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Many rich South Africans look at 2nd citizenship post downgrades

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Cape Town - While many South Africans are adopting a "let’s wait and see" approach to the country’s recent economic downgrade, increasingly volatile political climate and ever-growing threats of land expropriation without compensation and mass violence, many other South Africans – most notably high net-worth individuals (HNWIs) – are putting steps in place to be able to live elsewhere.

Jacques Scherman, vice president for business development at Arton Capital, a global company that specialises in working with people to attain second citizenships, said he’s never been busier.

“It seems that security trumps patriotism these days. But South Africa’s recent ‘junk’ status doesn’t seem to be the driving factor behind most of the queries we’re receiving. Most people are worried about their security and physical safety," said Scherman.

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