FEATURE ARTICLE
DUAL CITIZENSHIP FOR SOUTH AFRICANS
According to Philip Gamble from Sable International, these are the basics you need to know about your dual citizenship as a South African:
Find out if you qualify for dual citizenship: If a South African citizen does not obtain this prior permission, they will automatically lose their South African nationality on voluntary acquisition of a foreign nationality.
South African citizens under the age of 18 years are exempt and are not required to apply for dual nationality, as long as they acquire the foreign nationality before their 18th birthday( i. e. they automatically retain their South African nationality). Once they turn 18, they are subject to the automatic loss provision( above).
It is an offence for a South African citizen with dual nationality to enter or depart the Republic of South Africa making use of the passport of another country. Once a person has been granted dual nationality, the holder must always enter and depart South Africa on their valid South African passport.
Legislation provides that a South African dual citizen can use their foreign passport and nationality freely outside South Africa. However, in South Africa, they may not use their foreign nationality to gain an advantage or to avoid a responsibility or duty which they would otherwise have or have not been entitled or subjected to.
South African citizens by birth who automatically lost their South African nationality, never lose their right to permanent residence in South Africa. Should they permanently return to South Africa, they will be able to apply for the resumption of their South African nationality from within South Africa.
A provision of the South African Citizenship Act of 1995, allowing the Minister of Home Affairs to deprive a citizen of his or her nationality for having used the nationality of a foreign country, has been repealed. As a result, the need for exemptions or letters of permission from the Minister to make use of a foreign passport has been terminated.
Under the nationality laws of some countries, a married person automatically takes on their partner’ s nationality. Children may also have a parent’ s nationality even if they were born abroad. There may be other circumstances where a foreign nationality can be acquired by law, without a formal and voluntary application. The law makes clear that because such nationality was not gained by application, dual nationality and the retention of their South African nationality would remain. favourites for aspiring investors were Australia( 14 %), USA( 13 %), Canada( 9 %), Germany( 6 %), and Spain( 5 %).
Should I stay or should I go
Thailand has begun offering“ elite” residency visas for those wealthy enough to invest. There are seven packages to choose from, the most expensive being the“ Elite Ultimate Privilege Scheme”- setting you back $ 60 000 for 20 years residency, along with an annual membership fee of $ 600.
The membership includes a state-sponsored concierge programme, which offers recipients VIP access to government agencies working on immigration, work permits, and driving licenses. It also includes an annual health check-up at a private hospital, 24 golfing trips and spa visits a year.
Thailand’ s economy remains slow, according to 2016 research available at The Global Property Guide. The Bank of Thailand( BoT) Senior Director, Don Nakornthab, warns developers should be cautious, since“ the economy remains slow, with high household debt, and low prices of agricultural products having an impact on consumers’ purchasing power.”
Over in Greece, house prices have fallen by 1.58 % in Q2 of 2017. This is a larger decline than last years’ year-on-year decline of 1.55 %. The Greek economy has barely grown, with the GDP contracting 0.2 % in 2015. Despite this, however, rental yields in Athens are moderate, at 4.17 %. The European Commission has also projected that the Greek economy will expand by 2.1 % in this year, and 2.5 % in 2018.
Antigua and barbuda has seen a boom in property, with the Citizenship by Investment Program( CIP) attracting many foreign buyers. According to 2016 data, there have been a total of 934 applications received since its inception in 2013. The economy has seen an expansion of 3.7 % in 2016. with the IMF projecting a 2.2 % growth in 2017, and 1.7 % in 2018. The nation’ s economy- largely driven by tourism- took a hit after the global financial crisis in 2008. The crash led to the halting of several hotel and residential developments, meaning less tourists visited.
Cyprus has shown signs of a stabilising economy, with a nationwide residential property price increase of 0.14 % during the first quarter of 2017. Apartment prices showed the best performacne, with 1.6 % increase during the year to end-Q1 2017. The country is seeing a sharp increase in demand for property, partly due to the recovering economy. According to the IMF, the economy is projected to expand by 2.5 % in 2017, and 2.3 % in 2018. The banking systems recovery has also prompted Moody’ s to upgrade Cyprus’ s long-term rating from B1 to Ba3.
New Zealand has seen net immigration and long-term immigration rise by 12 % in September 2016, significantly impacting the house price movements and construction opportunities. The IMF predicts a modest economic growth of 2.7 % for 2017. A potential concern is the nation’ s dependence on international trade. As former prime minister Jim Bolger stated:“ New Zealand is so dependent on international trade that anything a Trump presidency did to slow world trade would have an impact on New Zealand.”
Speaking of President Trump, how is the US housing market faring? All 20 major cities showed strong house price hikes in 2016, with Seattle posting the highest at 10.75 % Atlanta showed growth of 6.21 %, Miami of 6.78 %, and Dallas 8.06 %. The sale price of new homes, on average, around the country rose by 12 % to February 2017. Sales are forecast to grow by about 2 % in 2017, while 4 % growth is on the cards for 2018.
12 NOVEMBER 2017 SA Real Estate Investor Magazine