Basseterre, June 14, 2023 (GLOBE NEWSWIRE) -- There are growing numbers of South African high-net-worth individuals (HNWIs) relocating from South Africa to other countries that offer dual citizenship.
South Africa is facing economic turmoil and uncertainty about the future of South African citizens. The economic factors influencing South African HNWIs include rising inflation rates that impact the cost of living and business operations in South Africa. The South African Reserve Bank Monetary Policy Committee recently voted to increase the prime lending rate to 11.75 per cent, which consequently led to the South African Rand becoming more volatile against the US Dollar. The South African rand weakened against the US dollar has persuaded international investors to not see South Africa as a desirable destination.
The load shedding energy crisis in South Africa impacts the national grid, and businesses of all sizes and households, contributing to economic instability and uncertainty for global investors in the future of South Africa's economy.
Another factor influencing South African HNWIs to migrate is the alarming rise of crime around the country. A recent quarterly State of Security (SoS) report conducted by the Automobile Association of South Africa (AA), indicated that "76 per cent of all respondents reported being a victim of a crime in South Africa." The report indicated that "South Africans feel most unsafe in outdoor public spaces (45 per cent) and during their daily commute (35 per cent)." The findings stipulated 36 per cent of South African citizens "either feel only 'somewhat safe' (29 per cent), or 'not safe at all' (7 per cent) in their homes."
South African HNWIs believe that they are vulnerable to these economic factors and continuously seek the safety and security of their accumulated wealth and the future of their families. And are actively pursuing business and personal opportunities around the world to ensure financial and long-term sound decisions.
St Kitts and Nevis is a twin federation located in the Eastern Caribbean region and is well governed, which creates economic and political stability in the country that provides additional security to South African HNWIs operating their businesses. According to CS Global Partner's World Citizenship Report 2023, the twin federation has initiated multiple efforts to improve infrastructure developments, leading to enhanced safety and security to encourage South African HNWIs to create stability for themselves and their families.
St Kitts and Nevis Citizenship by Investment Programme
St Kitts and Nevis Citizenship by Investment Programme is the oldest and most reputable programme in the investment migration industry.
The Head of St Kitts and Nevis Citizenship by Investment Unit, Michael Martin, and his team have recently introduced new and updated regulations to ensure that the programme retains the 'platinum standard', transparency and more importantly integrity.
The Programme offers eligible South African HNWIs a multitude of benefits. These include becoming part of the global business community and extending citizenship to family members.
South African HNWIs can expand their business ventures and wealth management, which include tax incentives for becoming a citizen that includes no personal income tax nor capital gains tax, these types of tax incentives provide potential diversification of lifestyle planning and wealth management. The ability of South African HNWIs to diversify their assets into multiple markets results in increased returns on investments.
The Sustainable Growth Fund is one of the most effective investment options and has a straightforward application process for eligible high-net-worth individuals to acquire dual citizenship.
This investment option is dedicated to developing socioeconomic initiatives that will uplift the local citizens and advance infrastructure developments in the nation.
Limited Time Offer
The Sustainable Growth Fund is an investment option that requires high-net-worth individuals to financially contribute towards the twin federations.
The Sustainable Growth Fund has a Limited Time Offer that is available from 1 January 2023 until 30 June 2023. The Limited Time Offer is a unique opportunity for HNWIS to acquire dual citizenship in sixty days for all accelerated and non-accelerated applications, without additional costs. There are reduced contribution amounts during the Limited Time Offer:
- US$125,000 per the main applicant;
- US$150,000 for the main applicant and spouse;
- US$170,000 for the main applicant, spouse and two dependants;
- US$10,000 for each additional dependant under 18 years of age; and
- US$25,000 for each additional dependant over 18 years of age.
There are due diligence and processing fees that are included in each application.
After the Limited Time Offer, from 1 July 2023, the processing time will become ninety days for non-accelerated applications, accelerated applications will have premium due diligence fees applied.
This is a prime time for South African HNWIs to seek investment opportunities through St Kitts and Nevis' Sustainable Growth Fund, and in return explore the economic freedom the twin federation has to offer.
