While China and India have grabbed the headlines with tales of steep rises – and occasional dips – in their economic growth, the vast continent of Africa has gone somewhat under the radar, despite many success stories of their own. In an official statement featured on the Word Bank website, Africa’s GDP (gross domestic product) rate was shown to be faring extremely well in comparison with the rest of the world.
The Boom In The African Economy
Sub-Saharan Africa’s growth is projected at an average of 3.7 percent in 2015 down from 4.6 percent in 2014. However, despite the slowdown of Africa’s biggest economies, the Gross Domestic Product (GDP) in the region is expected to pick up to an average of 4.4 percent and 4.8 percent in 2016 and 2017 respectively. This increase will be driven by domestic demand, supported by continuing infrastructure investment and private consumption fueled by lower oil prices. External demand is also expected to support growth, because of stronger prospects in high-income economies.
Compare those figures with the economies of the US (GDP 1.8), Europe (1.5), Japan (0.5) and the supposedly booming Brazilian economy (-4.5) and one can see that after decades of economic turmoil, Africa is finally beginning to make the most of its vast natural potential and will soon be taking its rightful place alongside the world’s economic powerhouses.
The Rise In Wealthy Africans
The rise in Africa’s wealthy in the past twenty years has been dramatic. Africa already has more than 20 billionaires, and UK based consultancy firm New World Wealth estimate there are some 165,000 HNWIs (High Net Worth Individuals) living on the continent with combined assets of $660 billion. South Africa alone has some 50,000 dollar millionaires, followed by Egypt (23,000), Nigeria (16,000) and Kenya (9,000). Ethiopia, once the standard bearer for African countries in turmoil is now one of the fastest growing economies in the world, and producing millionaires at a faster rate than any other African country.
With Europe, China, Russia and the US investing massively in Africa, this trend is only likely to continue, and the proportion of wealthy Africans will increase at a rapid rate.
The Weakness Of The African Passport
As a wealthy African you will be aware of two things: your country’s tax rates are too high (South Africa’s individual tax rate is 41%), and your passport doesn’t let you travel to many countries visa-free, so basically, you are stuck in your country and losing too much of your hard-earned cash!
In general, passports across the continent of African are among the most underperforming in the world. Even the South African passport – which is the strongest on the continent – only grants its holder visa-free access to 84 countries, and that number excludes Europe (East and West), the USA, Canada, Asia and ironically, much of Africa.
In comparison, passports for the E.U, the US, Canada, Japan, Australia, New Zealand, Singapore and Malaysia allow the user visa-free access to more than 170 countries worldwide.
So while you are getting richer and your country’s economy is getting stronger, the passport in your pocket is still making you look like a second-class citizen.
Citizenship by Investment
The easiest way for a wealthy African to get a passport that doesn’t make them feel like a criminal every time they use it is to legally acquire the citizenship of an E.U country. And the simplest way to do that is via Citizenship by Investment.
Citizenship by Investment is the practice of investing financially into a specific country (often the investment will be for real estate or a business that you will own) and in return for your investment, you will be granted the citizenship and passport (often for yourself and co-dependents) of that country.
For more information on Citizenship by Investment and which countries offer the best programs, log onto 2ndPassports.com and take a look at their homepage. There you find a host of countries, all of which offer excellent Citizenship by Investment packages. These are countries that are literally waiting to give you what will be a life-changing document in return for a relatively small (in most cases) financial investment.
Dual citizenship is legal in most African countries including South Africa.
How Can 2ndPassports.com Help Me?
If after reading this article you have decided – for economical or libertarian reasons – that a second passport is something that you feel would greatly enhance your life, the question you will be asking yourself is what do I do now?
Simply log onto 2ndPassports.com and take a look at the programs on offer. The E.U passport is probably the best option for an African citizen for three reasons.
A) Any E.U passport grants the holder access to more than 170 countries visa-free.
B) An E.U passport holder can live and work in any European Union country for as long as they choose, with exactly the same rights as an individual born to that country.
C) Several E.U passports can be acquired swiftly and with minimal residency, including those of Greece, Malta and Cyprus.
Once you have made your choice, contact 2ndPassports.com and we will begin the process of second citizenship for you. 2ndPassports.com was established in 2004, and we have helped thousands of clients just like you achieve their dream of dual citizenship. Our team of specialists is vastly experienced and will handle the citizenship process for you, leaving you free to get on with your life.
For more information contact 2ndPassports.com today via phone or Skype (all lines SSL encrypted), or if you prefer you can message us by email, WhatsApp or Telegram. All of our contact information is listed at the top of our homepage.
As an African, the chances are you know only too well what it’s like to feel like a second class citizen, so why not let the passport you carry tell the world that you are as good as, and have the same rights as anyone else in the world?
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