As several European countries shut down their “golden visa” programmes, industry players report renewed interest in second passports among wealthy South Africans.
Greece is now the only European country that offers foreigners residence rights via a property purchase. That comes after Portugal, Spain, Malta and Montenegro closed or amended their respective real estate investment opportunities in the past 12-18 months.
Property-backed golden visa programmes have increasingly come under fire, as perceptions grew that they were inflating house prices, pushing local residents out of a country’s residential market.
Still, several countries have retained residency and/or citizenship by investment programmes as they are officially known. In fact, more countries are joining the fray in a bid to lure foreign capital, albeit via routes other than real estate.
Most countries require an investment in local shares, bonds or start-up and venture capital businesses in exchange for a residency permit. In some cases, the latter leads to citizenship. But golden visas don’t come cheap. Capital requirements start from the equivalent of about R5m, but often exceed R10m.
Lisa Czepek, MD at international migration specialists Henley & Partners South Africa, says the wealth migration landscape is undergoing a structural shift. Global mobility is no longer merely a nice-to-have, but is seen as a necessity in a climate of geopolitical uncertainty and shifting tax, tariffs and regulatory frameworks. She says it’s all about diversifying assets and reducing regional risk.
This year there has been a marked global uptick in interest in golden visa programmes. The trend is also evident in South Africa.
Czepek notes that in the first seven months of 2025, local application volumes among high net worth individuals searching for a plan B for themselves and their families have already reached about 90% of the total recorded in calendar 2024. South Africa is now Henley & Partners’ seventh-biggest source country, out of about 100 different nationalities serviced by the group.
Increased interest in acquiring alternative residency rights or a second passport comes after demand among South Africans peaked between 2021 and 2023, with a notable decrease last year. Czepek attributes that drop in demand partly to the closure of Portugal’s popular real estate-linked golden visa programme. Last year’s successful elections in South Africa, which led to the formation of the GNU, may also have contributed to a temporary dip in wealthy South Africans seeking greener pastures.
She says wealth migration decisions tend to be driven by the search for a safer lifestyle and better business opportunities, the opportunity for children to study and work abroad, and access to visa-free international travel.
Research by Henley & Partners shows at least 140,000 millionaires across the globe are expected to obtain an additional residency and/or citizenship in 2025. Competition to attract global capital has intensified with countries such as the United Arab Emirates (UAE), Hong Kong, Italy and the US sharpening their residency and citizenship appeal with investment offerings.
Referring to the UAE (both Dubai and Abu Dhabi), Czepek says the region is expected to attract 9,800 millionaire migrants this year alone due to an attractive offering that combines zero personal, capital gains and inheritance tax with high connectivity and a streamlined golden visa regime.
Nadia Read Thaele, founder and MD of LIO Global, a Cape Town-based second passport and international property investment advisory firm, says South Africans exploring golden visa opportunities are typically high net worth individuals or successful professionals in their 30s to 50s, often with young children.
“The main drivers are global mobility, wealth diversification, access to better education and health care and the reassurance of a safe haven to escape economic and political uncertainty, should they need it.’’
Thaele adds that many of LIO’s clients have international business interests, or children and grandchildren who live overseas. For these families, investing in an alternative residency or a second passport is primarily about the ability to travel hassle-free abroad as often as they like.
She says an unencumbered travel experience has become particularly relevant, given the more onerous international visa application processes and shorter validity periods South Africans face.
So, which golden visa programmes are attracting the lion’s share of South Africa’s well-heeled these days?
Czepek says Portugal remains popular among those looking for easy access to study, work and travel opportunities in the EU, even though it no longer offers a property route. Instead, a minimum €500,000 investment in a qualifying investment or venture capital fund, a research initiative or job-creating business is required.
Other residency and/or citizenship programmes attracting South African interest include the Caribbean island country Grenada, Mauritius, the UAE, Italy and Greece. Most don’t require a physical presence or actual relocation.
Czepek says new residency opportunities offered by South American countries Uruguay, Paraguay and Costa Rica are also starting to appear on South African radars.
Uruguay is a particularly interesting option, now that SAA has resumed direct flights to South America. In fact, Czepek says it’s quicker to get to Uruguay than to London. “There’s a lot of interest in this stable South American country, with its glitzy seaside resort of Punta del Este. Our currency is worth something there too.”
Uruguay’s capital requirement is a nonrefundable $50,000 for residency, which can be converted to citizenship after two years at an additional cost of $15,000.
Thaele says LIO clients tend to prefer a property route to obtaining residency and citizenship rights. With Portugal having closed its real estate programme, she notes that Greece’s golden visa programme is fast gaining traction among South Africans seeking freedom of movement in the Schengen area. This comprises 26 European countries and requires South African citizens to obtain visas for tourism, business or other short-term purposes.
Capital requirements start from the equivalent of about R5m, but often exceed R10m
Importantly, Greece also offers one of the cheapest, quickest and easiest routes to EU residency, says Thaele. A minimum of €250,000 (excluding property transaction costs) in a qualifying property investment is required, which can be used for long-term rental purposes to obtain a steady passive income.
Qualifying properties are those that have been converted from commercial to residential use, regardless of size or location. Besides the potential for rental income, Thaele says South Africans like being able to use their Greek property for holiday and future retirement purposes.
Thaele notes Greece issues a “blue certificate” shortly after the completion of a property purchase. This provides residency rights even though the official permit itself, which provides travel mobility, can take up to a year to be issued.
The initial residency permit is valid for five years and can be renewed every five years as long as property ownership is retained. Greece offers the opportunity of applying for citizenship after seven years of continuous residency.
Italy’s golden visa programme is an even quicker route to EU mobility, with residency cards usually issued within 45 days of making an investment. Italy’s minimum capital requirement is €250,000 invested in an innovative Italian start-up, or €500,000 in Italian shares, or €2m in Italian government bonds.
The 10-year UAE golden visa is also attracting attention on the back of Dubai’s growing reputation as one of the world’s most profitable real estate investment destinations.
Chris Immelman, who leads Pam Golding International, says with more European countries closing EU residency programmes, Dubai offers a compelling alternative, given its booming real estate market and the stable UAE currency. He believes Dubai ticks all the boxes for astute South African investors seeking to diversify their property portfolios, while acquiring a golden visa in the process.
Obtaining UAE residency rights requires a property investment of at least 2-million UAE dirham (about R9.7m at present exchange rates) which allows — though not requires — the applicant and family, including parents, to live, work and study in the UAE.
Strategically and accessibly located within about eight hours’ travel from most countries, Immelman says Dubai is recognised as one of the safest and fastest-growing cities in the world. He adds that confidence in its thriving economy and business sector, coupled with a strong investor buyer base, will continue to underpin Dubai’s luxury property market.
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