The benefits for South African firms include the chance to earn revenue in a currency stronger than the rand, such as pound sterling, euro or US dollar.
But this means that business owners and their key staff need to spend an increasing amount of time travelling to new and potential clients elsewhere in the world. This presents a number of challenges – among them, accommodation and ease of access to destinations outside South Africa.
If the business focuses on a particular country for its new markets, it could make good sense to acquire a property there so that accommodation needs can be easily addressed. Sometimes, owning a property may also be a route to gaining citizenship rights and an additional passport.
“Holding a second passport is particularly useful for South African business owners,” explains Sandra Woest, senior manager of Henley & Partners South Africa, specialists in residence and citizenship planning.