Crytocurrency entered human consciousness only in the past few years and yet has grown phenomenally due to its revolutionary nature, being a currency tool that is practically unregulated by any formal financial institution other than the “underground” purveyors of the currency who resided online in the virtual world. In short, it introduced a convenient way to hold money, save money and spend money that was invisible but was as efficient as real fiat money itself. It was a radical idea that was quite liberating for the individual. And the fact that it was a growing phenomenon at the very outset brought many to dip their fingers into the sumptuous pie.
JOHANNESBURG — When it comes to moving your money offshore, there are several options. But each option needs to be considered seriously as it triggers off allowance and tax clearance rules. Missing a step could mean that you’d have to repatriate your funds back to South Africa and, at worse, possibly pay penalties. In this podcast, Esmerie Pienaar — a certified financial planner at Brenthurst Wealth Management — runs through several of the options and the rules thereof. It’s key advice for anybody looking to move money abroad. – Gareth van Zyl
If you are a U.S. citizen or resident and maintain an undisclosed foreign bank account, beware. As numerous prosecutions trumpeted by the IRS make clear, the stakes have never been higher and the potential liabilities can be staggering. Why worry?