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Online Share Trading

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Exchange controll.. and your allocation

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john_1
Super Contributor
how many of you have sent your allocation of funds ofshore and how many of you would like to send furhter funds abroad.. There might be a very tax effiecent and maybe even legal way of doing this..
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26 REPLIES 26
Not applicable
MAYBE EVEN LEGAL?????? Shoh John, you running a S***** Metal scheme? I would only be keen if TOTALLY LEGAL... Sorry but my career ambition is not to be some 27's meid in Pollsmoor. :)
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john_1
Super Contributor
that was meant in fun.. it would have to be totally legal of course..or at best untraceable..
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Not applicable
By gold coins and diamonds, make a really great bucle with the diamonds and stash the coins. Fly to whereever and sell them again. Money gone & untraceable ;-)
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john_1
Super Contributor
not sure thats legal, and certainly traceable. I know of a guy who had a peg leg and used to smuggle diamonds through africa in the cavity of the prosthetic leg..
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saash
Super Contributor
You are allowed a certain number of ounces of gold per flight, so if you buy collectible bullion you can get R50k worth in a coin of under 1oz, take it overseas, and sell to a collector. I took mine through customs, they even opened and checked them. Sure that they will make it illegal soon though. I certainly wouldn't try do this with a whole R2mil though.
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HateGauteng
Super Contributor
Is allocation still 2 mill or has it gone up to 4 mill?
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Werner_1
Super Contributor
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HateGauteng
Super Contributor
At the last SSF course I went to, the slide said R4 mill. . . Forgot to ask for clarity.
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SimonPB
Valued Contributor
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Werner_1
Super Contributor
I remember that Pravin Gordan upped it at the interim budget speech if i recall correctly. will be interesting to see what they do now at the end of this month when the budget comes out.
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Werner_1
Super Contributor
John, hows the patent coming along? Or is that what your exchange control is... create some Intelectual Property, go overseas and sell the idea? not that traceble...
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saash
Super Contributor
Oh now there's a fantastic idea. There is surely no law against taking IP overseas and selling it?
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HateGauteng
Super Contributor
With the internet, one can just email or FTP it. No need to spend money travelling.
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Not applicable
One way ... I have a cousin living in the UK which has property this side so levies and bond payments are payed from my account to his account this side and he then pays into my account over there
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john_1
Super Contributor
LOL.. actually IP is the hardest asset to relocate, many IP pro's recon its the sigle biggest reason for the continuation of exchange controls. Its called related party transfer and not only can they fine you stupid but they can nulify the patents(remove your right of monopoly.. its very strict, you also have to own 25% of any forein company if they pay you in shares, so I can get paid in shares in SA in shares from BAT but not Philip morris as the are not locally listed..
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john_1
Super Contributor
LOL.. actually IP is the hardest asset to relocate, many IP pro's recon its the sigle biggest reason for the continuation of exchange controls. Its called related party transfer and not only can they fine you stupid but they can nulify the patents(remove your right of monopoly.. its very strict, you also have to own 25% of any forein company if they pay you in shares, so I can get paid in shares in SA in shares from BAT but not Philip morris as the are not locally listed..
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john_1
Super Contributor
Werner. Hozit. I have filed the final SA patents( waiting for them to get published)also waiting on the PCT search reports from the EU, expecting a clean bill of health but who know's... I failed to recieve funding from venfin, as they felt that the Reciever would change rules to prejudice the ideas. So I went to the reciever and they have given me a ruling in my favour ( very very very very good news), I also spent last friday with the Gov (the Health Deptment) last friday consulting to them on the subject... so it may be that the next bit of legislation actually writes my patents into law ( a long shot)..so in Short.. I have not got paid yet but I am working hard at it. I will either make mega or have a fantastic story to tell about how I went broke trying...
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Werner_1
Super Contributor
Very interesting, one learns something every day... thanks for the explanation John, and good luck, i hope you hit it big! I'm holding thumbs!
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john_1
Super Contributor
thanks mate.. it will be big if I get paid.. just in SA we make 30 billion cigarettes. I hope you are ready for asset manegment, I will need help with a longer term veiw if I get paid.. But dont tell LG I said that please.
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