Wealthy and older SA citizen men are buying second citizenships

Published at: 09/10/2018 05:09 pm

Wealthy and older SA citizen men are buying second citizenships According to the South African BusinessInsider, the number of applicants for second citizenships through investment increased by 229% during one year. The trend continued during the first half of 2018, and the most sought-after market is still Europe. The investors are mostly older men and their families, who are looking to invest for passports of Malta and Cyprus (There are only two official citizenship by investment programmes in Europe). Meanwhile, they are not always looking to leave their home country but need the passports to have the travel of freedom and a secure second option for them and their family. Instead of the traditional destination countries as Australia, the US and UK, the South Africans are also looking for the residency by investment permits of Spain, Portugal, South American states, Botswana and recently the new citizenship programme of Moldova. According to the information from Henley and Partners, 80% of the applicants are older than 45, and 85% are male. Interestingly, only a little bit more than half of them are white, the number of inquiries shows that clients from black and Indian origins are also interested. Moreover, the number of those applicants who are not HNWIs (High Net Worth Immigrants) is also sharply increasing, and they are looking for affordable solutions or immigration structures designed for highly skilled individuals. Interestingly, most of the applicants have funds in foreign jurisdictions, and they would like to guarantee the security of their wealth by obtaining residence permits or citizenships. South Africa imposed stringent rules on capital export and created harsh conditions for the applicants of second citizenships to bring their assets abroad. On the other hand, a significant percentage of the applicants want to move to other countries because they don't see the future of their children in South Africa.


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