Seafarer bank account

As directors of trust companies forming part of Africa’s largest bank by assets, with a presence in 19 African countries, it is fair for us to say that we have significant experience implementing estate and succession plans for families with African connections. Whilst we absolutely acknowledge that each family is unique, as are their estate and succession planning needs, we do still see threads of commonality when we are approached by families wishing to establish fiduciary structures.

The extreme volatility in the global economy and financial markets over the past few years are a stark reminder that uncertainty lurks around every corner. Global stock markets have see-sawed from extreme highs to record lows over the past few years, leaving ordinary investors unsure of what to expect.

It might come as a surprise to some that family foundations give 10 times more in charitable donations than corporate foundations. According to a report by the Association of Charitable Foundations, family foundations gave £2.3 billion in 2020–21 compared to the £239 million from corporate foundations.

When considering the merits of an international bank account, decisions are often based on the unique features and lifestyle benefits that are packaged with your offshore account. What is often overlooked, however, is the convenience and flexibility you gain from being able to wield a globally-accepted debit card.

Alternative strategies to preserve and grow your wealth can sometimes be viewed as risky. That certainly can be the case if you adopt a more aggressive approach in your portfolio planning, although this is seldom the right approach for your everyday investor.

As the 2030 deadline to meet United Nations Sustainable Development Goals nears, Standard Bank Offshore is firmly behind efforts to inject urgency into global efforts.