Wealth Advisory Newsletter

Billionaire Christo Wiese’s message to people who want to leave South Africa 

Billionaire businessman Christo Wiese believes South Africa offers great opportunities despite its challenges. In a recent kykNET interview, Wiese urged people to consider staying in the country, citing negativity that often overshadows these opportunities, reports Daily Investor. 

How rich South Africans are protecting their money 

In response to South Africa’'s unstable economic and political climate, wealthy individuals are increasingly turning to diverse strategies to protect their assets. Offshore investments, international real estate, and investment migration are some of the key approaches being adopted., reports BusinessTech. 

SARS warns it i's on the trail of taxpayers hiding crypto assets offshore 

The South African Revenue Service (SARS) is cracking down on individuals who have failed to declare cryptocurrencies amid their rapid growth. With 5.8 million South Africans reportedly holding crypto assets, SARS warns that many may not be accurately reporting their earnings for tax purposes,. reports News24. 

Prominent South African trading platform’s license withdrawn and bank accounts seized 

The Financial Sector Conduct Authority (FSCA) has provisionally revoked Banxso’'s operating licensce, prompting the Financial Intelligence Centre (FIC) to freeze seven of its bank accounts amid concerns over deepfake advertisements linked to high-profile billionaires, reports Daily Investor. 

The one South African town where property values more than tripled in 10ten years 

Property values in Elands Bay – about 220km north of Cape Town – have more than tripled since 2014, soaring from R400, 000 to R1.25 million, largely due to semigration trends and wealth migration to the Western Cape. This increase is part of a broader trend affecting West Coast towns like Yzerfontein and Langebaan, which are attracting diverse buyers seeking improved lifestyles, reports BusinessTech.