Seven countries rich South Africans are moving to
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Many skilled and rich South Africans are relocating to The Netherlands, Canada, Portugal, New Zealand, the United States, the United Kingdom, and Australia.
Rex Cowley, director and co-founder of Overseas Trust and Pension (OTAP), said the trend of South Africans seeking new opportunities abroad has increased.
“This growing phenomenon highlights challenges and opportunities for financial planners to adapt their strategies to the evolving landscape of international mobility,” he said.
He provided the latest statistics on the scale of migration from South Africa to the top five countries.
United Kingdom – 217,000
Australia – 206,000
United States – 140,000
New Zealand – 71,000
Canada – 51,000
The Netherlands – 41,000
Portugal – 12,500
“These figures underscore the urgent need for financial planners to refine their approaches to cater to clients relocating internationally,” Cowley said.
“More South Africans are living outside of South Africa now than at any other point in our country’s history.”
He highlighted that having a global mindset in financial planning is becoming increasingly important.
“Emigration is a growing trend, and understanding how to adapt financial strategies to accommodate clients moving to other countries is crucial.”
He urged financial planners to embrace a global mindset and offer tailored cross-border solutions.
He said the global emigration trend allows financial planners to transform challenges into opportunities.
There is a big opportunity to ensure their clients’ wealth is effectively managed and their needs are met, regardless of their location.
“As global mobility increases, financial planning must address the complexities of cross-border issues, particularly international pension planning,” Cowley said.
Portugal becoming more popular
Cowley said emigration patterns have shifted significantly in recent years, with Portugal emerging as a particularly popular destination.
“We’ve seen notable changes over time, especially in migration corridors. Portugal, the new kid on the block, now hosts around 12,500 South Africans,” he said.
“These expatriates are typically high-net-worth individuals attracted by the financial incentives Portugal offers and its lifestyle and security.”
Portugal is ranked as the third safest country in the world and is highly favoured by those looking to relocate.
“Its pleasant climate, rich cultural heritage and friendly atmosphere make it particularly appealing,” Cowley said.
Portugal has implemented financial incentives to draw in foreigners, such as tax exemptions and advantageous pension arrangements.
Portugal’s residency programmes and pension schemes provide tax benefits on income and gains, with no wealth or inheritance taxes.
This creates an efficient environment for managing pensions, making it an ideal destination for high-net-worth individuals.
Henley & Partners explained that the Portugal Golden Residence Permit Program offers residence through economic contributions to the country.
Investment options include transferring capital into investment or venture capital funds, research activities, or cultural support.
The minimum investment is EUR 250,000, and the Portugal Golden Visa processing time is over 18 months.
Benefits include the right to live, work, and study in Portugal, visa-free travel within the Schengen Area, and eligibility for Portuguese citizenship after five years.
South Africans moving to many English countries
It is not only Portugal attracting rich South Africans. Ireland and the Netherlands are also increasingly popular among high-net-worth South Africans.
“The Netherlands has a strong affinity with South Africa, given the Dutch heritage and the prevalence of dual citizenship with Holland,” Cowley said.
The country offers excellent education, ample work opportunities and robust health services, making it a key destination with about 41,000 South Africans,” notes Cowley.
Canada is another popular choice. It offers South Africans a lifestyle similar to what they’re accustomed to, albeit in a higher-tax environment.
Cowley said that around 51,000 South Africans have moved to Canada, drawn by its outdoor lifestyle and abundant opportunities.
With its cultural similarities to South Africa, New Zealand has seen around 71,000 South Africans emigrate there.
The shared values and lifestyle between South Africans and Kiwis make New Zealand an appealing destination for those seeking to start anew abroad.
The most popular countries for South Africans to move to are the United Kingdom, Australia, and the United States.
SOURCE:https://dailyinvestor.com/south-africa/63022/seven-countries-rich-south-africans-are-moving-to/
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