Authored by: Marisa Jacobs, Director at Xpatweb
With the pending tax changes in South Africa, due to be enforced from 1st March 2020, the EU second passport scheme is an attractive and enticing proposal for South Africans.
The turbulent future of South Africa is driving record numbers of South African in applying for second EU passports.
The enticement of a second European passport through Investment has seen Cyprus, Greece, Malta and Portugal experiencing vast an increase of applicants from South Africans.
Since 2018, there has been an increase of 364% in interest from South Africans for a second passport. What many South Africans call “Plan B” continues to gain popularity.
With a European passport, the prospect of living in any country forming part of the European Union is highly attractive.
South Africans are looking to their future and that of their children, the idea of having the opportunity to study and work in any country across the EU remains appetising.
Ease of travel is also a key reason, with the South African passport allowing access to 102 countries however excluding the world biggest economies such as the US, UK, Europe Schengen area and Canada.
A Cyprus passport allows visa free travel to 169 countries, Greece 183 countries, Malta 182 countries and Portugal allows visa free travel to 184 countries.
Thus, travel, education, employment, business opportunities and safeguarding a better future for their family are key reasons for record numbers of South Africans in the past 12 months applying for second EU passports.
Depending on the EU Scheme, these EU passports can be ascertained through investments starting from €250,000 and take between 6 months – 7 years to attain the EU passport (no residency period in the country required).
Therefore, a South African does not have to permanently live in the country to attain the EU Passport.
Vast numbers of South Africans are looking to the future and are open to making the investment for both themselves and their children’s future.
MEDIA CONTACT: Rosa-Mari Le Roux, 060 995 6277, email@example.com, www.atthatpoint.co.za
HOLISTIC EXPATRIATE SOLUTIONS
The Xpatweb group has been in existence for over 14 years and includes over 70 professionals, including immigration specialists, mobility practitioners, tax practitioners, attorneys, and chartered accountants. They offer holistic, client-centric, and fully compliant expatriate and work visa solutions. Clients can expect an exceptional end-to-end service that starts with an initial technical meeting to discuss any past challenges, a recommended optimal solution, and the creation of a roadmap and protocol for service delivery. They also offer an on-premises immigration audit service to confirm expatriate employees hold legally obtained, valid visas, and that their duties align with their visa conditions. In addition, their unique online immigration tracking system helps you to easily manage and track expatriate assignees across the globe, is fully customisable and dashboard-driven, and provides a secure repository for storing assignees’ documents.
For more information on Xpatweb please visit:
Welcome to the Tax Consulting newsroom.