The country where wealthy South Africans can ‘buy’ citizenship for under R2.5 million

 ·16 Jun 2023

Due to the economic turmoil and uncertainty surrounding South Africa’s future, many high-net-worth individuals (HNWIs) are looking to relocate from South Africa.

South African HNWIs are growing increasingly tired of rising inflation affecting the cost of living and doing business, the rand’s weakness against the dollar, high levels of crime, and the nation’s energy crisis.

Many HNWIs believe they are vulnerable to this chaos and seek safety and security for their accumulated wealth and the future of their families.

One destination growing in popularity for wealthy South Africans is Saint Kitts and Nevis in the Eastern Caribbean.

Saint Kitts and Nevis’ citizenship by investment (CBI) programme is the best in the world, according to the 2022 CBI Index published in the Financial Times PWM Magazine.

According to CS Global Partner’s World Citizenship Report 2023, the twin federation has invested in improving its infrastructure developments and enhancing safety and security for HNWIs.

Investment Programme 

Saint Kitts and Nevis’ Citizenship by Investment Programme is the oldest in the world – established in 1984, with the island nation introducing a host of new and updated regulations that are intended to ensure that the programme retains the ‘platinum standard’, transparency and integrity.  

The programme offers multiple benefits to eligible South African HNWIS, such as extending citizenship to family members.

Saint Kitts and Nevis Citizenship by Investment Unit said that South African HNWIs can expand their business ventures and wealth management.

This includes tax incentives for becoming a citizen, including no personal income tax nor capital gains tax, allowing for a diversification of wealth management.

Moreover, the ability of South African HNWIs to diversify their assets into multiple markets can increase returns on investments. 

It added that its Sustainable Growth Fund has a straightforward application for eligible HNWIs to acquire dual citizenship.

The investment option is dedicated to creating socioeconomic initiatives that help local citizens and improve infrastructure development.

The Sustainable Growth Fund currently has a limited-time offer that ends on 30 June 2023, allowing HNWIS to acquire dual citizenship within 60 days for accelerated and non-accelerated applications without additional costs:

  • US$125,000 (R2.3 million) for the main applicant; 
  • US$150,000 (R2.7 million) for the main applicant and spouse; 
  • US$170,000 (R3.1 million) for the main applicant, spouse and two dependants; 
  • US$10,000 (R180,000) for each additional dependant under 18 years of age; and 
  • US$25,000 (R460,000) for each additional dependant over 18 years of age. 

In addition, due diligence and processing fees are included in each application. 

From 1 July 2023, the processing time will increase to 90 days for non-compliance applications, and accelerated applications will have premium due diligence fees.

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