Many South African families are setting up offshore portfolios planning to take their children abroad for university.Liberty Investments says it has observed a trend of more South African parents structuring their portfolios specifically for the overseas education of their children. This includes an increasing number of clients who have taken up dollar-dominated exposure as well as parents putting their annual R100 000 in tax-free donations offshore.
Liberty's lead specialist for retail investment solutions, Brandon Naidoo, says many even set up offshore accounts in their young and unborn children's names. They are planning for overseas tertiary education almost two decades ahead. Naidoo said that in many cases, it's apparent that many older parents are wary of packing up and leaving SA, but they are using their children to"test the waters" overseas. Some aren't even actively considering emigration, but they still want to send their children elsewhere.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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