Don’t get caught napping! Take advantage of the strong Rand

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Send money offshore using your investment allowances

One of the simplest ways to take advantage of a strong Rand is to send money abroad using your discretionary allowances.

All South African citizens over the age of 18 may send up to R11 million Rand offshore every calendar year. The first million you send doesn’t require tax clearance from SARS; this is called your discretionary allowance. The next R10 million can be sent using your annual investment allowance. If you wish to make use of this allowance you will need to obtain tax clearance from SARS.

Once your money is offshore, you can choose to put it in an interest-bearing account or invest it however you see fit in a country of your choosing. Remember to, as much as possible, seek locally-based investment advice in whichever country you’re planning to invest in.

Find out how to easily and effectively make use of your investment allowances.

 

Withdraw your South African retirement funds

Did you know that you can withdraw your South African-based retirement funds and annuities if you decide to leave South Africa? Depending on your type of retirement plan you may or may not choose to do this through financial emigration.

Whether you’re a South African currently living abroad, or if you’re thinking of emigrating permanently, a strong Rand means that you’ll be able to get more for your withdrawn retirement funds in your adopted home.

Once you’ve withdrawn your funds, you can send them anywhere in the world. What you then choose to do with your funds is entirely up to you. Reinvest them in a retirement product where you currently live, pay off your mortgage, pay for your children’s education, or spend them however you see fit.

Depending on your situation, and your intentions, financial emigration may be the perfect way for you to take your South African retirement funds offshore. The best thing about withdrawing your South African retirement funds is that you can ensure that your retirement savings are not at the mercy of the ever-volatile Rand.

 

Visit this page and send a request to speak to an expert and find out how best to offshore your South African retirement funds.

 

Buy property offshore and earn EU residency

For decades, property has been a favourite asset class for South Africans looking to make a solid investment. While yields from property are not always as high as equities or other riskier investments, they are generally greater.

In the past, and over the last few years in particular, buying property offshore has been tough for South Africans. But how things have changed!

The Rand is currently enjoying levels against the Pound not seen for more than three years. Just over a year ago, it was plumbing the depths at 24.51 to the Pound. The currency has since strengthened to the low 16s against the Sterling. A similar improvement has been made against the Euro.

Throw the possibility of earning EU residency in countries like Portugal when you buy a property there into the mix, and things really start to get interesting.

Through a purchase of a property you not only invest in an offshore asset in a developed country, but you will also earn the right to live, work and travel in the EU for you and your family.

Find out how you can secure an offshore property and EU residency.

These are just three ways to take advantage of the Rand. There are many different ways to make offshore investments, if you’d like to find out more please contact marisa@xpatweb.com to be put in touch.

By Andrew Rissik, Director – Sable International (as published by BizNews.com)

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UPDATE: Visa Exemption for Russian and South African Citizens

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The Ministry of Foreign Affairs of the Russian Federation stated that –

“Under the Protocol’s provisions, citizens of Russia and South Africa travelling without the intention of working, studying or living in the other country’s territory, are free from visa requirements.” 

The Department of Home Affairs’ spokesperson Mayihlome Tshwete also stated that –

“South Africans don’t travel to countries to stay their indefinitely. We travel for visiting purposes and where we are travelling to stay for work, we travel through regular means. You don’t get many South Africans being deported back to South Africa,”

Thus, they believe that South Africans do not pose any risks and should be ‘afforded more convenient travel arrangements’.

The Department has also extended similar proposals to other countries including the EU.

Read more here.

Visa-free Travel for South Africans to the EU Still on the Table

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The measures that were proposed, include the feasibility of multiple-entry visas for South African business travellers to the EU and full exemptions for South African leisure travellers.

Gigaba indicated that the new regulations could be expected to be announced in March 2017, however spokesperson of The Department of Home Affairs, Mayihlome Tshwete, confirmed that the proposal is still currently in the works and feedback may be expected within the next coming months.

Thswete emphasised that the decision did not solely lie with the South African- and European Unions, but that it needs to be dealt with on a county-to-country basis.

It should be noted that regardless of the United Kingdom’s decision to leave the European Union, South Africans will still be required to apply for a visa in order to visit the UK.

The British High Commission spokesperson, Isabel Potgieter stated that there were no plans to change the visa requirements for South Africans as applying for a UK-visa is a ‘clear and simple application process.’

Potgieter also stated that 98% of South Africans who applied for such visa were successful and it takes approximately 15 working days for all visit visa applications to be resolved.

~ Spar says its workers had papers after police arrest 63

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The Spar retail group has responded to allegations by the Department of Home Affairs, saying that it does not wittingly employ undocumented migrants

Retailer Spar has denied wittingly hiring undocumented migrants as alleged by the Department of Home Affairs, which is driving a crackdown.

Home Affairs Minister Malusi Gigaba vowed last week that the department would take action against businesses employing undocumented migrants, saying this opened the way to xenophobic tension especially in communities where residents were competing for scarce resources.

The minister said the practice also left migrants vulnerable to exploitation.

The authorities had arrested 63 migrants working at three Spar branches, said Gigaba. Spar store managers at the retailer’s Montana, Doornpoort and Zambezi outlets would be charged.

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Employers charged in illegal migrants crackdown

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The crackdown by national joint operations has already seen seven employers charged for employing undocumented migrants and 147 undocumented migrants being arrested following inspections of 56 businesses including hotels, retail shops, garages and panelbeaters in Tshwane and Johannesburg. One business employed 46 undocumented migrants, a blatant violation of the law, Gigaba said at a media briefing of the justice, crime prevention and security cluster of ministers.

If convicted, the managers could be fined or be imprisoned for two years. None have been convicted so far with the seven employers charged recently being the first.

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