Castries, Jan. 10, 2023 (GLOBE NEWSWIRE) — South Africa is one of the wealthiest countries on the continent, with more millionaires per capita than any other African country. As a nation with a rich history and culture, South Africa’s affluent population makes up 10% of the total population.
In the past, South Africa was perceived as a stable and attractive investment destination, but this perception has slowly faded over time. Political uncertainty and instability are just some of the reasons why many wealthy families and individuals are looking for alternative investment destinations.
How South Africa’s Political Uncertainty Affects the Rich
South Africa is in the midst of challenging economic times. With the recession, rising unemployment and regular political battles for leadership, both economic uncertainty and political uncertainty worsened.
One of the best ways to protect wealth is to diversify risk. This can be achieved by having more than one passport and living in a country with favorable trade regulations.
As wealthy families also strive to provide their children with the best educational prospects, HNWIs are also considering overseas education options to help their children get a better education and a better chance of success in the future.
The cost of a quality education can be very high in South Africa, which has led some wealthy families to choose a foreign school for their children.
CBI Saint Lucia Program
Saint Lucia is a popular tourist destination thanks to its tropical weather, scenery and numerous beach and resort options. It is also known for its unique cuisine, exciting sports and adventure activities. Affluent South Africans are very familiar with Saint Lucia, whose official language is also English.
Historical ties between the Caribbean and South Africa are still present in areas such as language, music, sports, international relations and the diaspora.
Since 2016, Saint Lucia has offered citizenship by investment (CBI) to wealthy South Africans. Through this program, investors can acquire citizenship of this dream island destination. St. Lucia’s program is a blend of best practices from neighboring islands and provides a wide range of benefits for both investors and local residents.
The Saint Lucia CBI program provides the opportunity to apply for Saint Lucia citizenship and a wide range of benefits, including:
The right to dual citizenship
Lifetime citizenship with the right to live and work in the country
Four investment options
With a minimum investment of $100,000, investors can maintain dual citizenship and have no minimum residency requirements.
Applicants can choose one of four investment options when applying through the CBI program:
The National Economic Fund (NEF) was established to accept qualified investment to fund government sponsored projects on the island and applicants can obtain citizenship by contributing money to the NEF through one of the prescribed contribution levels.
With the pre-approved property option, applicants can obtain citizenship by purchasing a government-approved property valued at a minimum of $200,000. This property must be owned and maintained for a minimum of five years after citizenship is granted.
For the third investment option, applicants can obtain citizenship by investing individually or jointly in a pre-approved business project. The independent investment must be valued at US$3.5 million and must create at least three permanent jobs on the island. For co-investments, each investor must contribute at least US$1 million, resulting in a co-investment worth US$6 million and creating at least six permanent jobs.
The last investment option for citizenship is government bonds. After citizenship is granted, government bond investments must be held in the applicant’s name for a fixed period of time, which varies according to the applicant’s family structure, and the bonds must not bear interest during this period. Also available from 1 January 2023 is the National Action Bond (NAB), which is a new interest-free government bond.
Family members that can be included in the application include the applicant’s:
Children of the principal applicant or spouse age 21 or younger
Children of the principal applicant or spouse aged 22-29 who are fully supported by the principal applicant
Children of the principal applicant or spouse who are physically or mentally disabled and fully supported by the principal applicant
Principal applicant’s parents or spouse aged 55 or over and fully supported by the principal applicant
Parents of any age, as long as they are physically or mentally disabled and fully supported by the main applicant
Siblings of the main applicant under the age of 18, unmarried and having received their parent’s or guardian’s consent to apply
Applicants are generally expected to wait three months from application to approval.
For more information, contact CS Global Partners at https://csglobalpartners.com/contact/
CONTACT: PR Saint Lucia Saint Lucia +1 758 458 6050 [email protected]