Important factors to consider in residence planning
Pam Golding Properties has partnered with investment migration firm Henley & Partners to provide buyers seeking international property assets with a view to acquiring dual residence or citizenship.
The partnership comes at a time when increasing numbers of affluent locals, including families, are looking to hedge their bets overseas.
“We are experiencing a rising demand for international residency and citizenship options from clients wanting to firm up their future planning objectives, be that simply from a lifestyle point of view or as a rand hedge in times of economic uncertainty,” said Nigel Barnes, managing partner at Henley & Partners SA.
He attributes this to a number of factors, from aspirational lifestyle changes and career opportunities to the recent credit ratings downgrades and the potential effects of junk status on the economy.
“A far greater awareness of the vast opportunities presented globally has captured the attention of many South Africans, who are assessing the available options for diversifying their personal interests and investment assets beyond the country’s borders,” he said.
Chris Immelman, who heads up Pam Golding’s International Division, said that while a number of the country’s super-wealthy are migrating themselves and part of their assets offshore, this did not mean they have lost faith in South Africa.
“These people are not necessarily emigrating. They are merely making the world’s markets work for them, repositioning their assets, and their homes, for a while.”
Barnes said that the majority of his clients have no intention of permanently relocating, adding that there is no reason to do so either. “The very competitive citizenship-by- investment programmes offered by some of the island nations in the Caribbean, for instance, have no residence or visitation requirements at all,” he said
For a five-year investment of between EUR 520,000 and EUR 570,000, successful applicants of the Malta Residence and Visa Program acquire long-term unrestricted access to the entire European Schengen area – all within just three months of applying.
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