South Africans can buy access to Europe through residence-by-investment options in Greece, Cyprus and Portugal.
South Africans can buy access to Europe through residence-by-investment options in Greece, Cyprus and Portugal.
The programmes differ significantly in terms of the qualifying investment, travel rights, and the ability to acquire property.
This is the feedback from private-client advisory firm Kestrel Private, which examined five residence-by-investment scenarios in the three countries.
The guide focused on investments where the capital remains tied to a foreign asset, while excluding citizenship-by-contribution schemes and other non-investment residency programmes.
The firm said South Africans can use offshore capital for several purposes at once, including holding a euro-denominated asset, generating foreign income, securing European residency and gaining greater travel flexibility.
“South Africa’s offshore allowances function as annual strategic windows for building an offshore position,” said Andrew Taylor, founder and managing partner of Kestrel Private.
“While the limits define how much can be funded in a single year, they remain sufficient for most families considering these programmes.”
For South Africans investing in a country, the guide uses the 2026 foreign investment allowance of up to R10 million per eligible taxpayer per calendar year, subject to the South African Revenue Service’s approval process.
Those who already have money invested offshore do not necessarily need additional allowance capacity, as they can potentially reallocate part of their existing portfolio into a qualifying investment.
Kestrel Private models the costs at an exchange rate of €1 to R19, including estimated taxes, VAT, government charges, professional fees and transaction costs.
Taylor said the purpose of the approach is not simply to obtain residency, but to assess what the investment does for the applicant.
However, Kestrel Private stressed that the final costs will depend on factors including family size, the specific property or fund, exchange rates, banking arrangements and professional fees.
It also stressed that legal, tax and immigration work must be handled by appropriately qualified advisers in the relevant jurisdiction.
For South Africans primarily seeking a European property linked to residency, Greece and Cyprus therefore offer the clearest options among the three countries examined.
Portugal remains available through qualifying funds, but its programme no longer allows applicants to obtain residency simply by purchasing real estate.
The figures are therefore planning estimates rather than fixed quotations. The three countries and what you need to acquire residency in Greece, Cyprus, and Portugal are listed below.
Greece offers three investment thresholds under the scenarios examined. A qualifying conversion or restoration property starts at €250,000, with the modelled total rising to about €280,000, or R5.32 million.
A standard regional property requires €400,000, with the modelled case reaching about €440,000, or R8.36 million.
In certain prime areas, including Attica, Thessaloniki and larger Greek islands, the threshold is €800,000.
Kestrel Private models the total investment and associated costs at approximately €865,000, or R16.44 million.
The Greek Golden Visa provides a renewable five-year residence permit and Schengen travel rights, while applicants are not required to live in Greece to maintain the residency. The programme can also cover eligible family members.
Cyprus provides another option, although it differs from Greece because the country is not yet fully part of the Schengen Area.
Kestrel Private models a qualifying new-build property investment of €300,000 plus VAT, resulting in an estimated total of €375,000, or about R7.13 million.
The Cyprus programme provides permanent residence, with the guide stating that the permit can be retained provided the holder visits Cyprus at least once every two years. A spouse and children can also be included in a single application.
Portugal presents a substantially different proposition. Since reforms introduced in October 2023, property purchases no longer qualify for Portugal’s residence-by-investment programme.
The remaining investment route highlighted by Kestrel Private is an eligible investment fund, with a threshold of €500,000. The guide models this at approximately €540,000, or R10.26 million, including associated costs.
This means the model exceeds a single R10 million annual offshore allowance by about R260,000, which could potentially be funded from capital already held offshore.
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