South Africans still seeking UK passports despite looming Brexit
JOHANNESBURG - The number of British citizens applying for second passports in European Union member states has skyrocketed in a bid to retain the freedom to study, work, and live in those countries after Brexit, but high net-worth South Africans in contrast are seeking U.K. passports.
High net-worth South Africans in particular are primarily driven by political and economic uncertainty, GMG managing director Sean Gaskell said. "This may give rise to populism and anti-wealth sentiment, resulting in additional political risk that could create exposure for both their families and their wealth."
While tax was not a particularly big driver for seeking out second passports globally, it was a motivator for South Africans, particularly those “who take the view that they receive nothing in return for the taxes they pay”, said Gaskell.
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