SA Treasury’s shock Exchange Control tightening - Magnus Heystek on why, and how citizens will react

[@JoshuaAndrewsza]

Magnus is spot on! As a young person I've seen all my friends leave before building up assets

[@JoshuaAndrewsza]

@Jasonv van Heerden Correct, but this is a criminal offense as you violate exchange controls. Sarb and sars have explicitly commented on this

[@madeleinedonaldson4422]

What about The Gold Mafia?

[@gerasmus]

@@JoshuaAndrewsza I don't understand? When my daughter leaves SA, then starts building her portfolio abroad, she becomes criminally liable? She already has Russian and British passports. I favour her renouncing her ZA citizenship to escape foreign earned income taxes.

[@Desh951]

SA is chasing foreign investors and well-educated professionals away. SA needs to implement policies to attract investors and talented S. Africans back home. SA is not significant in the global economy and our impact is shrinking,

[@thembelandesi4741]

True!

[@gerasmus]

You are preaching to the choir. The ruling party need to change. Nothing will happen with cANCer in control.

[@josierussell3290]

Is that why President Ramaphosa kept his money in the couch. I’m lucky to find 50cents in my couch🤣🤪

[@rupertconradie8410]

Crypto looking like a good option to get money out of SA. Glad I loved money into stable coins a few years back. The ANC don’t deserve our funds

[@mkuluclive3783]

Unfit to govern, the ANC must be kicked out in anyway possible.

[@veluccivelluccimusiker4340]

SO AGREE WITH YOU ANC MUST GO AS IN YESTERDAY

[@hintersland7262]

Good interview. However, I'm struck by the worn out, lazy thinking of "Russia all bad" and "the West all good". The US & the EU will sacrifice SA if it suits their agenda. The insane hysteria over CO2, and it's part in SA's disastrous energy policy, is just one example. The EU becomes a smaller part of global GDP every year, like clockwork, mainly because of centralised socialist planning. The Democrats in the US are desperate to emulative this. Does SA really need to hitch it's wagon to the backward, regressive globalist Left?

[@kishanthakor1631]

Very insightful comment. West are always praised, yet easily ignored for the atrocities they commit. Not condoning what Russia is doing, but BRICS is the new world order.

[@KenrickBegemann]

Thank you for the information, BiZ News

[@AljonMinNamibee-dt4rk]

Money goes where money is treated best.

[@mkuluclive3783]

If one's assets are all offshore and one leaves SA the Government and SARS can go to hell.

[@gerasmus]

Take out what you can, renounce South African citizenship.

[@vlermuis2416]

correct; but it's a long process! So, start soon..... over 1.5yrs and still sending forms. Important: you must prove citizenship of another country, else HomeAffairs would make you a stateless person!

[@gregwochlik9233]

@@vlermuis2416 This comment is making me worried: the 1.5 years and not done. I'm already overseas, I have foreign citizenship, but my pension fund is held prisoner by South Africa.

[@JoshuaAndrewsza]

Is there the benefit of giving up the citizenship? Unless the foreign jurisdiction doesn't allow dual citizenship

[@duames]

Financial immigration no more south African taxation

[@olsaffa7679]

​@Joshua Andrews The way I understand it is that if dual citizenship then you have to enter SA with SA passport and in so doing your not entitled to consular assistance if something goes wrong in SA with you. Also you automatically lose SA citizenship if you accept another citizenship without applying to SA for granting dual citizenship. I don't see how SA can claim you have to pay SA taxes if you aren't a citizen anymore because you didn't apply to retain it when accepting another citizenship. Let me know if I'm wrong

[@paintingwiththestars]

good interview, another nail in the SA coffin

[@gerasmus]

I know someone who has been in ZA on marriage visa since 2009, and no citizen because she didn’t want to become tax liable. All the het kids were born in South Africa.

[@figgettit]

so what

[@gerasmus]

@@figgettit Not being an SA citizen = no SA tax payer.

[@carolphillips3182]

My father was a photographer, I was born in a darkroom. I will probably die a photographer. Having said that, at age 60, I have become a chef. I cook for every one in a pub. I love it. Who ever would have thought this even possible. And I am good at it!

[@videokfm]

We are exporting our skills at an alarming rate. Just try importing a skilled person. I personally know of a Cape Town based company that needed 5 American skilled IT people in here in RSA and the gov refused . They needed to train South Africans for those positions.

[@stblad3]

There was now a Netherlands company in SA recruiting SA programmers and IT guys to go work in the Netherlands. Considering it myself as opportunities are dwindling in this country.

[@SaffaInNewZealand]

Come to NZ! Plenty jobs here

[@nigelhendrikz2706]

You can think about this one: Elon Musk’s (one person) wealth is greater than SAs GDP!

[@IIIRotor]

the cost to a south african, to leave South Africa, is higher than the cost to leave the planet. Think about that.

[@gerasmus]

My daughters have Russian and British passports, we are encouraging the oldest to leave at first opportunity. First to Saint Petersburg (RU) and then later to UK and not come back. And then renounce South African passports.

[@veluccivelluccimusiker4340]

I HAVE USA PASSPORT AND SOCIAL SECURITY CARD RENOUNCING SA PASSPORT FOR DEFINITE LEAVING SA MORE THAN DEFINITE

[@marjendemhare5892]

I'm thinking of moving to Russia to afford retirement while the exchange rate is 4:1

[@alfiekedalfie9235]

Maybe you all should ask if voting yes in 1992 was worth it. Haha!

[@marynadewet4634]

Very interesting conversation...

[@jh-one]

Do people in RSA not buy gold as a hedge or a means to take funds overseas anymore ?

[@jaymac72]

Every single person I know who can afford to leave have either already left or currently planning to go. I wantnto renounce my citizenship of South Africa.

[@veluccivelluccimusiker4340]

SO DO I SO DO MANY LEAVING SA DEFINITELY

[@muffyemanuel]

Not Karratbars. Harold Seitz skipped with the money

[@HB_Valkyr]

Hi Alec - can you provide the link to Magnus' article on this?

[@crab-finger]

anc creating a financial berlin wall

[@goodbarbenie5477]

If U want Liberty, then there has to be Economic Liberty... U can't stagnate growth and then expect things to grow on it's own accord and for the country to prosper... But wot, can U expect from people with limited understanding of how things work or at least how things should work...???

[@rajeshgowda9022]

May I ask what change exactly are you guys referring to?

[@rajeshgowda9022]

Just for context

[@donjmaciver]

Someone has (say) 300 KR's which have been accumulated legally with taxed income and currently worth about R12 million. He is perfectly free to go and dump them in the sea but not allowed to take them (or the equivalent value) overseas. This is illogical. While the decision to dump them may not be the wisest move why is he not permitted to do with his assets as he wishes? Why does every Tom, Dick and Harry have to put their noses into his affairs? This impinges on the individual's rights as guaranteed by the constitution .

[@5801160052086]

Zim 2.0 here we come

[@maureenkusner363]

Why can't someone in the financial market speak to the government

[@veluccivelluccimusiker4340]

really do you think they will listen they TOOO BUSY FILLING THEIR POCKETS

[@innovruptly1769]

How strange it is that Japan would be aligned with the Western Nations who developed atomic weapons and dropped them on their Country. Russia, the closest major Nation and market for Japanese goods, has not done these things. In recent years Russia entered into talks with Japan on the territories of the Kuril Islands. Here, in South Africa we are repeatedly informed that the Nations Economic future is wholly dependent on exports to Europe and America (The West). What's wrong with trading with the rest of the World? If South Africa shakes of the shackles of the various trade agreements devised to strangle independent free trade decisions, just perhaps, South Africa can explore other markets. Alternatively, industrialise! Instead, of the false tourism economy which can be switched on and off purely by sentiments from abroad.

[@jaymac72]

Actually after reading your "informed" comment,maybe South Africa would be better off today it a nuclear bomb was dropped on Pretoria and Cape Town.😅😅😅

[@HM-sk2mc]

No!! On midrand, will decrease traffic 😂

[@RoelienC100]

Absolutely! Get out of dealing with the spineless western puppets of the bullies in Washington!

[@hintersland7262]

well said. Funny thing about free trade is it doesn't require trade agreements

[@BB-nw6cs]

Still beating up on the Nats. At least the old Nats knew what would happen under majority vote. Here is the proof.

[@earldurant4529]

No No No. You not getting away with that one. Nat's voted Yes and came out in numbers. Judas 30 pieces of silver? Yep.

[@BB-nw6cs]

@@earldurant4529 I used Nats because the interviewer made derogatory reference to the apartheid Nats. But you are probably right, the old Nats eventually also believed in unicorns and voted for never-never land.

[@muffyemanuel]

True re honest taxpayers

[@kobuskleyncfp6819]

I watched the interview with Magnus and Aleg, and I must say, I'm quite shocked at the one-sided view on South Africa that was presented. Investment planning is fundamentally about diversification and not putting all your eggs in one basket, whether it's offshore or onshore. If the plan is to emigrate, then it's a different scenario altogether. It's important to remember that talking negatively about our beloved South Africa can have detrimental effects on the overall perception of our country, as well as its economic growth. If one chooses to move their money out of the country, it would be more constructive to also consider selling their assets and relocating, rather than spreading a negative image of South Africa. Let's focus on promoting positivity and encouraging investment in our beautiful country, while still embracing the importance of diversification in our investment strategies. 🇿🇦

[@janbekker71]

🤣

[@southafricaismyhome814]

OVER 300000 AMERICANS LIVE IN SOUTHAFRICA WHY WHY COST OF LIVING IS CHEAP IN SOUTHAFRICA 🤭🤭🤭🤭🤭🤭🤭

[@veluccivelluccimusiker4340]

ANC IS PUTTING MORE NAILS IN THEIR COFFIN GO THEY HAVE TO 🙏🙏SOOOOON

[@goodbarbenie5477]

The ANC hogs are coming for U. No disrespect Alec...it's just as it is

[@petrusesterhuyzen2087]

Typical anc, skulking dogs ready to snap at your heels. Treasury can't control government overspending

[@trustmub1]

Africa should just work on weaning itself from the dying USD. its not looking good for America and as africans we should build and africa trade currency. an african trade curreny based on mineral resources and land.

[@goodbarbenie5477]

Not to worry my Chinas, Russia and China are gonna become South Africa's salvation my Chinas...Hahaa

[@Deontjie]

Tell that to the rhinos.

[@steveleroux6116]

The big boys are heading for the hills, writing on the walls!

[@jh-one]

Do people in RSA not buy gold as a hedge or a means to take funds overseas anymore ?