Castries, Jan. 10, 2023 (GLOBE NEWSWIRE) — South Africa is one of the wealthiest countries on the continent, with more millionaires per capita compared to any other African country. As a nation with a rich history and culture, the affluent population in South Africa account for 10% of the total population.
In the past, South Africa was seen as a stable and attractive investment destination, but this perception has slowly been eroding over time. Political uncertainty and instability are just some of the reasons why many affluent families and individuals are looking for alternative investment destinations.
How political uncertainty in South Africa affects the affluent
South Africa is in the midst of challenging economic times. With a recession, growing unemployment rate and regular political leadership battles have exacerbated the economic uncertainty as well as increased political uncertainty.
One of the best ways to protect wealth is by diversifying risk. This can be done by having more than one passport and living in a country with favourable business regulations.
As affluent families also seek to secure the best educational prospects for their children, HNWIs also consider education options abroad to help their children to receive a better education and have a better chance at succeeding in the future.
The cost of quality education can be very high in South Africa, which has led some affluent families to choose overseas schooling for their children.
Saint Lucia’s CBI programme
Saint Lucia is a popular tourist destination due to its tropical weather, scenery and numerous options of beaches and resorts. It is also known for its unique cuisine, exciting sports and adventure activities. Affluent South Africans are very familiar with St Lucia, which also has English as its official language.
The historical links between the Caribbean and South Africa are still present in areas such as language, music, sport, international relations and diaspora.
Since 2016, Saint Lucia has been offering wealthy South Africans citizenship by investment programme (CBI). Through this programme, investors can gain citizenship of this dream island destination. Saint Lucia’s programme is a blend of best practices from its surrounding islands and provides a wide range of benefits for investors and locals alike.
The Saint Lucia CBI programme provides an opportunity to apply for Saint Lucia citizenship and a huge range of benefits including:
- Global mobility
- Right to hold dual citizenship
- Citizenship for life, with the right to live and work in the country
- Four investment options
With a minimum investment of USD 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 programme:
- Contribution to the Government’s National Economic Fund
- Pre-Approved real estate option
- Enterprise option
- Government bonds option
The National Economic Fund (NEF) was established to receive qualifying investments to fund Government-sponsored projects on the island and applicants can obtain citizenship by making a monetary contribution to the NEF via one of the prescribed contribution levels.
With the pre-approved real estate option, applicants can obtain citizenship by purchasing Government-approved property valued at a minimum of USD 200,000. This property must be owned and maintained for a minimum of five years after citizenship has been granted.
With the third investment option, applicants can obtain citizenship by making an investment, either independently or jointly, in a pre-approved enterprise project. An independent investment must be valued at USD 3.5 million and create at least three permanent jobs on the island. For joint investments, each investor must contribute at least USD 1 million, resulting in a joint investment worth USD 6 million and creating at least six permanent jobs.
The last investment option for citizenship is through government bonds. Once citizenship has been granted, investments in government bonds must be held in the applicant’s name for a fixed period of time that varies according to the applicant’s family structure and the bonds must not attract a rate of interest for the duration of this period. From 1 January 2023, the National Action Bond (NAB), which is a new non-interest-bearing Government bond, is available as well.
Family members that can be included in the application include the applicant’s:
- Children of the main applicant or spouse aged 21 or below
- Children of the main applicant or spouse between aged 22-29that are fully supported by the main applicant
- Children of the main applicant or spouse that are physically or mentally challenged, and fully supported by the main applicant
- Parents of the main applicant or spouse aged 55 or above and fully supported by the main applicant
- Parents any age if physically or mentally challenged and fully supported by the main applicant
- Siblings of the main applicant aged under 18, unmarried, and in receipt of consent from their parent or guardian to make an application
From submission of the application to approval in principle, applicants are generally expected to wait three months.
For more information, contact CS Global Partners at https://csglobalpartners.com/contact/