finglobal.com clearly is a trusted adviser and voice for the people when it comes to all aspects of cross-border finance. It is therefore no surprise that the company was mentioned in the business section of the Afrikaans newspaper, Rapport, at the weekend.
More people seeking green grass beyond SA borders
The article, written by Liesl Peyper, discusses the surging tendency for South Africans to invest their money outside country borders. Whether resident of South Africa, or emigrant living overseas, the current state of the Rand and fears for South Africa’s economy seem to be driving individuals to move their money offshore.
finglobal.com managing director, Ryno Viljoen, informed Peyper that finglobal.com has seen a 15% increase in financial migration enquiries in December. This is a significant increase for a period which usually sees a drop-off in client interaction – as most people temporarily close shop and focus on recreational pursuits in line with the festive period in most countries. This increase has been attributed to President Jacob Zuma’s questionable cabinet changes which saw Minister of Finance, Nhlanhla Nene, replaced with the relatively unknown Des van Rooyen, who was subsequently replaced by Pravin Gordhan.
In addition to the economic upheaval brought on by these changes, the Rand has been negatively impacted by anticipated interest rate hikes in the US, as well as the economic turmoil at play in China.
Head of investment at Gryphon Asset Management, Reuben Beelders, states that offshore investment simply makes more sense due to the opportunity for diversification of assets and more positive projections for international currencies.
Investment strategist at Citadel Wealth Management, Maarten Ackerman, said that it’s unlikely that the Rand will bounce back to a R12 exchange rate to the dollar, although he doesn’t foresee the currency to devalue quite as steeply in 2016 as other analysts believe. He does, however, believe that the Rand will only rebound to previous exchange rates once commodity prices have recovered.
Are you considering offshore investment?
Whether you have relocated to abroad and want to transfer the proceeds of your retirement annuity or pension funds offshore, or are considering offshore investment, finglobal.com can administer the process for you.
As an authorised financial services provider and Reserve Bank approved intermediary, we can assist with all your financial migration needs. Simply leave your details and we’ll call you for an obligation-free consultation.