Special Report ?R?e?s?i?dence by investment

assets to mitigate against the risk of future shocks in their own backyards.

He cites increased mobility through visa-free travel, improved access to quality education and health care as well as business expansion opportunities as key incentives. “Ultimately, wealth migration is about having access to greater choice,” says Volek.

According to Liam Bailey, head of research at UK-based real estate firm Knight Frank, while global mobility has long been a must-have for wealthy investors, demand for alternative residence and citizenship opportunities has expanded rapidly since Covid.

“The pandemic fuelled demand for second passports and residency visas from a broader demographic including those seeking protection from arbitrary border lockdowns, or looking to work in another country,” says Bailey.

He says there have also been a number of shifts in the sector, with some countries looking to follow the UK’s lead to introduce more stringent investment rules for foreigners.

Portugal, which has become a popular route to an EU passport for South Africans, is expected to revamp or even scrap its golden visa programme in the next few months.

William Page, head of global sales at real estate investment firm IP Global, says this follows growing pressure from locals who say the golden visa programme has pushed property prices beyond their reach.

“But there’s still a small window of opportunity to get into Portugal,” says Page. “So if you’re considering acquiring residence and ultimately citizenship through a real estate investment, do it now.”

South Africans have two real estate-linked investment options to acquire a golden visa in Portugal: a commercial investment for a minimum of €350,000 in major cities or a residential investment in smaller towns and rural areas for a minimum €280,000.

Neither option requires relocation to qualify for residency and ultimately citizenship, but applicants must visit Portugal for an average of seven days a year in the first five years.