LONDON, Nov. 25, 2020 /PRNewswire/ -- According to a recent report by the New World Wealth and AfrAsia Bank, close to 5,000 millionaires have left South Africa in the last ten years. Load shedding, hard COVID-19 lockdowns, the local currency's decreasing status and the growing crime rates are all contributing to the anxiety South Africans face when reflecting on a future for themselves, their families and their businesses. The unrest of many in this country means that more South Africans are exploring their options to ensure they have a way out if needed.
However, it is not just millionaires leaving the country. More and more families are immigrating using ancestral connections to Europe, through family members who have moved to Australia or by making use of Citizenship by Investment (CBI) programmes. CBI programmes have been around for several decades and have recently gained popularity amongst middle-class South Africans. These programmes allow investors to economically contribute to certain countries and receive second citizenship in return.
Micha Emmett, South African born CEO of CS Global Partners, a London-headquartered legal government advisory and marketing firm, has noted a marked increase in South Africans applying to programmes, specifically in the Caribbean over the past year. "Increasingly, we have seen South Africans applying to invest in Dominica. This is in part due to its currency being pegged against the USD, but predominantly, it's due to lifestyle. The government is stable, the people are welcoming, and the landscape is beautiful," says Emmett.
"Dual citizenship means you have options – for your family, for travel and for business. Investment into a country such as Dominica provides South Africans with a climate and lifestyle very similar to their own but with the added benefit of safety, a stable economy. The bottom line is that the uncertainty South Africans are feeling warrants another plan – an investment into your future," she added.
Through Citizenship by Investment in the Commonwealth of Dominica, there is no need to forego the South African passport, and the application process is relatively quick – around 90 days or less. One of the main benefits of CBI is that it allows easier, visa-free access to countries across Europe, Asia and the Americas as well as providing a lifestyle with a more stable outlook.
SOURCE CS Global Partners