MyMoney Online, Personal Finance with Warren Ingram

Considering emigration? Financial planner discusses the affordability of leaving

Anecdotal evidence suggests that many South Africans are considering emigration.

A move abroad has financial consequences – often extreme – which you should be considering if you’re a would-be émigré.

pixabay.com, 2019
  • Can you afford to leave South Africa?

  • What do you need to consider before deciding if you should stay or go?

The Money Show’s Bruce Whitfield interviewed Barry O'Mahony, Certified Financial Planner (CFP) at Veritas Wealth Management.

…50% of people [his clients considering emigration] haven’t been to where they’re planning on emigrating to…

Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management

You must always retire to something. You mustn’t retire to get away from something.

Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management

The people who end up in a complete mess are the people who are driven by money first.

Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management

The later you do this in life, the more dangerous it is.

Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management

Official emigration from South Africa is a Capital Gains Tax event… all your offshore assets, they too fall into a Capital Gains Tax event… If you cash in your pension fund… you’re paying 36% tax… a game-breaker for most people…

Barry O'Mahony, Certified Financial Planner - Veritas Wealth Management

Listen to the interview in the audio below.

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This article first appeared on CapeTalk : Considering emigration? Financial planner discusses the affordability of leaving


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