Henley & Partners: Invest in Namibian Real Estate and Secure Residence Rights

LONDON, March 01, 2023 (GLOBE NEWSWIRE) — The world’s latest investment migration option — and Africa’s second — the Namibia Residence by Investment Program has been launched by Henley & Partners, the global leaders in residence and citizenship planning.

The Namibian government is actively seeking foreign investment to boost the country’s economic growth and diversify the economy. The program provides numerous opportunities for international investors seeking a foothold and growth on the African continent, including tax incentives, financing, and a one-stop bureau service for international companies. For a minimum real estate investment of USD 316,000 in the new luxury golf and eco-friendly President’s Links Estate in Walvis Bay, successful investors will receive a five-year, renewable work permit which gives them the right to live, do business, and study in Namibia.

Group Head of Private Clients at Henley & Partners, Dominic Volek, says, “We are delighted to announce this innovative new residence by investment offering in Africa. Namibia’s stunning landscape, attractive tax system, and business-friendly environment make it an ideal option for international entrepreneurs, high-net-worth individuals, or retirees. There are fewer than 600 real estate units available in this exclusive coastal estate that qualifies for residence, so investors need to move quickly if they want to take advantage of this limited opportunity to secure residence rights in one of the most nature- and wildlife rich countries in the world.”

One of Africa’s fastest growing private wealth markets

The total private wealth currently held on the African continent is USD 2.1 trillion and is expected to rise by 38% over the next 10 years, according to the Africa Wealth Report, published by Henley & Partners in partnership with New World Wealth. Namibia is expected to be one of Africa’s fastest growing markets going forward, with high-net-worth individual (those with wealth of USD 1 million or more) growth of over 60% forecast for the next decade (until 2032). According to New World Wealth’s December 2022 statistics, Namibia holds USD 26 billion in total investable wealth. The average wealth of a resident of Namibia (wealth per capita) is USD 10,050, ranking as the third highest in Africa after Mauritius and South Africa. The nation is home to around 2,100 high-net-worth individuals and three centi-millionaires (with wealth of USD 100 million or more).

To attract inward investment, the government has made major improvements to its tax system in recent years. Namibia operates a source-based tax system, which means that foreign residents are generally only taxed on the income they generate in the country. What is more, tax rates are relatively competitive compared with many other emerging markets and particularly with neighboring countries such as South Africa. The top rate of income tax in Namibia is a modest 37%, but perhaps most notably there are no capital gains, estate, gift, inheritance, or net wealth/worth taxes.

Unprecedented interest in domicile diversification

Currently, the President’s Links Estate is the only investment route for the Namibia Residence by Investment Program. Group Head of Real Estate at Henley & Partners, Thomas Scott, says international real estate has always been a reliable asset class for global investors due to its long-term staying power. “Real estate–linked investment migration programs such as the offering in Namibia have the additional advantages of enhancing your global mobility and expanding your personal access rights as a resident or citizen of additional jurisdictions, creating optionality in terms of where you and your family can live, work, study, retire, and invest. The potential gains over the lifetime of this investment include the core value of the asset, rental yields, and global access as an ultimate hedge against both regional and global volatility.”

Volek points out that there has been significant and ongoing growth in the demand for residence and citizenship by investment options over the past few years. “The appeal of investment migration for affluent families is truly universal due to its many benefits, ranging from domicile diversification to global mobility enhancement, to accessing world-class education and healthcare, to having a plan B in times of turmoil. No matter where you were born, or where you currently reside, wealthy investors can futureproof themselves and their families for whatever might lie ahead through investment migration options such as the new Namibia Residence by Investment Program.”

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Water champion: Ayeni walking 320 kms from Kingfisher to Kampala

He is back. This is Geoffrey Walker Ayeni, who has cut out a niche as Uganda’s walking warrior and champion for earth’s biggest noble cause: sustainable use of the environment.

In an attempt to capture attention towards Uganda’s ailing environment and declining water resources, Ayeni is this time walking from the Kingfisher oil well in Kikuube to Kampala. Uganda has lost half of its forest cover, from 24% in 1990 to only 12% today. The wetland cover has receded from 15% to 8.8% in the last 30 years.

Ayeni, 24,320 km days in February Ayeni, who is accompanied by an entourage of 24, is expected to cover a distance of 320 km in 10 days, from February 28 to March 10, 2023.

The Uganda Water and Environment Week (UWEK 2023) will be commemorated under the theme “Water and environment for resilient development.” UWEK 2023 will start on March 13, 2023, and end on March 17, 2023. This will be commemorated ahead of the UN-Water Week in New York, which world leaders are expected to attend between March 20 and 24.

State Minister of Water, Aisha Sekindi, flagged off Walker’s walking expedition on February 28, 2023.

At the ceremony, representatives of CNOOC, local people, Civil Society Organisations, the Government, the private sector, and representatives of the Bunyoro-Kitara Kingdom and the Buganda Kingdom attended.

20 kilometers, Ayeni, and his team reduced their task by 20kms bringing the remaining distance to Kampala to 300 kilometers. This is expected to reduce further to 250 as the team is expected to walk from Kyangwali to Kabwoya on March 1.

They are expected to make a stopover at Bugoma Central Forest Reserve for the planting of indigenous trees to restore at least one acre of Uganda’s largest chimp sanctuary.

“We are going to support restoration in the Bugoma Forest Reserve, where we are going to plant about an acre of trees,” said Ayeni.

An acre is equivalent to about one football field.

Ayeni also said they were going to raise awareness as they traversed the mid-western part of the country to central Uganda but also receive views from the local communities, which they will present to Parliament on March 10.

At the flag-off, according to Ayeni, the local communities complained about the marram abandoned on the shoulders of the roads after the construction of the oil roads. This has become a menace as it gets washed onto the roads, causing accidents, according to Ayeni.

Source: New Vision

‘Corruption frustrating efforts to restore wetlands’

Officials from the water ministry and other government agencies including National Environment Management Authority (NEMA) have decried what they call the high level of corruption among local leaders. They say as a result of corruption, efforts to restore wetlands and other water sources have been frustrated.

They add that despite President Yoweri Museveni giving a directive to wetland encroachers to vacate immediately, the efforts by the implementers have hit a dead end due to corruption and lack of political will among the local leaders.

The outcry was made on Tuesday, February 28, 2023, during the launch of the Water and Environment Week which will be celebrated under the theme: Water and Environment for Climate-Resilient Development. The launch was at the water and environment regional offices in Mbarara city.

Capt. John Bosco Bamuturaki, the chairperson R. Rwizi Catchment Committee operating under the water ministry, said the Government put environmental structures at all levels in local councils, “but we have found a major challenge of corruption among leaders who promise cover-ups in case there is an attempt to be evicted”.

Bamuturaki, said most of the structures that have been erected near the wetlands and other sources of water, especially on R. Rwizi have approved plans an indicator that, “these people connive with some officials in the local leadership”.

NEMA southwestern region manager Jeconius Musingwire said for the last six years, they have tried to recover a number of wetlands such as Nyakambu swamp in Buhweju district, Kakigani and Kongoro swamps in Rwampara district, but “have suffered a challenge of lack of political will and corruption”.

“Every time we go and chase away people from the wetlands, in a few days, they come back because they are promised a backup from local leadership right away from LC1s. Because some of these people sit in councils and know that we don’t have enough manpower to keep enforcement on ground due to limited budget,” Musingwire said.

He added that during one of the exercises of erecting mark stones on the buffer zones of River Rwizi, “we were with all the local leaders, but as we moved along erecting mark stones, I found myself alone with a few officials from the ministry all others political leaders abandoned the exercise”.

About the water and environment week

Water ministry manager for Mbarara region Eng. Enock Mwanje said the water and environment week activities will last for six days highlighting the role of inclusiveness in water and environment systems for climate-resilient communities and ecosystems.

“We shall emphasise identifying legal policies and institutional approaches for enhancing water and environment security for climate resilient development and exploring opportunities for developing and strengthening capacity for multisectoral partnership," Mwanje said.

Source: New Vision

H.E Ramaphosa lauds Museveni

The President of The Republic of South Africa, H.E Cyril Ramaphosa has described President Yoweri Museveni as a true Pan-Africanist who is well versed with African history and with a strong desire to ensure that the people of the continent prosper.

“I am particularly pleased that President Museveni knows the history of the African National Congress (ANC). We are very proud to have a Pan-Africanist like President Museveni and also have him articulate points about our continent particularly the prosperity of our people,” he noted.

President Ramaphosa lauded his Ugandan counterpart yesterday on Tuesday, February 28, 2023, who is in Pretoria, South Africa for a 1-day State Visit.

President Ramaphosa who warmly welcomed Gen. Museveni to South Africa highly commended the cordial and bilateral relationship existing between the two African countries.

“South Africa is proud of its very deep and fraternal relations with Uganda that date way back to the struggle against colonialism and apartheid at a great risk and sacrifice,” he said as he hosted President Museveni at the Union Building.

President Ramaphosa pointed out that Uganda stood firm in its support for the goals of the liberation struggle of the people of South Africa and also contributed materially and in many other ways to help them attain their freedom and democracy.

“On behalf of the people of South Africa, allow me to express our appreciation to the people of Uganda for their contribution to our freedom. The relationship between our two countries is based on the principles of Pan- Africanism, commitment to human rights and also emancipation of women,” H.E Ramaphosa observed.

He therefore expressed his desire that the trade bilateral relations will also be strengthened through various bodies like the Joint Commission of Cooperation that held its 2nd meeting recently in Kampala.

President Museveni on his part congratulated the people of South Africa for the struggle they waged against colonialism. He particularly paid tribute to the youth who paid the price with their lives in 1966 to ensure that the country achieves freedom.

“We are very happy that we are where we are now from the phase of struggling for freedom to the phase of working for prosperity,” he said.

President Museveni strongly encouraged members of the Joint Commission to identify and study what South Africa could do best and sell to Uganda and vice-versa.

He particularly cited coal as one of the products Uganda needs most for the processing of high-quality iron ore to steel. President Museveni also pointed out South Africa's lithium as a crucial mineral that the East African country needs in the making of batteries for electric vehicles.

He, on the other hand disclosed that Uganda, a country endowed with favorable agricultural climate could fill South Africa's high agro-based products demand.

“So, we can help you to build a new force of patriotism. The neo-colonialism has failed, what do the progressive parties do? They help to build a new force,” he noted.

Later, the two leaders witnessed the signing of various Memorandum of Understanding (MoU) that covered social, economic, legal and scientific sectors.

Uganda's Minister of Foreign Affairs, Gen. Abubaker Jeje Odongo signed many of the MoUs on behalf of the government of Uganda and Ministers Sisulu Lindiwe (Tourism), Thoko Didiza(Agriculture) , Nkoana Maite Mashabane (Women and Youth) and Naledi Pandor (International Relations) signed the agreements on behalf of the government of South Africa.

Later, at the Press Briefing, President Ramaphosa informed members of the media that the purpose of President Museveni’s visit to South Africa was to review bilateral relations and to gauge the extent on what and how they can be strengthened.

He also announced that they expressed their strong views to resolve issues that impede the economic growth of the two countries.

President Museveni later visited the Freedom Park where the history of the heroes who fought against apartheid and for the Independence of South Africa is showcased. He paid respect to the fallen heroes.

South Africa's Minister of Agriculture and Land Affairs, Hon. Thoko Didiza said President Museveni’s visit was “very important to South Africa”.

“Uganda is very green and good in production; they are known for their large coffee production. We have the Africa Continental Free trade Agreement that allows free trading among African countries and agriculture will be one of those in my view that will enable us trade with each other,” Hon. Didiza stressed.

South Africa's Tourism Minister, Hon. Sisulu Lindiwe noted, “We are signing a memorandum such that when people visit South Africa, we can direct them to Uganda and when they visit Uganda, they can be directed here. There is no competition with Uganda, we shall share the pool of visitors that come to Africa."

Uganda and South Africa have a combined 105 million people and a history stretching more than 70 years, but the result of their bilateral trade is a combined USD153 million.

Source: State House of Uganda