Investment abroad can secure residency in another country
SA families looking for study and work opportunities for children are going for second passports overseas
International property group Knight Frank’s annual investment survey among the world’s super-wealthy reveals that about 15% plan to apply for a second passport or alternative citizenship in 2022. This number rises to 31% among wealthy South Africans. The main reasons include safety and quality of living, tax incentives and ease of travel.
About 30 countries still have a property-linked residence and/or citizenship-by-investment initiative in place — often called a golden visa programme.
Some countries have tightened or even scrapped their residency- and citizenship-by-investment programmes in recent months. Russia’s war in Ukraine has also prompted EU lawmakers to set up new laws to clamp down on cash-for-passport programmes to control the flow of money into the region. Requirements to qualify for a second passport may therefore become more onerous.
Chris Immelman, head of Pam Golding International, says Portugal is now top of mind for rich South Africans looking for a plan B, with the prime motivator for these families being to access global opportunities for their children to study and work.
Other destinations that are still gaining traction among SA investors include Mauritius and the US, the latter having just renewed its updated EB-5 immigrant investor regional centre programme.
Browse through the full report below (zoom in or go full screen for ease of reading):
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