MyMoney Online, The Personal Finance series with Warren Ingram

Should YOU have money in centres such as Panama? Or is it only for tax dodgers?

(Also read "'Panama Papers' reveal worldwide web of corruption by leaders and celebs".)

The Panama Papers got Galileo Capital Financial Advisor Warren Ingram thinking… Are there any good reasons to have money in offshore centres like Channels Islands, Switzerland, etc?

Are these places only meant for tax dodgers and politically connected people?

The Money Show’s Bruce Whitfield interviewed Ingram for his weekly personal finance feature.

Scroll down for quotes from the audio below.

If SA is your home you pay tax on income you earn anywhere in the world.

Warren Ingram, Galileo Capital Financial Advisor

If you house your bank account in Mauritius – and you’re not a resident – they don’t tax you.

Warren Ingram, Galileo Capital Financial Advisor

You tell SARS where you put your money and what you earn in terms of interest and dividends.

Warren Ingram, Galileo Capital Financial Advisor

Tax havens have a well-earned reputation for housing criminals’ money.

Warren Ingram, Galileo Capital Financial Advisor

There are good tax havens and there are bad ones.

Warren Ingram, Galileo Capital Financial Advisor

Most South African unit trust companies’ offshore investments are housed in tax havens.

Warren Ingram, Galileo Capital Financial Advisor

It’s your right to legitimately avoid tax. It’s what you should be doing!

Warren Ingram, Galileo Capital Financial Advisor

Tax dodgers’ time is pretty much over.

Warren Ingram, Galileo Capital Financial Advisor

Go to Sars before it finds you.

Warren Ingram, Galileo Capital Financial Advisor

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This article first appeared on 702 : Should YOU have money in centres such as Panama? Or is it only for tax dodgers?


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