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

SA Treasury has reacted to the flood of private capital legally leaving the country with a sneaky regulation change announced immediately before the May long weekend. Restrictive new compliance criteria for financial emigration and the R10m per taxpayer that can be invested offshore annually takes these options off the table. In future, South Africans wanting to invest offshore will essentially be restricted to the R1m a year no-questions-asked allowance. In this interview, Brenthurst Wealth founder Magnus Heystek explains how he picked up the shock changes and how, among other consequences, this is likely to accelerate the exporting of well-educated young South Africans - sent abroad on the urging of their families before they become registered taxpayers. He spoke to Alec Hogg of Biznews. Learn more about your ad choices. Visit megaphone.fm/adchoices