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Obtaining a second residency and citizenship program is not as easy as counting one, two, three.
With the huge demand for second residency and citizenship programs at an everyday peak, Nadia Read Thaele, founder and CEO of LIO Global, advised people to do their research before making their final decision.
In an interview with IOL Travel, she said that a potential investor should ask themselves what they want to achieve.
“Are they planning to physically immigrate? Or are they looking for an alternative option or ‘Plan B’? They should also ask, is this a second citizenship or place of residence they are looking for, as it is very different and with “There are different advantages and disadvantages,” she said.
Thaele said most families seek a second passport and citizenship for security and travel access.
She said tenure included more administrators and required regular renewals, while citizenship was permanent.
“The due diligence is usually strict. The government needs, among other things, typical FICA documents, as well as police clearance, birth certificates, marriage certificates, proof of the source of funds and bank statements.
‘However, it varies from country to country. It is important for them to establish that the money was obtained legally and that the applicant and their family have a good record.
“The costs vary dramatically depending on the country and the program the client is watching. All the programs have different costs,” she said.
Thaele said South Africans should separate their property investment needs from their accommodation / citizenship needs.
“They do not necessarily overlap,” she said. “Most of these countries are looking for foreign investment to generate capital inflows into the country. If you are simply looking at a real estate investment, you may want to consider an alternative destination.”
According to her, South Africans must take a few factors into account.
“It’s not as simple as just buying a citizenship. There are several factors to keep in mind, such as taxes and foreign exchange. You must apply for citizenship retention at the South African Home Office, otherwise can you lose your South African citizenship, ‘she added.