n Without Prejudice - South African wealth abroad : financial law
|Article Title||South African wealth abroad : financial law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Author||Anthony Markham and Dalila Ver Elst|
|Publication Date||Dec 2012|
|Pages||32 - 33|
In its first-world manifestation, South Africa is a high-tax jurisdiction with a fairly sophisticated tax system and exchange control. In its third-world manifestation it grapples with crime, corruption and poverty. This may explain the drive among South Africans to have not just personal but also financial safety by diversifying their investments out of South Africa. They are looking for wider markets, different currencies, different counter-parties, banks and investment media.
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