Tax Migration Traps, Offshore Trusts & Cross-Border Inheritances

Let's just touch on that a little bit.

But I think of the F&B Global account.

Yes.

Okay.

And I had this question from somebody, but I'm going to get you to answer it.

You may answer it better than I answer

it.

More eloquently.

So he said he puts money into his F&B global account.

And then when the rent weakens, he pulls it out and he puts back in.

And he says to me, how does that affect my single discretionary allowance?

Okay.

So the F&B Global account is called a global account, but it's sitting in South Africa.

So it is exactly what we did for Andrew's mom.

It's a foreign currency account.

We call it an FCA.

That's the short version.

And any South African can have one of those accounts.

We open them for lots of clients.

We can do up to 12 currencies in those accounts.

And effectively, you can use your allowances and instead of sending the funds abroad, you put it into that account.

So you've got to abide by exchange control.

So it's got to be within your allowance to enable to put the money in that account.

And then it's recorded under your allowance.

If he converts it back out, they do credit it back.