SASSA grants payment dates for May 2023 have been announced and confirmed. Staying informed about payment dates is crucial for beneficiaries receiving financial assistance through various grants provided by the South African Social Security Agency (SASSA).
SASSA grants are designed to help those in need, including vulnerable households with children, persons with disabilities, and older individuals.
These grants, such as the Old Age Grant, Disability Grant, Child Support Grant, and Foster Child Grant among others, provide much-needed support for covering basic living expenses and healthcare costs.
As a lifeline for many beneficiaries, it’s essential to be aware of the May 2023 payment schedule to avoid any disruptions or delays in receiving funds.
SASSA Grants Payment Dates for May 2023 Here are the SASSA grants payment dates for May 2023:
Wednesday, 03 May 2023: Older Person’s Grant Thursday, 04 May 2023: Disability Friday, 05 May 2023: Child Support Grant and all other grants
Payment Method Reminder It’s important to note that the payment dates mentioned above only apply to beneficiaries who receive their grants through the South African Post Office (SAPO). If you receive your grant through other payment methods, like a bank account, you may have to wait for notification that your funds have been deposited into your account.
SASSA SRD R350 Grant Payment Dates for May 2023 The COVID-19 SRD R350 grant payment dates are not fixed and are subject to change. To stay informed about any updates, individuals who receive this grant are encouraged to check the SASSA website or social media pages frequently. Additionally, it is advised to check the SASSA status regularly for pending months.
SASSA has mentioned that there’s no need for beneficiaries to reapply for the SRD grant this month, the grant will continue till March 2024 and eligibility will be verified every month by SASSA.
Keeping Personal and Financial Information Updated Aside from being aware of payment dates, it’s crucial for beneficiaries to keep their personal and financial information up-to-date with SASSA. This includes details like banking information, contact information, and employment status. Keeping this information updated is key to avoid any delays or disruptions in receiving SASSA grants.
Meeting Eligibility Criteria It’s also worth noting that SASSA regularly reviews beneficiaries’ eligibility for grants. To continue receiving assistance without interruptions, beneficiaries need to meet the eligibility criteria such as income requirements and age limits. Failure to meet these criteria may result in suspension or termination of the grant.
In conclusion, SASSA grants play a vital role in providing financial assistance to vulnerable individuals and families in South Africa. It’s crucial for beneficiaries to know the May payment dates and keep their personal and financial information updated while meeting eligibility criteria. By doing so, they can avoid any disruptions in receiving much-needed support from SASSA which remains committed to helping those in need.
The good news about the South Africa Reserve Bank’s decision to raise interest rates. The South African Reserve Bank’s recent decision to raise interest rates by 50 basis points will undoubtedly put pressure on debt holders. However, the move has a positive side, according to Thalia Petousis, portfolio manager at Allan Gray.
Petousis stated that the higher interest rates make South Africa a more attractive destination for investors, and it shows that South Africa’s central bank is actively executing its mandate.
Petousis notes that South Africa’s money market is quickly becoming a saver’s haven, with the overnight repo rate of 7.75% being its highest level in almost 14 years. However, the SARB will adjust the repo rate depending on how confident it is that South Africa’s consumer price inflation (CPI) is getting closer to its target of 4.5% year-on-year, with the latest data print for February CPI at a still-elevated level of 7%.
decision to raise interest rates
South Africa’s food inflation is also garnering more attention, with the impact of load shedding bleeding into elevated production costs and wreaking havoc on food retailers’ business operations. The SARB has remarked on several occasions that SA food price inflation is rising much faster than their models suggested, most recently at 14% year-on-year in February.
The dismal state of the country’s trade balance is also a key factor in the SARB’s decision to raise rates. Petousis explains that this has swung sharply into deficit given the decline in SA exports as platinum group metal prices weaken and mining production volumes are hampered by load shedding and rail failures. A “trade deficit” or “current account deficit” implies that more currency is being spent via imports than those brought into the country via exports, and it requires foreign financing to plug the gap.
Petousis notes that, against the interest rates of Mexico and Brazil at 11% and 13.8% respectively, it implies that the SARB has had some wood to chop to get SA in the running. On a real (inflation-adjusted) basis, SA’s overnight rate of just 0.75% is also meek versus those of Mexico (3.4%) and Brazil (8.2%). As a result of the SARB’s interest rate hikes, one-year bank money market instruments traded to as high as 9.1%, helping Allan Gray’s Money Market Fund to raise its weighted average yield.
The SARB has done what it can within its mandate to tackle high levels of inflation and hasn’t simply been muddling along or playing catch-up with global markets. The central bank has been quick to acknowledge that South Africa is experiencing the lowest growth period in its modern history, marked most recently by the widespread failure of basic infrastructure such as electricity, roads, rail and water.
South Africa’s problems arise from structural constraints to growth and are not issues that the blunt instrument of monetary policy can address. The SARB has an inflation-targeting mandate and must act to protect the rand and inflation so that the incomes of the neediest are not eroded. In this respect, the bank has been taking decisive action.
Petousis notes that South African banks remain well capitalised, hold sizeable buffers of high-quality liquid assets, and have large interest rate hedging programmes alongside robust risk management practices. South African banking regulations require the banks to adhere to far more stringent risk limits than those required of the US regional banks that have found themselves in troubled times.
While some would comment that South Africa simply “follows” the interest rate moves of the US, the SARB, in fact, began hiking interest rates more than a quarter ahead of the Fed back in 2021.
SASSA Grants Payment Dates for April 2023. The South African Social Security Agency (SASSA) has announced the payment dates for grants designed to assist vulnerable South Africans who are struggling to make ends meet. The grants are divided into different categories including the Older Person Grant, the Disability Grant, and the Child Support Grant.
Payment Dates for April 2023
SASSA Grants Payment Dates for April 2023:
Monday, 3 April 2023: Older Person Grant
Tuesday, 4 April 2023: Disability Grant
Wednesday, 5 April 2023: Child Support Grant and all other Grants
Beneficiaries are advised to take note of these payment dates to ensure that they receive their grants on time.
Types of Grants
The Older Person Grant is a grant for those who are 60 years and older and who do not receive any other form of social grant. The Disability Grant is a grant for those who are permanently or temporarily disabled and who are unable to work due to their disability. The Child Support Grant is a grant for those who are responsible for the care of a child under the age of 18.
Grant Money
Other forms of grants such as the Foster Child Grant, the Care Dependency Grant, and the Grant-in-Aid are also paid out by SASSA.
SASSA Grants Increase 2023
Starting from 1st April 2023, several grants in South Africa will see an increase in their payment amount.
A Closer Look at SASSA Grant Increases in 2023
SASSA SRD R350 Grant Payment Dates for April 2023
When it comes to the special COVID-19 SRD R350 grant, payment dates are not set in stone. Beneficiaries who receive this grant are advised to stay updated by checking the SASSA website or social media pages for any changes. It is also recommended to regularly check payment status, which will provide more information on which months are still pending.
Payment Channels
SASSA offers different payment channels, such as ATMs, merchants, and PostBank offices. Beneficiaries are encouraged to choose the channel that suits them best, taking into consideration convenience and safety.
SASSA Grants Payment Dates for April 2023: Application Process and Eligibility
Applications for all social grants can be made at local SASSA offices. Applicants are required to provide proof of identity, income, and residency in order to qualify for a grant. SASSA also conducts regular reviews of grant recipients’ eligibility, and recipients are required to provide updated information as necessary.
Social grants play an important role in supporting vulnerable individuals and families across South Africa. Knowing when these grants will be paid can help recipients plan their finances and ensure that they have the necessary funds to cover their expenses. With the payment dates for April 2023 now announced, grant recipients can make sure that they are prepared to receive their payments on time.
What is the current situation of poverty in South Africa? A Deep Dive into the Current Situation
South Africa is a country with a rich history and diverse culture, but unfortunately, poverty is still a major issue in the country. Despite being classified as an upper-middle-income country by the World Bank, poverty remains a persistent problem, affecting a large proportion of the population.
According to recent statistics, more than half of the South African population lives below the poverty line. The poverty line is defined as the minimum amount of money required to afford basic food and non-food items. For 2021, the poverty line in South Africa is set at R585 per month per person, which is equivalent to around $39. This means that millions of South Africans are struggling to meet their basic needs and live with dignity.
The impact of poverty in South Africa is far-reaching and affects individuals and families in multiple ways. Poor families often struggle to provide adequate nutrition and healthcare for their children, which can lead to long-term health problems and lower educational attainment. Poverty can also lead to social exclusion and discrimination, as well as increased levels of crime and violence in some communities.
One of the factors that contribute to poverty in South Africa is the high unemployment rate. According to recent figures, the unemployment rate in South Africa stands at around 27%, with youth unemployment being even higher at over 50%. This means that many South Africans are unable to secure regular employment and generate a stable income to support themselves and their families.
Another factor contributing to poverty is inequality. Despite being one of the wealthiest countries in Africa, South Africa has one of the highest levels of income inequality in the world. The richest 10% of South Africans earn more than half of the country’s income, while the poorest 40% earn just 3% of the total income. This means that a small minority of South Africans have access to resources and opportunities, while the majority are left behind.
The South African government has implemented various programs and policies to address poverty in the country. One of the most significant of these is the social grant system, which provides financial assistance to vulnerable individuals and families. The grants include the Older Person Grant, the Disability Grant, and the Child Support Grant, among others. However, the grant system has been criticized for being inadequate and not reaching all those in need.
In conclusion, poverty remains a significant challenge in South Africa, affecting millions of people and contributing to social and economic inequality. Addressing poverty will require a multi-faceted approach that tackles unemployment, inequality, and access to basic services and opportunities. It is important that the South African government and society as a whole work together to ensure that all citizens can live with dignity and have the opportunity to reach their full potential.
Bitcoin Climbs Toward R538,800.47. Here is How to Buy Bitcoin in South Africa in 2023. On Wednesday, Bitcoin continued its upward momentum towards $30,000, rising for a second consecutive day. The largest cryptocurrency by market value surged by up to 4.9% to $28,638, after reaching almost $29,000 on 22 March, its highest level since June.
The increase in Bitcoin’s price has coincided with a renewed risk appetite across global markets, with other digital tokens also seeing significant gains. XRP jumped by around 9%, Cardano increased by 7%, and Polygon rose by 4%, while Ether experienced an increase of less than 2%.
The price of Bitcoin had touched a 10-day low on Monday following Binance Holding’s legal woes. The world’s largest cryptocurrency exchange was sued by the US Commodity Futures Trading Commission for allegedly breaking trading and derivatives rules. However, Binance has refuted these allegations, stating that it disagrees with the characterisation of many of the issues alleged in the complaint.
Technical analysts predict that the price gains of Bitcoin may continue, as the “relative strength index” or RSI crossed a crucial threshold on Wednesday. The RSI is a measure used by analysts to determine the momentum of an asset’s price.
Bitcoin’s monthly RSI crossed above 50, which is a level that it had fallen below in May last year following the collapse of Terra’s algorithmic stablecoin project. A move above 50 indicates that the price momentum has shifted to a bullish regime, while a move below signifies the opposite.
How to Buy Bitcoin in South Africa in 2023
As the adoption of bitcoin grows in South Africa, it is essential to learn how to purchase bitcoin without being scammed. In this article, we will explain the state of bitcoin in South Africa, reasons to buy bitcoin in South Africa, and how to purchase bitcoin on the Yellow Card platform.
The State of Bitcoin in South Africa
More than 47% of South African adults use cryptocurrencies, with 53% of those yet to invest planning to do so in the future, according to KLA. The need for a better way to make global money transfers has helped increase bitcoin adoption in South Africa. Finder’s Cryptocurrency Adoption Index report shows that 4 million South Africans own cryptocurrencies, with the rand’s high volatility discouraging many investors from saving in rands. Additionally, banking transactions in African countries are costly and time-consuming, while transactions involving bitcoin are rapid and far cheaper, which also drives adoption. Anti-money laundering (AML) legislation in South Africa now protects crypto users.
Why You Should Buy Bitcoin in South Africa
Bitcoin has several advantages over other payment methods, including:
No banking fees
Low transaction fees for international payments
Mobile-friendly and secure transactions
International currency
Faster transaction time
Where to Buy Bitcoin in South Africa
Yellow Card is a well-known and reliable bitcoin exchange in South Africa that offers a digital platform to trade, sell, store, and buy bitcoin. You can buy bitcoin with fiat money electronically transferred from your bank account, as well as sell your bitcoin and receive the proceeds directly in your bank account.
How to Buy Bitcoin in South Africa in 3 Simple Steps
Fund your account with South African Rand (ZAR) at zero fees.
Buy bitcoin.
Is Bitcoin Legal in South Africa?
Selling and buying bitcoin is legal in South Africa, although it is not fully regulated. The South African Reserve Bank (SARB) has stated that bitcoin does not meet the country’s legal tender definition. While crypto trading is risky and unregulated in South Africa, the government is working on new laws to protect citizens. The SARB has stated that any profits from these trades are taxed, so you should ensure that you are crypto-tax compliant in South Africa.
South Africa Billionaires List for 2023. South Africa, the country’s billionaire population has grown over the last few years, with Johann Rupert and Nicky Oppenheimer ranking as the two richest people in the country. However, this has not translated into broad-based economic growth, and the impact of the pandemic has hit the poorest communities the hardest.
The Hurun Report, a Chinese company that specializes in the tracking of the world’s richest people, has published its global rich list for 2023, ranking over 3,112 billionaires worldwide, including five from South Africa. The report shows that the world has lost hundreds of billionaires over the last 12 months, with the final tally down 8% from 3,381 last year. In addition to this, total billionaire wealth was also down 10% compared to last year, with the richest people in the world worth a cumulative US$13.7 trillion.
Wealth Increases and Decreases
Assessing the fortunes of the world’s elite, Hurun noted that 1,078 billionaires saw their wealth increase over the year, of which 176 were new faces. Meanwhile, 2,479 saw their wealth decrease or stay the same, whereas 445 dropped off the ranking.
A notable change in 2023’s ranking is that French business magnate Bernard Arnault took the title of the world’s richest man, becoming the fifth person to take the title in the last decade. Others to be named as such include Carlos Slim, Bill Gates, Jeff Bezos, and Elon Musk.
South Africa Billionaires List for 2023 Out Now
Musk was ranked as the richest man in the world in 2022, but at one point during the year lost US$100 billion, as Tesla shed US$700 billion of value. He managed to only recover around US$50 billion by the end of the year.
Tech Ventures Flopping
It was a difficult year for wealth creation in general, Hurun said, noting that many tech ventures ended up flopping. Meta (Facebook) founder Mark Zuckerberg lost US$35 billion on the failed ‘metaverse’ venture, before aggressively cutting costs and seeing almost US$20 billion come back. However, some did not come back, the group said, such as Sam Bankman-Fried’s US$21 billion fortune, after the collapse of crypto exchange FTX.
Semiconductor billionaires also had a bad year as oversupply shook down valuations. Biotech dropped as a Covid-fuelled rally unwound.
“In the era of ChatGPT and the electric car revolution, it seems incongruous that the world’s richest person made his money from selling luxury,” the group said.
“Despite all the uncertainties with the cost-of-living crisis, the owners of Louis Vuitton, Hermes, Gucci, Chanel, Cartier, Patek Philippe and Prada have had a record-breaking year, as sales in Europe, the US, and Japan have rocketed, and well-heeled Americans have taken advantage of the dollar’s strength in the UK and Europe.”
“It has been a good year for billionaires in fertilizer, oil & gas, and iron, as well as those able to capitalize on the surge in demand for soft drinks, confectionary, casinos, hotels, sports clubs, and luxury.”
South Africa’s Billionaires
Rank (2023)
Name
Net worth (Jan-22)
Net worth (Jan-23)
Change
187
Johann Rupert
$10.0 billion
$11.0 billion
+ $1.0 billion
287
Nicky Oppenheimer
$8.1 billion
$8.3 billion
+ $0.2 billion
1226
Koos Bekker
$2.6 billion
$2.7 billion
+ $0.1 billion
1682
Patrice Motsepe
$2.3 billion
$2.0 billion
– $0.3 billion
2451
Michiel le Roux
$1.6 billion
$1.3 billion
– $0.3 billion
South Africa’s Billionaires
The Impact of the Pandemic on Billionaires
One of the key factors affecting the global billionaire population has been the Covid-19 pandemic. The pandemic has caused significant economic disruption, leading to widespread job losses and business closures.
While the impact of the pandemic has been felt across all sectors, some billionaires have been better positioned to weather the storm than others. Those with investments in e-commerce, healthcare, and technology have generally fared well, while those with exposure to the travel and hospitality industries have been hit hard.
In South Africa, the economic impact of the pandemic has been severe, exacerbating existing inequalities and hitting the poorest communities the hardest. While the country’s billionaire population has seen significant growth over the last few years, this has not translated into broad-based economic growth.
The Hurun Global Rich List for 2023 provides a snapshot of the world’s billionaire population and highlights some of the key trends and changes over the last year. While the pandemic has caused significant economic disruption, some billionaires have been better positioned to weather the storm than others.
As the world continues to grapple with the pandemic and its aftermath, it remains to be seen how the billionaire population will evolve and what impact this will have on broader economic and social trends.
Learn about the Older Persons Grant in South Africa, including requirements, means test, application process, and payment details. Get all the information you need to apply for this government grant.
Introduction:
The Older Persons Grant, also known as the old age pension grant, is a payment from the government of South Africa to people residing in South Africa over the age of 60 years.
Requirements for the SASSA Older Persons Grant:
To apply for the SASSA Older Persons Grant, applicants must meet certain criteria, including being a South African citizen, a permanent resident, or a refugee, residing within South Africa, and being over 60 years old. Additionally, applicants and their spouse must meet the requirements of a means test, which considers their income and assets. Applicants must not have assets valued at over R1 313 400 if single or R2 626 800 if married, and must not be receiving care in a state institution or any other social grant for themselves.
South African Older Persons Grant
Means Test for the SASSA Older Persons Grant:
A means test is a method of evaluating an applicant’s income and assets to determine whether they qualify for a grant. To pass the means test, single applicants must not earn more than R92 520 a year, while married applicants must not earn more than a combined income of R185 040 a year (as of October 2022). Applicants who are married will have half of the annual joint income taken into consideration.
To apply for the SASSA Older Persons Grant, applicants should visit a SASSA office or apply online if possible. If applicants are unable to visit the SASSA office, they may have a family member or friend apply for them. Applicants must complete the application form in the presence of a SASSA officer who can assist them if necessary. After the application form is completed, applicants will receive a dated stamped receipt, which they must keep as proof of application. The application process is free.
Documents Required When Applying for an Older Persons Grant:
Applicants must take along several documents when applying for the Old Persons Grant through SASSA. These include an ID document, refugee status permit and 13-digit refugee ID if applicable, proof of marital status, proof of residence, proof of income or dividends, proof of assets, proof of private pension, three months’ bank statements, and unemployment insurance fund or discharge certificate from the previous employer if they were employed.
Older Persons Grant Outcome:
Applications for the Older Persons Grant are assessed within three months, and applicants are informed in writing whether their application was approved or rejected. If rejected, SASSA will provide a reason for the rejection. Applicants may request SASSA to reassess their application or appeal to the Minister of Social Development if their application is rejected after reconsideration.
Older Persons Grant Payments: After approval, applicants will start receiving payments within three months of applying, and payments will be backdated to the application date. Applicants can check the next SASSA payment date online.
HOW TO CONTACT SASSA REGARDING OLDER PERSONS GRANT APPLICATION QUERIES
If you have any queries regarding your Older Persons Grant application, you can contact SASSA through the following channels:
You can also visit your nearest SASSA office for assistance with your application.
CONCLUSION
The Older Persons Grant is an important source of financial assistance for elderly South Africans who meet the eligibility criteria. By meeting the requirements and completing the application process, eligible individuals can receive monthly payments to help them meet their basic needs. If you have any questions or concerns about the application process or your eligibility, don’t hesitate to contact SASSA for assistance.
Pet insurance is becoming increasingly popular among pet owners in South Africa. With the rising costs of veterinary care, having pet insurance can provide peace of mind and financial protection in case of unexpected medical expenses. However, with so many insurance options available, it can be difficult to determine which one is the best for you and your furry friend. In this article, we will discuss some of the best pet insurance options available in South Africa.
Oneplan offers comprehensive pet insurance coverage for dogs and cats, including accidental injury, illness, and routine care. Their unique “Onecard” system allows for instant payment at the vet, without the need for upfront payment or reimbursement. They also offer a range of customizable plans to fit your specific needs and budget.
Hollard offers pet insurance coverage for dogs and cats, with the option to add on routine care coverage. Their policies include coverage for accidental injury, illness, and emergency medical treatment. Hollard also offers a 30-day money-back guarantee and no upper age limit for coverage.
dotsure.co.za offers pet insurance coverage for dogs, cats, and horses, with customizable plans to fit your needs. Their policies include coverage for accidental injury, illness, and routine care. They also offer an optional add-on for wellness benefits, which includes coverage for vaccinations, dental care, and more.
Medipet offers pet insurance coverage for dogs and cats, including accidental injury, illness, and routine care. Their policies include no upper age limit for coverage and cover for hereditary and congenital conditions. They also offer an optional add-on for emergency evacuation coverage.
PetSure offers pet insurance coverage for dogs and cats, including accidental injury, illness, and routine care. They offer a range of customizable plans to fit your specific needs and budget. PetSure also has a network of over 4000 vets across South Africa.
When choosing pet insurance, it is important to consider factors such as coverage options, price, and customer service. It is also important to carefully read and understand the policy documents before purchasing. With the right pet insurance coverage, you can ensure that your furry friend receives the best possible medical care without breaking the bank.
Affordable Insurance Policies in South Africa. Looking for affordable insurance policies in South Africa? From car insurance to medical insurance, find the coverage you need at a price you can afford. Discover the cheapest insurance providers, average costs, and contact details of top insurers.
Insurance is an essential aspect of modern living, offering peace of mind and protection against the unexpected. However, finding the right insurance coverage can be a daunting task, especially if you are on a tight budget. In South Africa, many insurance companies offer a range of affordable insurance options to cater to every need. From car insurance to medical insurance and pet insurance, there is an option for everyone.
Affordable Insurance Policies in South Africa in 2023
Affordable Insurance Policies in South Africa in 2023: From Car to Medical Insurance
If you are looking for the cheapest insurance policy in South Africa, it is essential to do your research. The cost of insurance can vary significantly from one provider to another. Some insurance companies offer cheaper rates for certain types of coverage, while others may offer discounts for bundling policies. By comparing different insurance providers and their offerings, you can find the cheapest insurance options that meet your needs.
Affordable Car Insurance in South Africa
Car insurance is a mandatory requirement for all drivers in South Africa. While it may seem like an unnecessary expense, car insurance is critical in protecting you against financial loss in case of an accident. The good news is that there are affordable car insurance options available in South Africa. Factors such as the type of vehicle, driving record, and age can affect the cost of car insurance. On average, car insurance in South Africa can cost anywhere from R500 to R3000 per month.
Affordable Medical Insurance South Africa
Medical insurance is essential in South Africa, where private healthcare costs can be exorbitant. However, medical insurance can also be expensive, leaving many South Africans uninsured. Fortunately, there are affordable medical insurance options available in South Africa. These options may include basic medical coverage, hospital plans, or comprehensive medical insurance. The cost of medical insurance in South Africa can vary depending on the level of coverage and the insurance provider.
Affordable Health Insurance South Africa
Health insurance is another essential insurance option in South Africa, providing protection against the high costs of medical treatment. Many South Africans are unaware that there are affordable health insurance options available. By comparing different insurance providers and their offerings, you can find an affordable health insurance plan that meets your needs and budget.
Affordable Life Insurance South Africa
Life insurance is an essential part of financial planning, providing financial protection for your loved ones in case of your untimely death. However, many South Africans avoid life insurance due to the perception that it is expensive. The good news is that there are affordable life insurance options available in South Africa. These options may include term life insurance or whole life insurance, with varying levels of coverage and premiums.
Affordable Pet Insurance South Africa
Pet insurance is an often-overlooked insurance option in South Africa, yet it is critical in protecting your furry friends’ health and wellbeing. Many South Africans assume that pet insurance is expensive, but there are affordable options available. These options may include basic coverage for accidents and illnesses or comprehensive coverage that includes routine check-ups and vaccinations.
Affordable Travel Insurance South Africa
Travel insurance is an essential insurance option for anyone planning to travel outside South Africa. Travel insurance provides coverage for medical emergencies, trip cancellations, lost baggage, and other unforeseen events. Fortunately, there are affordable travel insurance options available in South Africa, offering peace of mind and protection during your travels.
How Much Does Business Insurance Cost in South Africa?
Business insurance is essential for protecting your business against financial loss in case of unforeseen events such as theft, fire, or natural disasters. The cost of business insurance in South Africa can vary depending on the type of business, the level of coverage, and the insurance provider. On average, business insurance in South Africa can cost anywhere from R500 to R5000 per month.
If you are interested in finding affordable insurance options in South Africa, Budget Insurance is a popular choice. Budget Insurance offers a range of affordable policies. Visit their official page: https://www.budgetinsurance.co.za/contact-us/
South Africans Need To Know This Before Migrating to the United States. South Africa is among the countries with high numbers of expatriates in the United States. According to Statista, over 100,000 South Africans resided in the US in 2020, following the UK and Australia. However, before emigrating, high net-worth individuals should consider three critical areas to ensure their wealth’s security: visa options, relocation plans, and tax emigration.
Visa Options
For South Africans, the EB-5 Immigrant Investment Program is the most effective residency option for investment purposes. This program requires an investment in a business enterprise that creates job opportunities for US citizens. The program costs $900,000 in designated areas and $1.8 million in non-designated areas, and the investor and their family receive conditional permanent residence. After two years, they can apply for a green card.
South Africans Need To Know This Before Migrating to the United States
Alternatively, multinational company employees can apply for the L-1A or New Office L-1A visas, which can lead to permanent residency status. However, the once-viable E-2 visa is no longer an option for South Africans due to legal reforms.
Relocation Plan
Planning for the relocation of family, wealth, and business is crucial for high net-worth individuals. A needs analysis is the first step in this process. It is essential to consider that the US has 50 independently governed states, each with its unique culture and economy.
US
Thus, individuals should look for a state with the best business and investment opportunities and lifestyle they want for their family. A global asset inventory can also help individuals identify areas of concern, deal with regulatory issues, and create a wealth migration roadmap. Additionally, sequencing the journey carefully is crucial to ensure each step synchronizes in the long term.
Tax Emigration
Exiting South Africa is a critical step for gaining entry into the US, especially from a tax perspective. High net-worth individuals should develop a roadmap that clearly defines where they are coming from and where they want to go and outlines a definite plan on how to get there. Notably, tax obligations in South Africa do not disappear when individuals leave the country.
Emigrants must pay taxes under South Africa’s residency-based tax system in the US. Thus, they need to notify SARS and provide evidence that they will reside in another country to cease tax residency. Alternatively, they can rely on the double tax agreement (DTA) to protect their foreign wealth from being taxed twice. However, they must submit a formal application during each year’s tax return.
Emigrating to the United States requires careful planning in visa options, relocation plans, and tax emigration. High net-worth individuals must consider the EB-5 Immigrant Investment Program visa or L-1A or New Office L-1A visas. Careful planning is also crucial in relocating family, wealth, and business to the US. Additionally, they must develop a roadmap for tax emigration to avoid double taxation. By considering these areas, high net-worth South Africans can successfully emigrate to the United States.
Brain Drain: The Migration of Skilled Professionals from Africa to Europe
The issue of brain drain from African countries to Europe has been a growing concern in recent years. The exodus of highly skilled professionals, such as doctors, engineers, and scientists, has had a significant impact on the development and progress of many African nations. In this article, we will examine the extent of this problem by analyzing the statistics of the brain drain from the top five African countries to Europe in the past five years.
Nigeria
Nigeria has been experiencing a high rate of brain drain for several years. According to a report by the Nigerian government, an estimated 10,000 highly skilled professionals leave the country every year. Many of these professionals go to Europe, with the United Kingdom being the most popular destination. In 2020, Nigeria was ranked as the 9th country in the world with the highest rate of emigration to the UK.
South Africa
South Africa is another African country that has been severely affected by brain drain. According to a survey conducted by the South African Institute of Race Relations, an estimated 1 in 4 South African graduates are leaving the country in search of better job opportunities and a higher standard of living. The majority of these graduates are highly skilled professionals, including doctors, engineers, and IT specialists. Europe, particularly the United Kingdom and Germany, is the most popular destination for these professionals.
Ghana
Ghana has also been experiencing a significant brain drain in recent years. According to a report by the Ghanaian government, an estimated 1,500 highly skilled professionals leave the country every year. The most popular destinations for these professionals are the United Kingdom, Germany, and the United States.
Kenya
Kenya is another African country that has been experiencing a high rate of brain drain. According to a report by the World Bank, an estimated 30,000 highly skilled professionals leave the country every year. Many of these professionals go to Europe, with the United Kingdom being the most popular destination.
Ethiopia
Ethiopia has also been affected by brain drain in recent years. According to a report by the Ethiopian government, an estimated 2,000 highly skilled professionals leave the country every year. The majority of these professionals go to Europe, with the United Kingdom and Germany being the most popular destinations.
Impact of brain drain
The exodus of highly skilled professionals has had a significant impact on the development and progress of many African countries. The loss of doctors, engineers, and scientists has resulted in a shortage of skilled labor, which has slowed down the progress of many development projects. This, in turn, has led to a lack of investment and slow economic growth.
Moreover, the brain drain has resulted in a loss of revenue for these countries. The money spent on educating and training these professionals is lost when they leave, and the taxes that they would have paid are lost as well. This has resulted in a significant economic burden on these countries.
The issue of brain drain from African countries to Europe is a significant concern that needs to be addressed urgently. The loss of highly skilled professionals has had a detrimental impact on the development and progress of many African countries. While there is no simple solution to this problem, steps must be taken to encourage these professionals to stay in their home countries by providing better job opportunities and working conditions. This, in turn, will help these countries to achieve sustainable economic growth and development.
South Africa’s rand slips further despite usual boost from weakening dollar. Find out why the currency is feeling the pressure and how low interest rates and load shedding are adding to its woes. Warning: may cause catastrophic disappointment.
Rand slips further as US dollars gain muscle, leaving South Africa in need of a workout
South Africa’s rand has been struggling despite the weaker US dollar, which traditionally leads to the strengthening of the currency. According to Rashad Cassim, the deputy governor of the South African Reserve Bank (SARB), the rand outlook is becoming more concerning after a negative February performance.
The South African currency is closely linked to the US dollar due to trade and investment ties between the two countries, which means that various economic and political factors affect its exchange rate, including global commodity prices, inflation rates, and interest rate differentials.
When the dollar strengthens, the rand usually weakens and vice versa, but in a world where the dollar is weakening, the rand is expected to benefit along with other currencies, said Cassim. However, he also pointed out that the US economy is still performing strongly, and the market has rapidly priced in an extra half a percentage point of US Federal Reserve interest rate hikes. This has weakened the rand from around R17 per dollar in January 2023 to over R18 to the dollar recently.
Additionally, Cassim mentioned that local interest rates in South Africa are well below those in some peer economies, such as Brazil, Mexico, and Hungary. The country’s repurchase rate is at 7.25%, and the prime lending rate is at 10.75%. Investec’s chief economist Annabel Bishop suggested that the comparatively low-interest rates in South Africa, combined with high inflation, have reduced real returns, making investors look elsewhere.
The risk premium associated with the rand has also been reduced due to slower rate hikes compared to the US. Furthermore, domestic factors have not helped the rand’s situation, such as declining growth expectations due to continual load shedding, which Cassim said has mostly been negative for the rand.
On Wednesday, the rand ended 1.6% lower against the US dollar, ignoring a smaller-than-expected drop in local retail sales earlier this year. Stats SA revealed that retail sales fell 0.8% year on year in January, following a revised 0.5% fall in December.
The currency dropped significantly on March 15 after the US banking crisis spread to Europe and affected global markets. According to Reuters, the US’ blue-chip Top 40 and its broader all-share indexes fell around 3%, the lowest they have been this year. This followed a major global investment banking company Credit Suisse announcing that it was unable to increase its stake due to regulatory issues surrounding the size of its holding.
Recent data has also shown ongoing weakness in Africa’s most industrialised economy after a bigger-than-forecast fall in the fourth-quarter gross domestic product. Cassim stated that the central bank is expecting growth rates of 0.3%, 0.7%, and 1.0% for the next three years, which is a ‘very disappointing outlook’. He added that these growth rates are “catastrophically low”, and coupled with a population growth rate of about 1.2% per year, living standards will continue to deteriorate as they have since 2014.
Domestic challenges, such as severe power constraints and political instability, have taken control of the rand and added to its volatility. According to the latest Stats SA data, the country’s economy has been considerably affected by load shedding, resulting in a seasonally adjusted contraction of 1.3% in Q4 2022.
This trend of load shedding is expected to continue into 2023, putting further strain on the economy and potentially impacting the rand’s value.
Moreover, political instability in the country is also a major concern for investors. The ongoing corruption trial of former President Jacob Zuma, along with rising tensions within the ruling African National Congress (ANC) party, have raised fears of further economic and political turmoil.
Overall, the rand’s outlook appears to be uncertain and subject to a range of economic and political factors both at home and abroad. As Cassim noted, the currency’s recent decline is worrying and could have significant implications for South Africa’s economy and its citizens’ living standards.
