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Considering emigration? Financial planner discusses the affordability of leaving
(This interview happened on 6 December 2019.)
Anecdotal evidence suggests that many South Africans are considering emigration.
A move abroad has financial consequences – often extreme – which you should be considering if you’re a would-be émigré.
-
Can you afford to leave South Africa?
-
What do you need to consider before deciding if you should stay or go?
The Money Show’s Bruce Whitfield interviewed Barry O'Mahony, Certified Financial Planner (CFP) at Veritas Wealth Management.
…50% of people [his clients considering emigration] haven’t been to where they’re planning on emigrating to…
Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management
You must always retire to something. You mustn’t retire to get away from something.
Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management
The people who end up in a complete mess are the people who are driven by money first.
Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management
The later you do this in life, the more dangerous it is.
Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management
Official emigration from South Africa is a Capital Gains Tax event… all your offshore assets, they too fall into a Capital Gains Tax event… If you cash in your pension fund… you’re paying 36% tax… a game-breaker for most people…
Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management
Listen to the interview in the audio below.
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Copyright : Free for commercial use. No attribution required.Source : https://cdn.pixabay.com/photo/2019/02/21/16/40/brexit-4011711_960_720.jpg
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