It can be used by anyone anywhere, including those who are resident in, or considering becoming resident in, South Africa.
Anticipated tax benefits for South African residents include:
No tax on income arising within the GRASP
No tax on capital gains arising within the GRASP
no gift or donations tax on amounts paid into the GRASP
no estate duty on the value of your GRASP when you pass away
Grasp is specifically structured for your own individual use. It is not a company pension scheme or some other form of collective plan.
Your GRASP can be funded from an existing pension plan or your personal wealth or a combination of the both and then there is no limit on additional contributions you can pay in during the years up to your nominated retirement age.
The funds within your GRASP are then free of tax so any gains and income arising to the investments within your plan are free of tax and, as a consequence, can grow that much greater and faster.
This is internationally flexible as the GRASP moves with you wherever you may choose to live or move in to later years and wherever your beneficiaries may live.
Hope this information is useful to someone.
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