It seems like wealthy South Africans are looking for greener pastures on the skirts of Europe.
Many of them are so called “buying” their citizenship through investing in various countries. Many countries are quite hard to get into but of all of them, it seems like Portugal has become a favourite. This is mostly due to the gold visas that Portugal has been offering to those who want residency.
Residency is when you receive a passport to become a national of a country. Those applying can become residents of Portugal by doing one of three things.
They could either invest a million Euros into the Portuguese stock market, government bonds or simply leave it lying in a bank account. Secondly, they could purchase property to the value of 500 000 Euros which seems to be the most popular option or they could start a Portuguese company and employ at least 10 tax paying employees, this is the least favourable option.
Check out: News24