SA’s super rich take their wealth overseas
IN THE current economic climate, South Africans are hedging their bets by investing abroad and by acquiring a second citizenship or residency overseas at an unprecedented rate, according to Andrew Rissik, group commercial director at Sable International.
Sable has seen a 70 percent increase in enquiries and 45 percent rise in clients in the past year.
Rissik says South African high-net worth individuals are “internationalising” themselves, their wealth, and often their businesses as fast as they can.
“The reasons vary tremendously, from concerns about our country’s policies, to wanting to school children abroad, to wanting to diversify their investments offshore or simply wanting to travel more easily without challenging travel visa requirements ― they want to become global citizens,” says Rissik.
In his view, the current top residency and citizenship options range from citizenship by investment programmes in Grenada, Cyprus or Malta, to the EB-5 investment visa in the US, to the popular range of options for Australia, Portugal and the UK.
“There are complex tax, wealth and money transfer implications involved in most of the deals, but many offer both a beautiful environment and a safe haven for investment,” he says.
If one is planning on relocating, review the tax implications and exchange control regulations before you make your move, he advises. – Fin24