Citizenship for sale: Growing demand across Africa for ‘golden visas’ for wealthy
While Europe holds the crown for investment migration programs in 2023, a growing number of African states is joining the fray, looking to attract high-net-worth individuals by offering residence and citizenship through investment programs.
Migration investment programs allow people to purchase citizenship or residency in exchange for an investment in a country. African economies looking to attract fresh investments are turning to innovative programs that offer residence and dual citizenship opportunities to high-net-worth individuals. For example, foreigners seeking Namibian residency must purchase real estate valued at least $316,000 at an exclusive Bay of Whales estate.
Foreign investors in a similar program in Mauritius must purchase luxury real estate valued at a minimum of $75,000 from six eligible real estate projects, while interested investors need to fork out at least $1 million to be eligible for Seychelles’ citizenship by investment program.
Meanwhile, South Africa’s residence by investment program grants individuals with a minimum net worth of $820,000 the ability to work, study, or manage their own business in the country.
Egypt looks to attract high-net-worth individuals, offering them a passport by investing a minimum of $250,000 with the option to invest $500,000 or more.
Kenya and Uganda are also at an advanced stage of introducing citizenship by investment, while Rwanda and Zanzibar already have their respective programs with specific terms and conditions in place. Overall, residence by investment programs has the potential to be a game-changer for African economies, providing a much-needed injection of foreign capital and promoting sustainable economic growth.