Even #imstaying South Africans are securing a second passport
Why South Africans want a plan B
Whether you’re an #imstaying South African or you’re starting the emigration process, there is a mutual feeling of uncertainty within the country. It’s not news to any of us that we have real issues to worry about; Eskom, economic unrest, security, the declining standard of living and an economy rated one notch above “junk status” to name just a few.
The most common reason South Africans are looking for a plan B and securing second passports is for employment and financial opportunities, followed by concerns about rising crime levels and personal safety.
Over the years, many South Africans have managed to claim British nationality claim British Citizenship and emigrate, but even if you don’t have a claim to British nationality, there are citizenship- and residency-by-investment programmes that can afford you a second passport and the associated privileges.
A second passport is an insurance package
A second citizenship provides you with benefits and privileges such as:
Visa-free travel
With a second citizenship and passport, you gain visa-free access to many desirable locations worldwide.
Tax benefits
If you are a dual citizen abroad you may be exempt from paying double taxation. This could potentially serve as an insurance policy if your home country changes its tax policy.
Financial protection
With a second passport it can be much easier to open an offshore bank account and get access to diverse investment options.
Lifestyle benefits
You and your family can benefit from world-class medical aid and education.
There is high demand for European citizenship, but you are not limited to Europe – there are many countries offering residency- and citizenship-by-investment programmes.
The leading global citizenship programmes
We have seen the number of applications for dual citizenship increase year-on-year. The most sought-after countries to invest in are:
Grenada citizenship visa
Grenada’s visa programme is so sought-after because the process is fast, easy and you don’t have to give up your current citizenship. It is an ideal route for families wanting to gain a second passport. Children up to the age of 30 can be included without needing to be enrolled in full-time education. Another major benefit of Grenadian citizenship is that it offers investors access to the US E-2 Treaty Investor visa which allows citizens to operate businesses and reside in the US.
Malta individual investor programme
If you gain Maltese citizenship through this programme it is valid for life and can be passed down to future generations. You will also be able to travel to, reside in and work or study in any of the 27 EU countries as well as Switzerland. Malta has a simplified application process which affords you a residence permit within just 60 days of approval.
Cyprus individual investor programme
The Cypriot citizenship-by-investment programme gives you and your family visa-free travel to over 170 countries and European citizenship for life that can be passed down to future generations. Cyprus offers a high quality of life and low crime rate, adding to the attraction of the programme.
Portugal’s Golden Visa programme
The Portuguese Golden Visa not only allows you to live and work in Portugal, but offers visa-free travel within the Schengen area. After five years, passport holders are eligible to apply for citizenship without having to forfeit their current citizenship. Portugal is also known for its excellent schools, universities and hospitals which makes it attractive for families and investors looking to secure their children’s future.
American EB-5 investment visa
The EB-5 visa rewards investors with a green card. The application process from start to finish take about 24 months.
If you would like to learn more about the qualifying criteria for the abovementioned routes, speak with a citizenship and immigration expert.
Dual citizenship for South Africans
A South African passport lets you travel to 102 countries visa-free, but that doesn’t include economic hubs like the US, the UK or the European Schengen area.
The South African Citizenship Act provides for the retention of South African nationality prior to the acquisition of a foreign nationality, unless you are a naturalised South African. A condition of attaining dual citizenship nationality is that you must apply and be granted permission to retain your South African nationality before you gain a foreign nationality.
If you do not obtain this prior permission, you will automatically lose your South African nationality when you receive foreign nationality.
Citizenship- and residency-by-investment seminars
Many South Africans don’t want to leave – but they do want options.
If you did not manage to secure a seat at our global citizenship and investment seminars global citizenship and investment seminars which took place across South Africa in February and March you can book a one-on-one consultation with our experts online.
No comments: