The recently released Africa Wealth Report 2023 has shed light on a remarkable surge in global interest in residence and citizenship by investment. According to the report published by Henley & Partners, there was a notable 46 percent increase in inquiries related to these programmes in 2022.
The report underscores Africa’s continued rise as a growth market, with a significant 23 percent increase in inquiries recorded in the preceding year. Notably, South Africa, Nigeria, Egypt, and Algeria were among the top 20 nationalities making inquiries for investment migration in 2022.
The Henley Global Citizens Report Q3 2022 delves even deeper, ranking South Africa and Nigeria within the top 10 countries worldwide in terms of applications for 2022. Additionally, African nations like Algeria, Egypt, Ghana, Kenya, Morocco, and Uganda have generated substantial application numbers.
Weyinmi Oritsejafor, IMCM – Client Advisor at Henley & Partners UK, emphasised, ‘Africa’s wealthiest countries have the highest number of applicants on the continent for residence and citizenship by investment programmes. This reflects the growing interest among affluent African investors in safeguarding their wealth and enhancing their prosperity, thereby leaving a lasting legacy for future generations.’
One compelling factor driving the interest in residence and citizenship by investment, particularly among African investors, is the desire for stronger passports, which facilitate ease of travel and offer access to a more substantial portion of the global economy in terms of visa-free access to GDP.
The Henley Passport Power Index for October 2023 reveals insightful data, indicating that passport holders from Africa’s most affluent country, South Africa, enjoy visa-free access to 107 out of the world’s 227 destinations, constituting 47 percent of the total, while contributing only around 16 percent to the global GDP.
Egypt, the second-highest African nation in terms of millionaires, provides its passport holders access to just 54 destinations without prior visa requirements, accounting for 24 percent of the global landscape but contributing merely 4 percent to the global GDP.
Nigeria, with the third-highest concentration of millionaires on the continent, contributes approximately 0.5 percent of global GDP. However, Nigerian passport holders have visa-free or visa-on-arrival access to only 44 out of 226 destinations worldwide, representing about 1.5 percent of the global economy.
Weyinmi Oritsejafor pointed out, ‘African citizens face distinct disadvantages in terms of ease of travel compared to their European and Asian counterparts. African countries rank relatively low on the Henley Passport Index, limiting their access to countries without navigating complicated, costly, and lengthy visa application processes. Improving economic mobility and accessing a greater share of global GDP can lead to financial freedoms, aiding business, international banking, investment, and entrepreneurial opportunities, while mitigating jurisdiction-specific risk.’
Additional insights from the Africa Wealth Report 2023 highlight the preferred programmes among African families in 2022, including the Portugal Golden Residence Permit Programme and the St. Kitts and Nevis Citizenship by Investment Programme, both mandating a minimum investment of $250,000.
Furthermore, the Antigua and Barbuda Citizenship by Investment Programme, the Dominica Citizenship by Investment Programme, and the St. Lucia Citizenship by Investment Programme also gained popularity, each requiring a minimum investment of $100,000.
The Africa Wealth Report 2023 underscores the dynamic landscape of residence and citizenship by investment, driven by the aspirations of affluent African investors and their pursuit of economic mobility and enhanced global access.
