2 replies to this topic

[grr]

Its a bit simpler for me I suppose as I'm an SA resident working out of SA for a non-SA entity. I therefore had an opportunity to open a foreign personal bank account. SA never sees this money 'cause I fall under a different country's tax law. I'm not familiar enough to comment on SA residents wanting to move money offshore.

 

What comes to mind is possibly opening a business in the country you prefer holding funds in. There is more freedom to move SA money around as a business rather than as an individual. Having someone trustworthy in that country that can open the company for you as a shareholder then sets you on the path to SA money moving. 

 

I'm not clued up as to moving money through unit trusts/mutual funds/ETFs/share mechanisms. Hopefully there's a few people more educated on the forum that could advise for this field of questions.

Edited by grr, 24 June 2015 - 08:32 AM.

[grr]

Hi Dominant,

 

I have a savings account that gives 15.2% annually. Its with a bank based in Mongolia and I'm able to do this because I have a residency permit for the country while being a SA citizen. I'm currently reading up about moving money between accounts as its relative strength in relation to each other changes as I have exposure to USD, ZAR and MNT based personal accounts. Like buying and selling money.

 

So if you have dual citizenship you could do what I did.

[dominant]

Please share experiences on taking funds offshore for investment in unit trusts/mutual funds/ETFs/shares on the islands or US or so.

 

Need to take a bit of funds offshore, the way things are going in SA, and would appreciate to learn from successes and failures.

 

Please note, not looking for local shares/UTs with foreign exposure. Want to take funds offshore.