What South Africans Need To Know About Offshore Investing
South Africans looking to make proper provision for their retirement should consider utilising their full annual foreign exchange provisions and should choose the right offshore investment options to protect themselves from a volatile economic and political environment.
This is according to Sovereign Trust SA.
Many South Africans still feel conflicted about investing offshore, partly because they don’t understand the differences between local and international retirement plans, said Richard Neal, MD of Sovereign Trust SA.
“While offshore retirement funds, like those falling under Guernsey’s 40(ee) regulations, provide a range of advantages over South Africa-based funds, it is vital that potential investors understand the differences between local and international options before committing their assets,” said Neal.
In South Africa, there are three primary retirement provisions – pension funds, preservation funds, and retirement annuities – which are each funded in specific ways.
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