Rich plot their escape from SA

schumi

schumi

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South Africa's super-rich are adding dual citizenship to their shopping lists.

Immigration experts have seen an increase in South Africans looking for a way out of the country - some are emigrating, while others want a "plan B".

The day after President Jacob Zuma's cabinet reshuffle, inquiries about emigration shot up by 250%, said Stuart James, a director at consultancy firm Intergate Immigration.

Jacques Scherman of Arton Capital, a financial advisory firm specialising in investor programmes for residence and citizenship around the world, said he first saw an increase in requests last year, at the height of the #FeesMustFall protests.

"The majority of the people who come and see me are entrepreneurs. They're successful, but they are very concerned about the political stability of the country.

"They don't want to jump ship. Most of them want to stay here, but they want to have the option to leave if radical economic transformation takes the form of seizures of property and violent attacks on their families," he said.

Scherman's clients are mostly white family men in their 40s who "want their plan B, in case they need it".
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More at: http://www.timeslive.co.za/thetimes/2017/05/03/Rich-plot-their-escape-from-SA
 
I listened to this interview, he said that it's from all classes not just the super rich. Yet headlines keeps quoting the "super rich" :erm:
 
Aqua_lung said:
I listened to this interview, he said that it's from all classes not just the super rich. Yet headlines keeps quoting the "super rich" :erm:
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Just proof that no one cares about what the poor middle class are doing, as long as they keep paying their taxes.
 
I would be extremely surprised if the "super rich" don't have plans B,C & D locked in already. They normally have people to handle the paperwork.
 
evilstebunny said:
Agree, in hindsight the early leavers turned out the real winners in this situation.
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Think there was some benefit to sticking around. Round 2011 was the sweet spot I'd say. Much earlier than that its a very mixed bag where a case can def be made for staying
 
Yes, definitely not only the rich that are jumping ship.

Department of Home Affairs spokesman Thabo Mokgola said anyone who took up citizenship in another country without informing the government could lose their South African citizenship.
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Many just leave and do not report that they have emigrated, and don't give a ***** about that.
 
OrbitalDawn said:
Right, but he's saying specifically taking up citizenship elsewhere, not just going abroad.
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That too goes unreported. Or people may have dual citizenship already. All gov sees is a flight going out and PAYE dropping to zero. That applies to about half my school class.

Despite posturing gov can't really track or measure this let alone prevent it.
 
reactor_sa said:
Just proof that no one cares about what the poor middle class are doing, as long as they keep paying their taxes.
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there is no middle class, its an illusion to keep people motivated in what they do

there are those who control, and there are those who are controlled, any other distinctions are immaterial to the bigger picture
 
BandwidthAddict said:
I would be extremely surprised if the "super rich" don't have plans B,C & D locked in already. They normally have people to handle the paperwork.
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Not to mention they hardly need plans.

They simply buy a property in whichever of the many countries allow for automatic citizenship when doing that over a certain value.
 
HavocXphere said:
That too goes unreported. Or people may have dual citizenship already. All gov sees is a flight going out and PAYE dropping to zero. That applies to about half my school class.

Despite posturing gov can't really track or measure this let alone prevent it.
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Sure, but the point is that people should know before they take up secondary citizenship that they could potentially lose their SA citizenship - in case they might have wanted to keep both.

If they don't care then it's fine, but they should be aware. :)
 
OrbitalDawn said:
Sure, but the point is that people should know before they take up secondary citizenship that they could potentially lose their SA citizenship - in case they might have wanted to keep both.

If they don't care then it's fine, but they should be aware. :)
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Most people would have researched it in detail anyway. But I still suspect there are many simply not declaring it so it's a bit fake of the gov rep to mention it in this context
 
Aqua_lung said:
I listened to this interview, he said that it's from all classes not just the super rich. Yet headlines keeps quoting the "super rich" :erm:
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They way we're heading though "super rich" probably means anyone who can afford an international flight, that's already the top, what, 20%?
 
NarrowBandFtw said:
They way we're heading though "super rich" probably means anyone who can afford an international flight, that's already the top, what, 20%?
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The government thinks anyone who earns above 20k a month is rich. Which in reality cannot buy a lot :-(
 
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