Asset Swap
Where investors have reached their foreign investment allowance limit they can utilise Marriott's asset swap capacity to invest in FWHRE. This facility is also available to trusts and companies wishing to invest into FWHRE.
Estate Planning Features
The options of a death bed donation and/or joint account are available as estate planning features.
Death Bed Donation
A death bed donation (for South African investors only) is the permissible mechanism for transferring ownership to surviving beneficiaries. The investment will not form part of an offshore estate for probate purposes.
From a South African tax perspective death bed donations are deemed to be dutiable property of the deceased estate* and therefore still attract estate duty. To avoid double taxation, however, they are excluded from donations tax**
* in terms of Section 3(3)(b) of the South Africa Estate Duty Act
** in terms of section 56(1) of the South African Income Tax Act
Joint Account Holders
There are two options for joint investors. One option is where, in the event of the death of one joint holder, the whole of the portfolio will automatically vest in the joint surviving holder or holders. The other option is where joint investors elect individual death bed donations. In this option, in the event of the death of one joint holder, the donation has precedence and the investor's portion of the account will be transferred to the listed beneficiaries and does not vest in the surviving joint holder.
Joint accounts and death bed donations can be elected in the International Investment Mandate. Investors are encouraged to seek independent tax advice suitable to their personal circumstances.