Many South African are worried about the state of the Rand, and wondering whether it wouldn’t be a better option to move their money offshore. Throw some political instability, a drought and a few other economic knocks into the mix and it’s understandable how offshore investment seems like a good option.
Moving money spreads the risk
With such a dynamic global economy it’s inevitable that events and occurrences in one part of the globe have a knock-on effect on the economies of countries on the other side of the world. For South African Rand, bouncing back is unfortunately not an easy task.
But South Africans are no longer limited by the constraints of our borders. Transferring funds offshore, whether in the form of foreign exchange to your foreign bank account, a reinvestment of your retirement money in a stronger currency or simply the proceeds of a trust or inheritance – the choice will depend on your individual portfolio and needs.
Investing your money offshore helps spread your risk, not only from a currency perspective but also in terms of asset class and jurisdiction.
Relief from South Africa’s exchange control regulations
You can use your annual exchange control allowances or apply for financial emigration in order to move your funds abroad. The requirements will depend on your individual needs, the stipulations of the respective jurisdictions as well as the amounts you wish to transfer out of South Africa.
Once you have moved funds offshore you’ve already complied with exchange control regulations, which means you’re free to transfer between jurisdictions and different asset classes, how and when you wish.
Move your money offshore today!
To enjoy the benefits of offshore investment why not talk to finglobal.com about your needs. No matter how complicated your situation we’ll have a simple solution. For the most competitive exchange rates, low fees and unrivaled personal service, simply leave your details and we’ll call you![contact-form-7 id=”6581″ title=”Blog post (call me)”]
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