Considering emigration? Financial planner discusses the affordability of leaving
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?
…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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