South African families are currently experiencing a number of challenges. Increasingly, South African families are looking at international wealth protection strategies, business relocation options, and residency and citizenship solutions in the UK, Europe and elsewhere. Safety, security and currency volatility are big drivers, but political, economic and educational issues play their part too.
Astute planning using qualified professional advisers who understand the specific circumstances in South Africa can help families better plan for their future.
Should I Stay or Should I Go?
Some South African families may prefer the option to remain living in South Africa, whilst at the same time taking steps to secure a right to reside elsewhere in the world. A second passport or residence card can provide access to an international platform, create opportunities to reside elsewhere and to conduct business globally.
There are currently a number of attractive Residence Schemes and International Investor Programmes in existence, each with its own criteria and benefits. Certain countries offer a second passport without the need to reside in that particular country, which provides a family with a sense of security for future use, if needed. Call it an ‘alternative insurance policy’.
Dixcart Domiciles has advised and assisted South African families with their relocation to jurisdictions such as Cyprus, Guernsey, Isle of Man, Malta, Portugal, St Kitts & Nevis and the UK. Dixcart is involved at every stage of the process; from the initial application and provision of appropriate documentation to the move itself and recommendations regarding property, schools and even restaurants.
Exit and Entrance Strategies
If families wish to move to a new location, Dixcart – working in collaboration with key professionals in South Africa – can advise on the most effective exit strategy from South Africa. In addition, pre-arrival tax and strategic planning is offered prior to arrival in the new location to make the move as tax- efficient and as smooth as possible.
Formation and Management of Companies
Most South African entrepreneurs and business owners want to continue their commercial activities and form trading and asset-protection structures in their new place of residence. Corporate structuring and ongoing management of those structures are key areas of expertise within the Dixcart Group.
Dixcart Business Centres and Professional Support Services
A number of South African entrepreneurs will want to commence business operations immediately, when they move to a new location, without having to spend capital or incur on-going costs for commercial office space, support staff and IT facilities. Dixcart Business Centres provide an efficient and cost-effective way for a new company to establish itself. Dixcart offers serviced office facilities in Guernsey, Isle of Man, Madeira (part of Portugal), Malta and the UK.
Dixcart provides a number of professional support services to companies, including recruitment of local staff, human resources and IT services. Accounting, tax advice, payroll, company secretarial and legal services can also be provided.
Preservation of Wealth, Trusts and Fund Services
Wealth preservation and management across the generations is of great importance to South African families. The Dixcart Group’s private client advisory and trust teams have extensive experience in the formation and administration of trusts, foundations and bespoke family office services. South African private clients can take advantage of these services from any one of six, fully regulated, independent trust companies located in different jurisdictions around the world.
The Dixcart offices in the Isle of Man and Malta also each hold a fund licence.
Historically, wealthy South African families have established family offices to manage their wealth around the world as effectively as possible. Appropriate family members are often involved as well as professionals with expertise in a variety of different disciplines. Dixcart has worked with many South African families over the years, advising them as to the appropriate family office structures and wealth management solutions to meet their particular needs.
Dixcart Group and Internationally Mobile South Africans
Dixcart is an independent company and has provided professional support services to South African and other families, businesses and private clients for more than 45 years. It has over 160 members of staff the vast majority of whom are professionally qualified. There are ten offices in the Group and these are located in Cyprus, Guernsey, Isle of Man, Malta, Nevis, Portugal (Lisbon and Madeira), Switzerland, the UK and South Africa.
Many senior members of staff, including those located in Dixcart offices in Cyprus, Malta, Portugal (Lisbon and Madeira), the UK and South Africa, are of South African origin.
Paul Flude (South African-qualified Attorney) and Laurence Binge (South African-born Chartered Accountant, Director) are both based in the UK after time in the Isle of Man, and are responsible for supplying family office and related services to Dixcart’s South African clients.