NADIA READ says the following about the importance of having options when entering global markets, “For business owners who travel extensively, a second citizenship can open many global doors. Freedom of mobility and travel allows flexibility and ease of movement, as visa restrictions become more stringent and restrictive to South African businessmen and women. Establishing companies as well as bank accounts is easier, less hoops to jump through.
Big names like Elon Musk and Mark Shuttleworth, despite having moved abroad have done wonders for brand South Africa. A second passport allows not only freedom of movement but also access into EU, US, UK, etc.”
Barriers to entry will differ extensively from country to country and bear in mind the first and most significant of those barriers – the Rand/Euro/Dollar/ Sterling exchange rate. Suddenly you’re dividing your capital by 11, 12 or 19 so whether it’s an investment in government bonds, a start-up business or a property investment, your wheelbarrow full of Rands is an envelope of Dollars. European markets are also more sophisticated and competitive – they do business differently, less start-up red tape but more strict on corporate governance and fiduciary duty.
You have the cash and you’re ready to make the move to the EU which will give you the option of Cyprus, Malta, Portugal, Greece and Hungary. The details of each programme are well documented on the LIO Global website www.lio-global.com, but most important if you want your money well spent is to know the difference between what an EU Residence vs Citizenship can offer you.
READ says the following points should be considered when looking at the options:
• EU Residence gives travel access to Schengen zone countries for 90 days only. You can only live, work, study in country of residence – not anywhere in EU. Only EU citizenship gives the right to live, work and study anywhere in the EU .
• EU residence can change and is less secure than EU citizenship. Once you are a part of the EU, you are protected by EU law. Citizenship is much more secure in the long term.
• Most countries allow you to pass your citizenship or residence on to future generations. Eg. Malta, your kids can pass on to their kids, therefore establishing legacy plan for your future generations
• EU residence means you can only travel to 26 countries in the Schengen zone. With citizenship, eg. Malta or Portugal you can travel to over 160 countries worldwide. Malta also allows visa free travel to US and many other countries making it one of top 10 passports you can have.