Should I Stay or Should I Go?
As this song by the Clash in 1981 starts looping in my head it’s a question as a Wealth Manager and economist I’m asked way too frequently of late.
This question should be a lot easier to answer than it is. With an ailing economy and recent social unrest people’s concerns are understandable. I wish I could provide clarity either way however this complex issue is very personal and dependent on individual circumstances. Most people asking the question, acknowledge they would prefer to stay in our wonderful country.
The Great Tragedy
The great tragedy is those with skills and or resources are the ones with the ability to leave and start fresh in new countries. With each skilled person that leaves this country, South Africa suffers another blow to building a sustainable economic future.
Progressive countries that have applied competitive business practices to governance are working hard to attract the best global talent and wealthy individuals to ensure their place in the future of global economics. The consequence is we are losing skills and large individual taxpayers at an alarming rate.
The past 3 years has seen the number of individuals registered for tax earning over R75 000/month being more than halved. South Africa also lost about 10% of its 35 000 US Dollar millionaires over the past year according to research from New World Wealth on South Africa.
Whether you have a plan to leave, or are uncertain, or are committed to staying, I think it is important to understand the financial implications of the choices you are making.
I urge you to have these conversations with your Wealth Manager as an understanding of your long-term thinking will assist in ensuring we deliver solutions that match up to your long-term planning.
Getting the optimal setup can make a material financial difference to your long-term wealth.
With our established global partners and numerous clients that live offshore or between South Africa and other countries, we have extensive expertise and experience in providing simple and robust solutions to optimise your offshore financial outcomes.
These solutions range from just understanding how much offshore investment exposure is optimal to managing these assets, to setting up offshore pensions as well as structuring to assist you in building offshore wealth, businesses or to emigrate.
As an independent advice business, we aim to help you navigate the complex world of global investing. Due to the extensive work Harbour Wealth has done offshore to establish knowledge and partnerships we can provide clients with global financial flexibility.
The World is Becoming a Global Village
We urge clients as investors to think of themselves and their investment options in more global terms.