tax counsel, as the regulatory basis has been subject to interpretation. For the full breakdown of applicable taxes, rates, and treaty relief, see the Angola tax guide for investors.
Non-resident investors should also examine whether their country of residence has a double-taxation treaty (acordo de dupla tributacao) with Angola. Active treaties exist with Portugal, Brazil, the UAE, and several other jurisdictions, and may provide reduced withholding rates or credits against home-country tax liability.
Capital Repatriation
This is the question that matters most to foreign investors: can you get your money out?
Under Aviso 15/19, the repatriation of proceeds from BODIVA-traded securities – including principal, interest, dividends, and capital gains – is exempt from the standard BNA foreign-exchange approval process. The operational steps are the reverse of the funding process:
- Sell the securities position on BODIVA through your broker.
- Kwanza proceeds settle into your Angolan bank account (T+2 or T+3 depending on instrument type).
- Instruct the bank to convert Kwanza to foreign currency and wire to your home-country account.
- The bank processes the FX conversion and outward transfer, documenting it under the Aviso 15/19 framework.
The bank will require documentary proof that the funds originated from BODIVA-listed securities transactions. Your broker’s transaction records and CVM account statements serve this purpose. Maintaining clean, well-documented records is essential – any gaps in the paper trail can delay repatriation.
In practice, the FX conversion on exit is the primary friction point. Large repatriation amounts may need to be executed in tranches to avoid adverse market impact on the FX rate. Angola’s foreign-exchange reserves stood at approximately $14-15 billion as of late 2024, providing reasonable but not unlimited capacity for FX conversion.
Key Risks for Foreign Investors
Currency Risk. All BODIVA trading settles in Kwanza. Between 2018 and 2024, the Kwanza depreciated from approximately AOA 250/USD to above AOA 800/USD. While the pace of depreciation has slowed, investors should stress-test portfolio returns under adverse FX scenarios.
Liquidity Risk. BODIVA’s equity market is illiquid. Daily trading volumes for individual equities can be negligible. Exiting a meaningful position may take weeks or months. The bond market is more liquid but still thin relative to benchmark frontier markets.
Regulatory Risk. The Aviso 15/19 framework represents a significant improvement, but it is a regulatory instrument – not a statutory right. Future BNA policy changes could modify or restrict FX exemptions. The broader investment risk assessment details additional regulatory and political factors.
Operational Risk. Banking infrastructure, while improving, can be slow. International wire transfers may take 3-7 business days. Documentation requirements can shift without advance notice. Having a responsive local broker is essential for navigating operational friction.
Practical Recommendations
Start with bonds. Government bonds offer higher liquidity, transparent pricing, and straightforward tax treatment. They provide a lower-friction entry point for building familiarity with Angolan market infrastructure.
Build local relationships. Angola’s market rewards investors who develop direct relationships with brokers, bankers, and counterparties. Remote-only investing is possible but suboptimal.
Document everything. Maintain meticulous records of all FX transactions, securities trades, and tax withholdings. These records are essential for repatriation and for claiming treaty benefits in your home jurisdiction.
Size positions conservatively. Given liquidity constraints and FX risk, position sizing should reflect the possibility that exit may take longer and cost more than anticipated.
Monitor regulatory changes. BNA and CMC regulations evolve frequently. The Angola X investment overview tracks policy developments that affect market access and investor protections.