This country is attracting rich South Africans
The latest international destination to target South Africa’s wealthy for property investments and visa access into the Euro Zone, is Malta, says Seeff property group.
While there are now many destinations on the market, according to Lance Cohen, Seeff Atlantic Seaboard luxury market agent, very few actually result in citizenship and often the residency is linked to the property ownership, thus if you sell, you lose your residency.
Malta is an Archipelago of three main islands of which Malta is the largest. It is a full member of the European Union, Euro Zone and part of the Schengen region.
Investment in Malta starts from EUR200,000 (R2.7 million) to 250,000 (R3.4 million), said Cohen. It offers one of the most effective routes to Euro citizenship and offers direct citizenship within 12-14 months.
That then comes with full EU access, a significant advantage in the age of globalisation, Seeff said.
“Add to that the fact that English is the business language of the island and this is arguably the most attractive destination right now for those looking to get a foothold into the Euro Zone,” said Cohen.
Read: The best countries to “buy” your way into dual citizenship
Malta lies in the heart of the sought-after Mediterranean with quick access to Europe in under two hours, and less than three hours from London.
It has a more temperate climate year-round compared to Europe and is a popular tourist destination. There are long stretches of white sandy beaches, Seeff said.
It has the largest free port in the Mediterranean and although an on-shore low tax jurisdiction, Malta is not included among the black listed tax havens. It is business friendly and it is relatively easy to set up a business and if of course has a favourable tax climate.
Malta is one of the best performing economies within the EU and currently holds EU presidency.
There is a bustling community of expats that work on the island and it offers a very attractive Residence and Visa programme for South Africans, said Cohen. “You can for example relocate there or alternatively invest in a holiday or retirement apartment that comes with residency and ease of movement across Europe as part of the package.”
It is also a popular destination for rentals, driven by demand from holiday makers and expats with yields currently around the 3.5%-6% mark.
Apartment prices tend to start at around EUR300,000 and villas at around EUR600,000, but can range to around EUR 2 million to EUR 4 million at the top end for a magnificent home and location, Seeff said.
According to Cohen, South Africans are increasingly looking to shift some investments into offshore property and especially those looking for a residency and visa route.
Portomaso waterfront development in St Julian’s, Malta offers a luxury apartment with a large front terrace and direct access to swim in a private lagoon.
Price: EUR1,095 million
Townhouse situated in a historic building in Mdina, Malta’s old capital. It comes with sea views and luxurious living spaces and includes four bedrooms, a garage, solar heating and air-conditioning and a private swimming pool.
Price: EUR4 million
Read: Popularity of second passports among South Africa’s wealthy
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