South Africans can start with one basic certainty: nothing in
the South African Income Tax or Reserve Bank regulations prohibits
South African nationals from
opening a bank account, investment account or
setting up a trust overseas.
Opening an offshore account or setting up an offshore trust is a
prudent financial strategy because it provides currency protection
against rand depreciation, helps to diversify your investments and
allows access to a far greater range of investment
opportunities.
Personal circumstances will dictate the timing, but opening an
offshore bank account will typically be a practical and helpful
move long before you've build up significant wealth to
justify setting up an offshore trust. Once the decision has been
made to go offshore, the next question is how to do it as quickly
and cost effectively as possible.
