South Africa represents less than one percent of the world economy and restricting yourself to local investments means you will miss the opportunity to invest in some of the biggest and most successful businesses and markets in the world.
Offshore savings form an important part of a diversified portfolio, but it is important to ensure your offshore saving are structured correctly so that you do not overpay in tax and estate duties.
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Once we have implemented your financial plan and structured your investment portfolio, we will regularly review both to ensure that you stay on track to achieve your financial goals. This includes making adjustments, when necessary, to either the investment strategy or your personalised plan.
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Investonline’s Offshore Solutions
Investing offshore in Rands
You can invest into a local unit trust account in Rands and the money can be invested into offshore “feeder funds”. The investment will be based in South Africa but the underlying unit trust funds will invest directly into offshore assets.
This type of account is very easy to set up and money can be added or withdrawn at any time. There are no offshore restrictions or SARS tax clearance required as the money is technically held in South Africa.
Tax efficiency:
Tax on income earned such as local interest and capital gains will be payable as per your marginal tax rate (18%-45%). Capital gains tax rate up to 18%.
Withdrawals:
Withdrawals can be made at any time and the money will reflect in your bank account in 5 business days.
Estate benefits:
No estate benefits, the investment will form part of your South African deceased estate upon your death.
Minimum investment:
R50,000
Direct offshore platform in hard currency
You can invest into an offshore unit trust account in foreign currency and the money can be invested into offshore unit trusts in
USD, GBP, EUR etc.
If the money is currently held in Rands, individuals can take up to R1million offshore per calendar year as a discretionary allowance. Any additional amount above R1million will be subject to a SARS tax clearance being requested. Money can be withdrawn from the account at any time.
Tax efficiency:
Foreign income will be subject to SA income tax at your marginal rate of tax (18%-45%). Capital gains will be payable upon withdrawal or switching in the investment. Capital gains tax rate up to 18%.
Withdrawals:
Withdrawals can be made at any time and the money will reflect in your bank account in 15 business days.
Estate benefits:
No estate benefits, the investment will form part of your South African deceased estate upon your death.
Minimum investment:
$3,500
Direct offshore wrapper in hard currency
You can invest into an offshore “wrapper” in the Isle of Man which is an investment product with certain tax benefits and restrictions. The money can be invested into offshore unit trusts in USD, GBP, EUR etc.
If the money is currently held in Rands, individuals can take up to R1million offshore per calendar year as a discretionary allowance. Any additional amount above R1million will be subject to a SARS tax clearance being requested. The “wrapper” has significant tax and estate advantages for high marginal tax payers.
Tax efficiency:
Tax will be paid by the institution on behalf of the investor. Capital gains will be taxed at a flat rate of 12% upon withdrawal or switching in the investment.
Withdrawals:
Withdrawals can be made at any time but they are restricted in the 5-year restriction period, limited to the initial capital amount plus 5% compound interest.
Estate benefits:
You can nominate a beneficiary/ies on the account and the investment will transfer directly upon your death. No executors fees will apply. The investment will form part of your South African deceased estate.
Minimum investment:
$20,000
Key features of the offshore wrapper
Lower tax rate and liability
Beneficiary nomination
Tax administration/simplification
Investonline’s Role
Further reading
Read our offshore FAQs for more information.