Emmigration

 

What is Financial emigration and what does it involves? – Tim Powell explain (Sable International)

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Financial emigration is an exchange control matter that allows a South African can, with the approval of the SA Reserve Bank, to be classified as a non-resident of the country, explains Tim Powell, director of forex at Sable International. South African residents who have been living abroad – but have not officially emigrated through the..
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Shocking number of South Africans selling up and leaving the country

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The FNB Estate Agents Survey results for the first quarter of 2019 has shed some light on the current market activity and sentiment. Shockingly, the survey reveals a massive jump in the number of people selling up and leaving the country. According to the lender, estate agents did not perceive further slowing in housing demand in the first quarter of 2019. Their average estimate for “serious viewers per show house prior to sale” was 9.97 viewers per show house, virtually the same as the estimate of the prior quarter. This, however, still languishes behind the historical average of 11.95 viewers since 4Q06, noted FNB economist, Siphamandla Mkhwanazi. In addition, agents did not perceive a further weakening in the balance between demand and supply in the first-quarter survey. The average time of homes on the market moved sideways at 15 weeks and 3 days from 15 weeks and 6 days in 4Q18, putting a break on a broadly rising trend since the end of 2015. “This is significantly lower than the most recent peak of 17 weeks and 6 days in 3Q18. “Notwithstanding, this suggests that current demand levels are still insufficient to mop up available supply of housing stock on the market, when compared to the long-term average of 13 weeks and 4 days since inception of the survey question in 4Q04,” said Mkhwanazi. Reasons for selling Estate agents perceive “Downscaling because of life stage” as still the most prominent reason for selling a property in South Africa, with such sales accounting for 23% of all sales, flat from the previous quarter, FNB said. However, emigration-driven sales now account for 14.2% of all sales, a big jump from 10% in 4Q18. “In fact such sales, according to estate agents, have doubled in the past two years and are, as expected, more prominent in the coastal areas and in upmarket segments,” Mkhwanazi said. On a slightly positive note, although downscaling due to financial pressure has become increasingly prominent in the past year, the estimated proportion of such sales eased to 15.9% in 1Q19, from 19% in 4Q18, FNB said. Of those who sell due to financial pressure, an estimated half opt for the rental market, and the other half opts for a cheaper property. The proportion of those who opt for rentals has, over the past year, been rising, only retreating in 1Q19 at approximately 49.01% from 68.01% in 4Q18, the lender said. “However, these trends do not appear to have benefited the rental market, as vacancies are reported to be increasing and rental inflation continues to languish below inflation. One explanation could be that households are consolidating in the rental market, opting for shared space,” said Mkhwanazi. Similarly, the survey showed a rising trend of communal living property purchases. FNB define this as people buying property jointly with friends or other extended family members with a view to living together to share expenses/repayments. The 1Q19 results show that 15.9% of respondent agents are seeing this trend increasing in their respective markets, up from 12.7% in 4Q18. “This consumer behaviour is not surprising when viewed in the context of housing expenses outpacing wage growth, and consistent with other manifestations of consumer pressures in adjacent markets, such as the passenger car market wherein total volumes are declining but the proportion of SUVs (family-oriented cars) is rising,” said Mkhwanazi.

The FNB Estate Agents Survey results for the first quarter of 2019 has shed some light on the current market activity and sentiment. Shockingly, the survey reveals a massive jump in the number of people selling up and leaving the country. According to the lender, estate agents did not perceive further slowing in housing demand..
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Some White South Africans are starting to feel unsafe and can’t find work and they are now emigrating: These are the 10 biggest factors driving South Africans abroad

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Recently-released data on emigration from South Africa shows that an alarming number of citizens are considering packing up and moving abroad. Afrobarometer has released a trove of emigration data concerning South Africa and the rest of the continent, and it’s turned up some eye-catching results. Almost half of those surveyed in Mzansi have considered living..
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ANC government welcomes foreign nationals in SA and will give them support in getting legal documentation – migrants are flooding SA, taking away job opportunities and exploiting health-care system and the ANC-regime welcomes it

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ANC government welcomes foreign nationals in SA and will give them support in getting legal documentation - migrants are flooding SA, taking away job opportunities and exploiting health-care system

Committed to ensuring that foreign nationals received support– “We welcome everyone to come through the front door.” The African National Congress (ANC) says it will deal decisively with illegal and undocumented immigrants in the country. The party’s security cluster said this on Sunday in a briefing at Luthuli House on security and stability. But it..
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It’s not just medical staff looking to find their place in the sun elsewhere in the world, as statistics show that more and more whites are leaving South Africa

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It's not just medical staff looking to find their place in the sun elsewhere in the world, as statistics show that more and more whites are leaving South Africa

It is not just only the dozens of medical staff leaving the country to find happiness and new beginnings somewhere else, as statistics show that more and more whites are leaving the South-Africa. Among the main reasons being stated are the never-ending corruption, the persistent violence that becomes unsustainable, and the unemployment rate that forces..
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South Africa’s big expat tax is coming – major changes to be introduced in tax exemption on South African expatriates

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South Africa’s big expat tax is coming - major changes to be introduced in tax exemption on South African expatriates

In 2017 the National Treasury and SARS announced that they would be introducing major changes in the tax exemption on South African expatriates. According to Claudia Aires Apicella, head of Financial Emigration at Tax Consulting SA, the legislative amendment is set to come into effect on 1 March 2020. It states that South African tax..
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Australia: Government lists 117 occupations which need foreign workers – It’s a very good day indeed for any South Africans thinking of finding work in Australia. A lucrative offer has been made by the government, but comes with T’s & C’s

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Australia: Government lists 117 occupations which need foreign workers - It's a very good day indeed for any South Africans thinking of finding work in Australia. A lucrative offer has been made by the government, but comes with T's & C's

If you’re planning on going to work in Australia, you may never get a better chance than this. Their government have embarked on a wildly ambitious plan to bring more foreign employees into the country, but it comes with a few requirements. How can I apply to work in Australia? For starters, you won’t be..
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Almost 2,000 South Africans, mostly white people, currently move on a monthly basis – numbers expected to increase in the coming years

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More and more white South Africans are emigrating due to political reasons

Experts predict that emigration amongst white South Africans seeking better lifestyle and living conditions in other countries will surge in the coming years. A recent report by Pew Research estimates that about 900,000 people born in South Africa lived in foreign countries in 2017. At the current rate it will increase by 2021 to more..
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New Zealand targeting South African teachers to tackle shortages

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New Zealand targeting South African teachers to tackle shortages

New Zealand has announced that it will need at least 850 new teaching staff to handle shortages in the coming year. In a statement released by New Zealand Education Minister Chris Hipkins in October, the country said that 650 extra primary teachers and 200 extra secondary teachers will be needed in 2019 to meet a..
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