For those interested in the state of affairs in the euro-zone, take a look at this illustrative chart, courtesy of MRB Partners. The chart shows net government debt (as a percentage of GDP or the economy) on the horizontal axis and net consumer wealth (as a percentage of GDP) on the vertical axis. [read more »]
finances
National Treasury introduced an “amnesty” to enable natural persons to transfer their residences out of trust or company structures, free of capital gains tax, dividends tax, STC and transfer duty. This period of tax relief is valid from 1 October 2010 until 31 December 2012. While the tax relief is certainly to be welcomed, serious thought must be given from a financial planning perspective whether to make use of it or not. [read more »]
The Financial Times reports that China has emerged as one of the fastest growing buyers of US real estate, in what some see as a sign that China’s rich are looking to take their money out of the country. Buyers from Hong Kong and China made up the 2nd-largest group of foreign buyers of homes in the US in the year to March, behind the Canadians, accounting for $9bn of sales. This is a 23% increase on the previous year and an 88% increase from 2010. The rise of Chinese buyers has made up for declines in sales from UK and Mexican buyers. There has been a huge influx of wealthy mainland Chinese shopping for high-end properties in New York so far in 2012, ranging from $1m apartments to $20m trophy properties.
