Where Are South Africa’s Rich Migrating To?

South Africa: Apartheid Did Not Die
Rich South Africans are hiding their money in foreign countries

AFRICANGLOBE – South African high-net-worth individuals (HNWIs) tend to move to Australia, the UK, Cyprus, Mauritius, the USA and Canada; this is according to a recent survey.

The survey was conducted by comparing the domicile of a sample of approximately 60,000 global HNWIs in 2000 with the same sample in 2014.

Nadia Read, head of world residence and citizenship platform LIO Global said since the turn of the century, large numbers of global HNWIs have sought out second citizenship.

“The main reason people apply for a second residence or citizenship is to ensure freedom of global mobility and access, as well as security and wealth protection for their families,” said Read.

According to the Read, majority of investors globally typically look towards the European Union. Cyprus and Malta, in particular… as they offer direct citizenship without long waiting or residence periods.

“Portugal’s Golden Residence Visa, as well as the Hungarian Residence Bond programme, has also seen significant interest, as they offer investors residence in exchange for a smaller investment. The Caribbean has also recently seen strong demand as countries such as Antigua and Barbuda or Grenada offer direct citizenship in less than six months.”

According to the report, Singapore was also attracting HNWIs due to location as it was near fast growing HNWI markets such as China, Indonesia and India and also low tax structure.

South Africa over the past 14 years has seen HNWIs outflow of about 8,000. Another African that has seen a large outflow is Egypt with 7,000.

 

By: Trust Matsilele

 

South Africa: Apartheid Did Not Die