Quick ques­tion

Marie Claire (South Africa) - - @WORK -

You don’t have to own a yacht to in­vest over­seas – off­shore bank­ing ac­counts have be­come in­creas­ingly ac­ces­si­ble. Po­lit­i­cal risk and fall­ing com­mod­ity prices have an im­pact on cur­rency, says Deon de Klerk, head of Africa and in­ter­na­tional wealth and in­vest­ment for Stan­dard Bank Group. ‘When cur­ren­cies de­pre­ci­ate, it is pru­dent to have other op­tions, like off­shore in­vest­ment,’ he says. The bene ts in­clude that you can pre­serve your wealth through off­shore trusts that are in hard cur­rency, and that a por­tion of your wealth is pro­tected from volatile rand uc­tu­a­tions. ‘The na­tional ex­change con­trol al­lows a per­son R10 mil­lion for in­vest­ing off­shore, and there are no re­stric­tions to bring funds back into South Africa,’ Deon says. Speak to your bank about the op­tion best for you, which could in­clude a for­eign cur­rency ac­count linked to your lo­cal ac­count, or a full off­shore bank­ing ac­count.

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