LONDON, July 23, 2021 /PRNewswire/ -- From high crime rates to hard COVID-19 lockdown restrictions, many South African families are urgently seeking out ways to safeguard their future from further unpredictability. As a result, over the last year there has been a spike in demand for second citizenships which has quickly become one of the most important insurance plans for any South African to have.
Instability coupled with the economic downturn triggered by the pandemic, and the subsequent lockdowns, has seen South Africa's currency dramatically plummet. This has led to whispers of a future wealth tax that could be utilised as a way of raising government revenue which could negatively impact high net-worth and/or middle-class families. As such, a need for overseas accessibility to diversify wealth has become a key concern.
Additionally, global mobility is one of the most necessary assets in securing a future for one's family. The South African passport provides visa-free access to roughly 102 countries. Regardless of the pandemic, lengthy applications for visas restrict movement for many. Those who do not hold an additional citizenship are extremely limited in their travel freedom.
Micha Emmett, CEO of CS Global Partners, an investment immigration firm, has noted the concern amongst South Africans during this volatile time. "South Africans are proud of their country and most don't want to leave, but what if you have too? You need to know what options you have available to you. If you don't have access to another citizenship via ancestral descent, then a quick and easy route is to invest in a second citizenship through a Citizenship by Investment (CBI) programme which will give you and your family a Plan B which, given the current climate, is vital."
Dominica offers one of the most family-friendly options on the market, enabling investors to add a wide range of dependants to an application. Under its world-leading citizenship programme, families that successfully pass the necessary security checks can gain citizenship within 90 days. The programme offers two channels of investment: a one-time non-refundable contribution into a government fund or through the purchase of eco-luxury real estate. This includes property from renowned hoteliers such as Hilton, Marriott and Kempinski alongside popular boutique eco-villas.
With a Dominican citizenship comes increased travel freedom to over 140 countries and territories, close proximity to the US with a currency pegged to the dollar, and a safe home in a stable democracy.
SOURCE CS Global Partners