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Affairs to deprive a citizen of his or her nationality for having used the nationality of a foreign country , has been repealed .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