The poor economic outlook, weak investment climate and concerns about property ownership are all reasons affluent South Africans are looking for a second citizenship as a matter of priority, says Nadia Read-Thaele, director of LIO Global, World Residence and Citizenship.
This year has seen a notable rise in emigrations and HNWI (high net-worth) individuals looking to shift some of their wealth into offshore destinations to secure a second residency or citizenship, said Read-Thaele.
“Many clients do not actually want to leave the country, but want a second passport as a security option,” Read-Thaele stressed, adding that a second passport is often sought as it allows freedom of travel as many of the top European and Caribbean Programmes offer visa-free access to top international markets.
While the UK, Australia and USA are top options for emigration, these have among the highest property prices in the world and many other draw-backs for South Africans.
It is also very difficult to get into these countries, the immigration expert said.