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.
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:

Source : https://cdn.pixabay.com/photo/2019/02/21/16/40/brexit-4011711_960_720.jpg
More from MyMoney Online

How to think like a billionaire - it's how you too can be wealthy
Bruce Whitfield interviews Daniel Strauss, author of The Billionaire Mindset: Secrets of a Successful South African Entrepreneur.
Read More
Absa closes its money market unit trust for good – here’s what that means
The Money Show’s Bruce Whitfield asks Denker Portfolio Manager Kokkie Kooyman what it means for the industry.
Read More
'Affordable' classic car market (e.g. VW Beetle) is booming in South Africa
"Affordable classics have grown for the last seven years – even last year," says John Tallodi of Classic Car Passion South Africa.
Read More
4.8 million South Africans have unclaimed benefits worth R42 billion - Liberty
"The money is safe and waiting for you to come forward," says Kabelo van der Merwe of Unclaimed Benefits at Liberty.
Read More
Petrol price goes up by a record R1/litre at midnight - remember to fill up!
This time it’s worth filling up. Transport economist Ofentse Mokwena explains the reasons behind the record fuel price hike.
Read More
Formula - how much you need to stop working for money, forever
How much do you need so you can live off your investments? Certified Financial Planner Paul Roelofse shares a few formulas.
Read More
Want to be poor? Take financial advice from TikTok (satisfaction guaranteed!)
The Money Show’s Bruce Whitfield interviews Nomi Bodlani, Head of Strategic Markets at Allan Gray.
Read More
Suzuki is selling so well in South Africa right now
"The cheapest car is a Suzuki S-Presso," says motoring journo Alex Parker. "I drove one; it’s much less terrible than I thought!"
Read More
The JSE is near record highs – while the economy crashes and burns
The JSE is near record levels; what are investors smoking? Personal finance advisor Warren Ingram explains the disconnect.
Read More
Sun International declares huge drop in income, loss of R1.1 billion
The Money Show’s Bruce Whitfield interviews Sun International Group CEO Anthony Leeming.
Read MoreMore from Personal Finance with Warren Ingram

Formula - how much you need to stop working for money, forever
How much do you need so you can live off your investments? Certified Financial Planner Paul Roelofse shares a few formulas.
Read More
The JSE is near record highs – while the economy crashes and burns
The JSE is near record levels; what are investors smoking? Personal finance advisor Warren Ingram explains the disconnect.
Read More
[EXPLAINER] Tax Free Savings Accounts vs Retirement Annuities 101
"Both are long-term savings vehicles with certain tax advantages," explains Michael Kirkpatrick of Alexander Forbes.
Read More
'Huge security risk using new Sars software. Your personal info now at risk'
Sars’ news web browser is "very dangerous" and "opens up all sorts of security risks", warns Sam Wright (Tech Girl ZA).
Read More
Medical aid too costly? 'Medical insurance' is far cheaper and it provides a lot
For R397 per month, you get unlimited GP visits and unlimited medication. You also get basic radiology, pathology, dentistry...
Read More
11 tips for saving up to R17 000 per year on fuel
The economy is old, mouldy toast. Bianca de Beer of Dialdirect Insurance shares 11 driving tips to help you make ends meet.
Read More
Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
Retirement funds in SA are changing – new laws come into effect on 1 March 2021
Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.
Read More
How to buy your very first share – even if you have mere cents to invest
You can buy R1 (or even one cent) worth of shares. "The key to getting started is to get started," says Charles Savage.
Read More
Buying a new car may be possible – even if you can’t afford the monthly payments
Need new wheels? WesBank’s Lebogang Goaaketse discusses a popular method for making repayments more affordable.
Read More