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SA`s super rich taking their wealth overseas ASAP - immigration expert

Source: Fin24, 08/07/2019

Sable has seen a 70% increase in enquiries and 45% increase in clients over 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. He mentions various reasons. `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 â€` 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. `You need plan how and when you access and transfer your financial assets and if you need to financially emigrate or not,` says Rissik. `Most people have to understand how to buy or rent property, open bank accounts, understand the tax laws and other fiscal implications. `You need to do your homework or you`ll have a nightmare.`


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