Residence- and citizenship-by-investment (RBI and CBI) programmes have become very familiar over the past few years to South Africans who don’t have ancestral ties to other countries but are keen to gain residency or citizenship in a European country, and access to visa-free travel anywhere in the EU.
“These ‘golden visa’ schemes are, however, beyond the means of most South Africans, which is why we are excited about the other, much more affordable residency options that are now opening up around the world,” said Leana Nel, head of international sales and relocations for the Chas Everitt group.
“This makes them accessible to many more people, and the timing couldn’t be better, because the European Union Commission on Citizenship is determined to ensure that all CBI programmes are completely phased out by 2025, and that stringent new rules are put in place for countries that continue to offer the RBI schemes,” said Nel.
After three years, those who hold one of these occupation or residence permits can apply for a 20-year permanent residence permit. No purchase of property is necessary to obtain the initial retired non-resident occupation permit, and the spouse, parents and dependent children under-24 of permit holders can be included.
After this, their application will need to be considered by the Portuguese Consulate before they are granted a four-month visa to visit Portugal and finalise the residency process with the immigration authorities.
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