South African High-Net-Worth Individuals (HNWIs) are relocating to other countries that offer dual citizenship – we explore the reasons and look at St Kitts and Nevis as an option for Citizenship by Investment for South Africans.
South Africa is facing economic turmoil and uncertainty about the future of South African citizens. The economic factors influencing South African HNWIs include rising inflation rates that impact the cost of living and business operations in South Africa. Citizenship by Investment for South Africans is, therefore, gaining popularity.
Economic factors that are contributing to HNWI’s leaving South Africa
Some economic factors affecting South African HNWIs are as follows:
Weakened South African Rand
The South African Reserve Bank Monetary Policy Committee recently voted to increase the prime lending rate to 11.75 per cent. Consequently, this led to the South African Rand becoming more volatile against the US Dollar. Unfortunately, a weakened rand makes South Africa less of a desirable destination for potential travellers and investors.
Load Shedding crisis
The load shedding energy crisis in South Africa impacts the national grid. Subsequently this affects businesses of all sizes and households. In turn, this crisis contributes to economic instability and uncertainty for global investors in the future of South Africa’s economy.
High crime rates
A recent quarterly State of Security (SoS) report conducted by the Automobile Association of South Africa (AA), indicated that “76 per cent of all respondents reported being a victim of a crime in South Africa.”
The report stated, “South Africans feel most unsafe in outdoor public spaces (45 per cent) and during their daily commute (35 per cent).” The findings stipulated 36 per cent of South African citizens “either feel only ‘somewhat safe’ (29 per cent), or ‘not safe at all’ (7 per cent) in their homes.”
Many South African HNWIs are seeking safety and security for themselves and their families.
St Kitts and Nevis Citizenship by Investment for South Africans
St Kitts and Nevis is a well governed, twin federation located in the Eastern Caribbean region. It is economically and political stability, providing the security that South African HNWIs seek when operating their businesses.
According to CS Global Partner’s World Citizenship Report (WCR) 2023, the twin federation has initiated multiple efforts to improve infrastructure developments. This has lead to enhanced safety and security to encourage South African HNWIs to create stability for themselves and their families.
The St Kitts and Nevis Citizenship by Investment Programme is the oldest and most reputable programme in the investment migration industry. The Head of St Kitts and Nevis Citizenship by Investment Unit, Michael Martin, and his team have recently introduced new and updated regulations to ensure that the programme retains the ‘platinum standard’, transparency and most importantly integrity.
Take advantage of the St Kitts and Nevis Sustainable Growth Fund Limited Time Offer!
The Sustainable Growth Fund (SGF) is one of the most effective and straightforward investment options for eligible HNWIs to acquire dual citizenship. The Sustainable Growth Fund is dedicated to developing socioeconomic initiatives that will uplift the local citizens and advance infrastructure developments in the nation.
Limited Time Offer
The Sustainable Growth Fund is an investment option where approved HNWIs can gain Citizenship by Investment to St Kitts and Nevis by financially contribute towards the twin federations.
South Africans should take advantage of the Limited Time Offer (LTO) that is available until 30 June 2023. The LTO is a unique opportunity for HNWIs to acquire dual citizenship in 60 days. Additional costs usually paired with accelerated applications fall away during this period.
These are the reduced contribution amounts during the LTO:
- US$125,000 for a single applicant;
- US$150,000 for a main applicant and spouse;
- US$170,000 for the main applicant, spouse and two dependents;
- US$10,000 for each additional dependent under 18 years of age; and
- US$25,000 for each additional dependent aged 18 or over.
There are due diligence and processing fees that are included in each application. After the LTO, from 1 July 2023, the processing time will be 90 days for non-accelerated applications. Additionally, accelerated applications will have premium due diligence fees applied.