There are many limitations to South Africans trying to do business offshore. Through dual citizenship, Or residents of other countries, entrepreneurs can Arrange overseas structures Set up an offshore bank account, There's no need to move. Plus, no visa trip It's simpler and more agile.
Which countries should South African entrepreneurs consider?
Portugal and Grenada currently offer two of the best options for the investment transition, allowing residency or citizenship in either country without the need to spend large amounts of time.
From a residency perspective, the Portuguese Golden Visa offers a route to Portuguese citizenship I have to live Full time in Portugal. The programme not only allows owners to live and work in Portugal, but also grants them the right to visa-free travel throughout the Schengen region of Europe.
It is important to note that in October 2023, Portugal removed the purchase of property as a Golden Visa qualification investment. However, the investment requirements are currently available by investing 500,000 euros in eligible investment funds.
Through the Portuguese Residency Program, holders are eligible for permanent residency and can apply for citizenship five years later.
Holders are required so there is no need to spend much time in the country spend In Portugal, there is an average of 7 days a year. But if you are aiming for long-term Portuguese citizenship, this will strengthen your true connection, so it's not harmful to spend a long time at home. country.
In addition to flexible minimum living requirements, the important aspects of applying for citizenship are The need to demonstrate Portuguese A2 level. An important aspect of applying for citizenship is the language test. This can be done Through Sitting Formal A2-level exams, or applicants may choose to pursue an intensive, face-to-face or online language course in which the content of the A2 course is divided into key modules. Both routes test your understanding of the language, your Ability to communicate in Portuguese.
Another common solution is the investment programme by Grenada Citizenship. that's right One of the most cost-effective Caribbean options. To qualify for citizenship, applicants must invest $270,000 Government approved Real estate project.
What makes Grenada such a viable option for South Africans is that they do not have to travel to Grenada before, during or after the process is completed. The program is completely remote and everything is submitted electronically and can be processed from South Africa. The interview is conducted online and once a passport is issued, it is sent to the applicant's home country.
Grenada Passport allows owners to live and work in Grenadaand again Other CARICOM members, including Antigua and Barbuda, Dominica, St. Kitz and Nevis, St. Lucia, St. Vincent and Grenazin. Grenadian citizens also have visa-free access to 140 countries, including the Schengen region, the UK, China and Hong Kong. and Brazil.
What benefits will your family enjoy?
The Portuguese Golden Visa includes the spouse of the main applicant and minor children (under the age of 18). Adult children must be single to include in the application. That is Unmarried, and They need to do so It is entirely dependent on the key applicants. They also need to be enrolled in higher education.
For example, if your child is 24 years old and intends to study medicine and plans to enroll in higher education until he is 30, technically they can still be included in the application.
parents During the age of 55 and 64 can be included in applications, but they must be financially dependent on the major applicant. If you have parents age From 65 onwards there is no requirement to prove that adult dependence is at retirement age.
Regarding Grenada, spouses are included, but the main applicant must provide a certificate of marriage. and Therefore, unfortunately, a lifelong partnership or customary spouse is not entitled. Includes minor children Similarly If an adult child under the age of 30 is dependent on the main applicant.
Adult children are not required to enroll in full-time education, but should not engage in full-time economic activities. They must rely financially on the key applicants.
Parents can be included in Grenada applications, but You need to Financially dependent on the major applicants.
A single sibling can also be added to a Grenada application, but the government collects additional, non-returnable contributions to the total application fee. Included of Brothers.
Ultimately, for South Africans, having the right passport or residency allows entrepreneurs to be in the right place at the right time and run their business in a particularly intense economic environment.
* Young is the investment migration manager at Sable International.
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