foreign will
The other option for externalizing funds offshore is to utilise the indirect option through Rand-denominated funds. Indirect offshore investing means that no Rands are physically transferred by the investor, and their investments remain domiciled in South Africa.
If you have a special needs child, ensuring that those assets intended for him are protected and managed in his best interests even after your passing is a critical part of generational wealth planning. Special trusts, whether testamentary or inter
Another mechanism for ensuring effective succession planning is by nominating beneficiaries to your life policy or living annuity. If you wish to provide capital to your spouse and/or children in the event of your death, taking out life cover is
Also keep in mind that, as a permanent resident in South Africa, you are taxed on your worldwide estate, and this can have CGT and estate duty implications in the event of your death, especially where your foreign assets are
From an income tax perspective, as a South African resident, you will have to pay tax on the interest and dividends earned on your foreign-domiciled investments. This is because South Africa uses a residency-based system to calculate tax, and South
Through indirect offshore investing, you effectively invest in a local unit trust portfolio that has a mandate to invest in foreign assets – a relatively simple, convenient, and cost-effective process. As an investor, you will invest your Rands with a
Whether or not to financially emigrate depends entirely on your circumstances, the nature of your assets, and what you intend to achieve by undergoing the process. If you are unsure whether you are going to live and work permanently abroad,
Probate is a procedure whereby your South African-drafted Will is approved by the foreign legal authority as valid so that your foreign assets can be administered in that jurisdiction. It involves obtaining the necessary court authority in the foreign country
If you own assets in a foreign civil law jurisdiction, it is important to understand whether you will be affected by mandatory succession rights in respect of your estate planning. Forced heirship can complicate inheritance especially where you have assets
