Magnus Heystek warns that the government will come after South Africans’ offshore money

Brenthurst Wealth Management founder and director, Magnus Heystek, warned that the government will eventually target offshore money held by South African citizens.

Heystek shared his view during a Truth Report interview about South Africa’s fiscal position and how South Africans can navigate it.

He is well known in investment and wealth management circles as an outspoken advocate for international diversification.

He highlighted that South Africa faces many structural issues, such as infrastructure collapse, high debt, and political mismanagement.

These problems make the country a poor environment for long-term investment and wealth preservation.

His negative views on South Africa and his preference for markets like the United States have earned him the moniker, Dr Doom.

Heystek said he wears this nickname with pride, as he was proven right by the S&P 500 and Nasdaq vastly outperforming the local indices over the last 15 years.

He added that his responsibility is towards his clients, who have gained tremendously by investing in the United States instead of South Africa.

Despite the Johannesburg Stock Exchange All Share Index’s (JSE ALSI’s) strong growth over the last two years, Heystek is not changing his strategy.

“I am not bringing back my money. Not a cent is coming back to South Africa,” he said in March 2026 at the Biznews Conference.

Heystek argued that the growth prospects remained significantly better offshore and that South Africa is a very small fish in a big pond.

He explained that investing globally provides exposure to sectors such as technology and biotechnology that are not widely available on the JSE.

Magnus Heystek urges South Africans to safeguard their investments

Heystek said that they have advised their clients to government-proof their wealth, which includes investing internationally and safeguarding these investments.

“We educated our clients to think in US Dollars. Wealth is measured in dollars, not in South African rands,” he said.

“That means we helped our clients to externalise as much of their wealth as was allowed within the law.”

The trends show that the South African government continually looks for new tax revenue to fund its excessive spending.

Heystek predicted that the state would increase taxes. “We are up against the wall, but a government can always increase taxes, which they will,” he said.

“I predict that South Africans’ offshore investments will become a target. One way or the other, the government will target that money.”

He advises his clients with offshore investments, which are still in their hands, to put the money in a trust. “Cut the link. That is the best thing you can do,” he said.

“That is the final part of the puzzle on how South Africans can save on tax and protect their wealth.”

Heystek said that wealthy people in South Africa have always moved their money offshore and put it into trusts.