The countries where South Africans can buy citizenship – and how much it costs

Countries in Europe, the Middle East and the Caribbean offer programmes where wealthy South Africans can buy citizenship, albeit for a hefty investment.

South Africa has recently seen a widespread migration of wealth, with the economy coming to a standstill due to high-interest rates, inflation and load shedding.

According to the Henley and Partners and New World Wealth’s Wealth Migration Report for 2023, South Africa lost 400 high-net-worth individuals (HNWIs) – those worth more than USD 1 million – in 2022 to emigration.

It added that a further 500 HNWIs are expected to leave the nation in 2023.

“Millionaire migration figures can be a telling real-time barometer for the health of an economy as wealthy people are extremely mobile and they, therefore, tend to be the first to move,” the report said.

Amidst the migration of wealthy South Africans out of the country, BusinessTech decided to compare the costs of the 10 countries that offer citizenship by investment.

There used to be 11 countries that offered citizenship via investment, but Montenegro ended its programme on 31 December 2022.

In addition, although far more countries offer residency via investment, citizenship by investment programmes entitles investors to the same rights and privileges offered to ordinary citizens.

Currently, the most expensive citizenship-by-investment program is in Austria.

Although no exact figure is provided for the Austrian citizenship by investment programme, experts at Henley and Partners told BusinessTech that it would be more expensive than the second-most expensive programme in Malta.

Malta’s programme would set a South African back just under R15 million, however, Henley and Partners said that it Austria is the premier citizenship by investment programme.

To enter the Austrian programme, the applicant must invest actively in the Austrian economy, such as a joint venture or direct investment in a business that creates jobs and generates new export sales – the direct investment must be significant.

Passive investments in government bonds or real estate will not qualify for the programme.

On the other end of the scale, buying citizenship on the Caribbean island nations of St. Lucia and Dominica would cost a South African just under R2 million currently.

Below are the 10 countries that offer citizenship by investment programmes:

Austria, Europe 

• Minimum capital: > EUR 738 000 (R14 600 000)
• Processing time: 24-36 months
• Main benefit: The ability to become an EU citizen with one of the most powerful passports on earth.

Malta, Europe 

• Minimum capital: EUR 738 000 (R14 600 000)
• Processing time: 14-38 months
• Main benefit: Area with strong air links

Jordan, Middle East

• Investment: USD 750,000 (R13,700,000)
• Processing time: Three  months
• Main benefit: The right to work, live and study in Jordan.

Türkiye, Europe 

• Investment: USD 400,000 (R7,300,000)
• Processing time: 120 days
• Main benefit: Free movement to Hong Kong, Japan, and Singapore.

North Macedonia, Europe 

• Investment: EUR 200,000 (R4 million)
• Processing time: Two to five months
• Main benefit: Free movement to Europe’s Schengen zone.

Grenada, Caribbean 

• Investment: USD 150,000 (R2,700,000)
• Processing time: Three to four months
• Main benefit: Visa-free or visa-on-arrival travel to over 140 destinations, including China.

St. Kitts and Nevis, Caribbean 

• Investment: USD 125,000 (R2,700,000)
• Processing time: Three to six months
• Main benefit: Best citizenship by investment programme in the world, according to the 2022 CBI Index published in the Financial Times PWM Magazine.

Antigua and Barbuda, Caribbean 

• Investment: USD 100,000 (R1,800,000)
• Processing time: Three to four months
• Main benefit: Visa-free or visa-on-arrival travel to over 150 countries, including Europe’s Schengen area.

Dominica, Caribbean 

• Investment: USD 100,000 (R1,800,000)
• Processing time: Three months
• Main benefit: Visa-free or visa-on-arrival travel to 145 countries.

St Lucia, Caribbean 

• Investment: USD 100,000 (R1,800,000)
• Processing time: Three to four months
• Main benefit: Visa-free or visa-on-arrival travel to over 140 destinations, including the UK.

Read: How much money you need to be in South Africa’s richest 1%