Posted on: 13-09-2021 in Expats
South Africa has made the headlines for all the wrong reasons in the last few months. Corruption, high crime rate, unemployment and the recent riots have made life difficult for South Africans.
For South Africans who would like to live somewhere far away from all these problems, there are many second citizenship options to fit their needs and budget.
One of the ways to get second citizenship is through a citizenship by investment programme offered by another country. This option might not be the cheapest, but it is one of the safest as requirements are fully clarified.
There are many countries that offer such programmes to individuals and their families with EU countries such as Portugal, Spain, Greece and some Caribbean ones being on the top of the list. Programmes vary depending on the required funds, the amount of time it would take to obtain citizenship or residency, visa rights and other factors.
While it is easy to learn the programmes’ details, processes could be complicated as you would need legal assistance as well as financial advice. This is the reason we at Holborn suggest seeking help from advisers with multiple years of experience in the market that would relieve you from stress and save you time.
The situation in South Africa is dire. During 2020, the economy suffered the worst contraction in the last 27 years. The coronavirus pandemic and the deadly riots seem to have put a strain on the economic recovery. Citizen safety has also become a topic for debate.
Obtaining second citizenship comes with many benefits that could change your life. View our infographic which helps you understand why you should consider such a move.
As mentioned earlier in the blog, there are many EU countries that offer this type of programme to non-EU citizens. The Portuguese citizenship by investment programme is one of the most attractive due to favourable terms with the Spanish and the Greek ones following suit. The programmes offered by some of the Caribbean countries are also popular choices.
The program allows you to obtain permanent residency and eventually citizenship in the country quickly. The types of investments can include capital investments, investing in real estate across the country or creating employment opportunities in the country by starting a business.
However, it should be noted that the Portuguese government has announced that it would change the programme’s requirements with the changes coming into effect as of January 1st 2022. The minimum amount required for the Portuguese golden visa is set to increase. The increase will depend on the type of investment you choose to make. The changes are as follows:
The Spanish Golden Visa gives successful applicants the right to live and work in Spain and the EU, as well as the right to travel without visa restrictions to more than 140 countries in the world. You can first obtain a residency permit and then citizenship if you invest in the following ways:
Invest in property valued at $500,000 or more
Invest $1,000,000 or more in local companies’ shares
Invest $2,000,000 or more in Spanish government bonds
Transfer capital equal to $1,000,000 into a Spanish bank account
When it comes to vacations, Spain is a favourite among Commonwealth citizens. The statistics also suggest that many of them prefer Spain as their country of residence.
The Grenadian citizenship by investment programme may be one of the newest programmes in the market but many experts suggest it as a solution for people who are after a second passport as it offers potential access to the US E2 Treaty investor visa.
If you would like to become a citizen of Grenada, all you have to do is invest either $150,000 as a donation or $220,000 in a government-approved real estate project and maintain your property in the country for at least 5 years. The cost is significantly lower when compared to similar EU programmes, and you would be able to enjoy visa-free travel to more than 150 countries.
As the future of South Africa looks grim, you have to do your best to ensure that you and your family will have the life you deserve. Obtaining a second passport opens a whole new world of opportunities for you and your loved ones. There are many options and the only thing that is needed is good and thorough research.
Our experienced advisers at Holborn are fully qualified to listen to your needs and help you make an informed decision about your future. We can offer an unparalleled variety of second residency or citizenship by investment solutions to match your needs. If you would like to know more about them, just fill in the contact form below.