MENU
 Registered users can save articles to their personal articles list. Login here or sign up here
  Author profile
 
  11 COMMENTS

  yes hind sight is marvellous! met a guy is Sydney who left Rhodesia in 1976 for sa - then left sa in 1986 for oz- reckon he got it right!...  

 Registered users can save articles to their personal articles list. Login here or sign up here

South Africans looking to buy foreign citizenship increasing

Malta, Cyprus and Portugal remain favourites.

The number of ultra high net worth South Africans seeking foreign citizenship or residence permits by investment has doubled in 2016, says Henley & Partners.

“It’s not like all those years ago when South Africans left to Australia. Now, South Africans are realising that they don’t physically have to pack up and go. They can make wise offshore investments and gain foreign passports and/or residence, and give their families more security at the same time,” said Sandra Woest, a senior partner at Henley & Partners local office.

According to Woest, 300 to 350 South Africans have approached the citizenship and residence planning firm over the past 12 months. She said this was an increase on the previous year’s queries but would not be drawn into detail as to how many people completed the process by securing either citizenship or residency abroad. She said 95% of the people she deals with do not wish to leave South Africa but rather view gaining foreign citizenship or residency as a “plan B” and a form of security against political and economic uncertainty.

“The weak rand is scaring people and while they know that they will lose out by purchasing property overseas in euros now, people are going ahead because having property, valued in a stable currency such as euros, gives them some security,” she said.

 South Africans are most interested in the citizenship programmes on offer by the Malta and Cyprus and the Portugal residence programme, all of which offer some degree of access to the European Union, she said.

To gain Maltese citizenship, South Africans would have to make a real estate purchase of €350 000 or take a €16 000 annual property lease for a period of five years, purchase a €150 000 five-year government bond, and make a €650 000 government donation. She said the average South African family would have to lay out R1.2 million to R1.4 million, of which R500 000 would be returned after five years, in order secure citizenship in the island nation. “Last year, I would have said people would need a net asset value of R100 million to consider Malta but now, with the weak rand, people need to have a net asset value of at least R120 million,” Woest added.

South Africans would require a similar net asset value to gain citizenship by investment in Cyprus. She said the Cypriot government requires an initial real estate purchase of €2.5 million, the biggest portion of which can be sold off for up to €2 million after three years.

Woest said Portugal’s Golden Residence Permit Programme, the most successful of its kind, requires the lowest capital layout. A real estate purchase of €500 000 is required to qualify for a five-year residence permit with a Schengen card. Permanent residency can be acquired after the fifth year and residence holders can also become eligible for Portuguese citizenship, provided they meet certain criteria including basic language skills. “Portugal is a good plan B for South Africans who maybe can’t afford citizenship in Malta or Cyprus or wish to spend half of their time abroad, but it must be very well managed because of the requirements to gain citizenship in year six or thereafter,” she said, adding that South Africans with a net asset value of around R50 million should consider the Portuguese residency programme.

According to data from the Portuguese government, 82 South Africans gained residency in the country between October 2012, when the programme was introduced, and March 31 2016.  South Africans came in fourth place behind the Chinese, Brazilians and Russians, in terms of residence permits gained over the period.  

Woest said a stronger nationality with a second citizenship or residency permit gives people security.

According to the firm’s latest Quality of Nationality Index – a measure of internal factors such as the scale of an economy, human development and peace, and stability as well as external factors such as visa-free travel and the ability to work and settle abroad – South Africa ranks 89th out of 161 countries and territories.

South Africa scored 30% in 2015, 0.2% lower than the previous year, and below the global average of 38.7%. Woest said the country lagged behind due to a lack of travel and settlement freedom and a relatively low ranking of 116 out of 188 on the United Nation’s Human Development Index. South Africa, did however, score highly in terms of economic strength having placed 29th out of 179 countries on the World Bank GDP ranking. Germany, which led the Quality of Nationality Index for the fifth consecutive year scored 83.1%, the Democratic Republic of Congo came in last place with 14.3%. Malta, Cyprus and Portugal place in the top 25.

   11 comments

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up here

so explain this – when I suggest (as does magnus heystek) that people move heir funds off-shore – I get everything thrown at me – but when someone recommends getting a 2nd passport (presumably to save you and your family’s skin) not a word is said!

well I have 3 passports (sa, aus and eu) and of those I wld only stay in one place!
you can read about golden visa’s here – http://www.goldenvisas.com/ and there is a FREE brochure available

the saddest part is that anyone other than “ultra high wealth people” are being thrown to the wolves (or maybe EFF!)

So, ROBERTINSYDNEY, I take it you are using your THREE passports and your Zillions in Strong currencies to go save the non-ultra high wealth” SA’ns
Please let the SARB & other authorities know when you are arriving – they may want to talk to you
The above is, of course:
– if you are really living abroad
– really have the three passports
– really have the Zillions
– really care about the SA people.

My bet is that this is not the case.

The Global economy is going to collapse so there is no safe place for your money
in any country

Central Banks Are Printing to Avert a Global Meltdown – as Gold Miners S… https://youtu.be/XAN4-LG8wys

American Billionaire Warns to Get Out of the Stock Markets & Run to Gold https://youtu.be/XufG7iDv538

A Global Currency, Central Bank and Taxation System Quickly Being Put in… https://youtu.be/cUZYR43KhRU

First Soros…Now Jim Rogers Predicts Trillion Dollar ‘Biblical’ Crash https://youtu.be/EjaMMvoz5Lo

TRUNEWS 03/31/16 James Rickards, Terry Sacka | Days Are Numbered http://po.st/eWcSji

I will tell you!

The trouble is you and what you have to say and how you say it.
Your incessant criticism South Africans who remain in SA.
No one like a smart a** and sir you really are a prime example.
The worst is “i told you so”.

RELAX – – robertinsydney will soon get bored with getting up very early every day to post negative and stupid warnings to SA’ns.

he is not living abroad – he in in bapsfontein area, living on a small farm and hating his life

There is a dirty little secret that many (not all) South Africans in Australia won’t let you in on-they are very lonely and don’t have friends. You see, they start mixing with Aussies, and then, once they start making friends, begin spewing the racist filth that passes for dinner conversation in SA to their “fellow whites”. They are branded as racists and quietly ostracised. That’s why they come back to South African websites.

Anyone taking up the option of getting another passport or of obtaining residency rights is simply securing their options. South Africa is on a downward trajectory and for that reasons people are doing what is necessary to ensure their safety and their children future. Those who can afford it – good on them. Go for it. That will be your “Good story to tell” when the ANC tells theirs.

When Rhodesia was collapsing those that gapped it first were seen to be taking “the chicken run”, when everybody who could started to leave it was called the “owl run”. then independance arrived and things were looking rosey until Mad Bob was fully entrenched and started doing clever things like instigating landinvasions and cancelling pensions of whites , now those who want to leave can’t because they are financial prisoners.
Bob is a far smarter man than the clown running SA , and Zimbabweans are harder working and better educated than our lot. when things pop here it aint going to be pretty !

yes hind sight is marvellous! met a guy is Sydney who left Rhodesia in 1976 for sa – then left sa in 1986 for oz- reckon he got it right!

Plan B is a good idea, but who can afford it with SA rands, unless one is super-wealthy? No, a good practical idea is to apply for any residence or work visa in another country, or family sponsorship – family living overseas who can sponsor you. Just get the paperwork done asap: as an example, I’ve heard that Canada has stopped processing permanent/family visas until January 2017, because of the massive numbers of Syrian refugees being processed at the moment. So don’t wait too long in applying to foreign countries, as their immigration laws may get more restrictive much quicker than one realises.

Illphil – checking my credentials hey! contact magnus heystek and he will confirm my email address is from Australia – also my real name. then go to any nsw real estate database to see what property I own (with my wife of course). you can use

https://www.globalx.com.au/

to check the nsw property data base.

3 passports – I can give you my cousin’s name in durbanville and he will confirm this.

zillions – never believe I said this BUT I suppose if you convert Aus$ to sa rand – this it will seem like zillions.

caring about sa people- well at the moment I am supporting the people who want the old “Ellerslie” school site given back to the people who were forced out of their homes in the 60’s. at my 70th birthday later this year I will be asking for money gifts which will be passed onto them – hoping for SAR20,000. unfortunately when I posted this campaign on my old school site on fb -“sea point boys high” – they too told to me to go away and threw the EXACT same comments that the nats used in the 60’s to keep sea point effectively white

the campaign is here: http://reclaimthecity.org.za/index.php/campaigns/

Latest Currencies

ZAR / USD
ZAR / GBP
ZAR / Euro

MONEYWEB NEWSLETTERS

Subscribe to our mailing list

* indicates required
Moneyweb newsletters

Podcasts

Moneyweb Investor Issue 24

The relative strength of the rand has seen South Africans relax since the cabinet reshuffle and sovereign downgrades by S&P and Fitch. Don't be deceived - this is a self-inflicted wound. In the May issue of The Moneyweb Investor, we take a closer look to see which companies are likely to thrive and which will not, in the post-downgrade world.

Follow us:

Search Articles:Advanced Search
Click a Company:
server: 172.16.0.15