The issue of wealthy South Africans seeking dual citizenship or residency has been in the spotlight recently. They feel it provides more benefits and privileges for them and their families.
These benefits include the ease of travel, security for the future and the expansion of business and banking opportunities.
Managing Director of Elite Risk Acceptances, Christelle Colman says the most important consideration is a language barrier; insurance policy is a very complicated topic.
“It’s important you get in contact with individuals who can give you good advice on the risk and exposures and make sure you got the correct insurance,” Colman advised.
Colman says you must understand what the legislation and what the contract reads about the specific country where you are insuring.
“You have to insure your South African properties in South Africa and you have to insure your other properties in the other country under that country’s law.”
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