Most of them are from non-white South Africans looking for a bolt-hole.
South Africans looking for a bolt hole in case things go pear-shaped in SA are applying in record numbers for foreign passports. Most of these are high net worth individuals looking for a Plan B in case the political or economic future deteriorates, or for ease of foreign travel and doing business abroad.
This translated into a 53% increase in applications for foreign citizenship in the second half of 2018. There was a 364% spike in inquiries in October 2018 over the same month in 2017. Of those inquiring about second passports, 85% were male, and 70% were aged between 45 and 64. Three-quarters of the inquiries came from Gauteng and Western Cape, split almost equally between the two provinces.
While most of the applicants are male, women have been applying in growing numbers over the last two years.Some of the applicants are parents wanting to give their children the best education abroad, but also for ease of movement: the SA passport has access to only 102 destinations and this number excludes the world biggest economies, such as the US, UK, Europe’s Schengen Area and Canada.
Most HNWIs looking for dual citizenship or residency are coming from India, China, South Africa, the Middle East and Russia, says Green. The reasons include visa-free global travel, political stability, world-class education and healthcare, tax efficiency, and wider business growth opportunities.Most applicants opt for residency in the first instance as it is typically less costly and an easier process to complete – and is a recognised gateway to full citizenship.
Launched in the second half of 2018, the Moldova Citizenship-by-Investment programme offers visa-free access to 121 countries including Russia, Turkey and the Schengen Area. Citizenship is transferable to future generations without restrictions.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Discovery partner in China's huge market is in robust healthDiscovery entered the health insurance market in China in 2010 when it acquired a 25% stake in a subsidiary of one of China's biggest insurance companies, Ping An Health
Read more »
Huge cost of pit toilets for school investigated after City Press exposéThe furore over the amount of money spent on a few pit latrines at a school in the Eastern Cape is becoming more intense, and a number of investigations are under way following a City Press exposé last week.
Read more »
Lions dealt a huge blow after captain Warren Whiteley rule out for at least six weeksThe Lions have been dealt a significant blow with the news that captain Warren Whiteley will be out of action for at least six weeks with a pectoral muscle injury.
Read more »
Lions dealt a huge blow after captain Warren Whiteley ruled out for at least six weeksThe Lions have been dealt a significant blow with the news that captain Warren Whiteley will be out of action for at least six weeks with a pectoral muscle injury.
Read more »
Boeing lands huge British Airways order after A380’s demiseBritain's national carrier to order up to 42 Boeing 777-9 passenger aircraft after Airbus says it will no longer make its superjumbo
Read more »
Porto — where the hordes are smaller and the delights hugeFrom grand architecture, melodious symphonies to drool-worthy cuisine, this compact Portuguese city has it all
Read more »
#MeetingsAfrica19: Is SA putting its best foot forward to draw 21-million visitors per year by 2030?MeetingsAfrica19: Is SA putting its best foot forward to draw 21-million visitors per year by 2030? | Traveller24_SA
Read more »