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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Children’s coffins mark tragedy of Italy migrant shipwreck

The coffins of 65 victims of a devastating migrant shipwreck off Italy’s southern coast were laid out Tuesday in a local sports hall, five of them small and white, containing the bodies of the youngest children that died.

Flower bouquets adorned each coffin in the building in Crotone, while a toy blue car had been laid on the smallest, ready for mourners to pay their respects.

Earlier, the coffins had been opened to allow the identification of the dead, with relatives having flown in from countries including Germany and Austria.

One woman let out a scream which shattered the silence of the sports hall.

A German-speaking man told reporters he was the nephew of an Afghan man who survived — but lost his wife and three children aged five, eight and 12, after paying $30,000 for the family to cross. A 14-year-old child survived.

The toll from Sunday’s shipwreck rose to 65 on Tuesday after another body was found, local officials reported.

Fourteen children were among those confirmed to have died when their overcrowded boat shattered in a storm, the interior ministry said.

Another 79 survived, while several more are believed still to be missing.

It was one of the most tragic incidents in the Central Mediterranean, which tens of thousands of migrants and asylum seekers cross each year hoping to find a new life in Europe.

“We go to this beach in summer. All residents will remember this, that there were so many victims, especially these children and young people,” said Daniela Brugnana, 45, who came to pay homage to the victims.

Three men — two Pakistanis and a Turkish national — have been detained for alleged people smuggling over the incident, a police spokesman said.

Bodies, shoes and debris have been washing up along the shoreline for the past three days.

Divers are still searching for potentially up to 20 missing people, although it is not yet clear how many were on the boat.

Charities working with survivors believe there may have been up to 200 people had been on board, from Afghanistan, Iran and Pakistan, also Somalia and Syria.

The overcrowded wooden boat was called Summer Love and it set off last Thursday from Izmir in Turkey, survivors told Red Cross charity workers.

Many of those on board were seated below deck and had difficulty breathing, they reportedly said.

Survivors said they paid smugglers between five and eight thousand euros ($5,300 to $8,500), according to the Corriere della Sera daily.

The Afghan foreign ministry expressed its “great sadness” for those killed.

“The Islamic Emirate of Afghanistan prays for forgiveness for the martyrs and patience for the families and relatives of the victims, urging all citizens once again to avoid going to foreign countries through irregular migration,” it said.

Amid questions about whether more could have be done to prevent the tragedy, both Italy’s coastguard and the EU border Frontex revealed they had tried to help.

Frontex said one of its planes had spotted a “heavily overcrowded boat” heading towards Italy late on Saturday, and had informed the Italian authorities.

“There were no signs of distress,” it said, adding that the plane monitored the ship until it had to go home to refuel.

It said Italy dispatched two patrol boats to intercept the vessel but they were forced by bad weather to return to port.

Italy’s coastguard, for its part, said Frontex had seen the boat “with only one person visible”, and a financial crimes police vessel had tried to intercept it.

At 4.30am on Sunday (0330 GMT), reports had come in suggesting the boat was in danger just “a few minutes from the coast”, and a rescue mission was launched.

Source: Nam News Network

Security Experts Discuss Rising Extremist Violence in Africa

Security experts are meeting this week in Senegal to discuss the fight against rising violent extremism in Africa, particularly in the Sahel region, where Islamist militant attacks are increasing at an alarming rate.

Over the last decade, an abundance of resources in the form of military personnel and dollars have poured into the fight against militant violence in Africa. Scores of conferences, forums and training exercises have been held to discuss causes and solutions.

The problem has not only persisted but has gotten worse.

Deaths linked to Islamist militants on the continent skyrocketed by nearly 50 percent in the last year to more than 19,000 people, much of it in the western Sahel region, according to the Africa Center for Strategic Studies. The violence has also expanded geographically, trickling into new regions, such as West African coastal states and the Lake Chad Basin.

“It is no secret that the security situation in West and Central Africa continues to deteriorate,” said Giovanie Biha, head of the United Nations Office for West Africa and the Sahel, in a speech that kicked off the meeting. “Terrorist groups continue to exploit the multifaceted challenges facing the region, notably its environmental, political and socioeconomic weaknesses and inequalities.”

“A regional challenge demands a regional response,” she added. “It has been proven that no country can effectively combat violent extremism and terrorism alone.”

In 2015, the United Nations launched the Prevention of Violent Extremism program to counter militant violence. This week’s meeting will examine that plan and determine how individual regions and states can better implement its strategies.

The meeting is being organized by the U.N. Office for West Africa and the Sahel, the Swiss Federal Department of Foreign Affairs and Senegal’s Center for Advanced Studies in Defense and Security.

Albert Kan-Dapaah is the minister of national security in Ghana. He says it is the only West African coastal state that has not recorded any extremist attacks.

Though Kan-Dapaah admits he can’t be sure why Ghana has managed to elude violence, he said the country implemented a national framework based on the U.N. plan after it was released.

“[A country’s response] should not be something that is exclusive to the government in power – it never works,” Kan-Dapaah said in a speech at the conference. “You need to involve the minority parties, you need to involve the civil society organizations, you need to involve women organizations and also the youth.”

Part of Ghana’s effort to prevent attacks involved supplying communities that were vulnerable to radicalization with resources such as potable water, schools and clinics, Kan-Dapaah said.

A report released last month by the U.N. Development Program found that 25 percent of people who’ve joined terrorist groups in sub-Saharan Africa did so primarily out of the need for employment – nearly quadruple the number who did so in 2017. Those citing religion as the main reason decreased by 57 percent to just 17 percent of recruits.

“Each state has their own individual strategy and solution to a transnational problem. But in the fight against terrorism you need to forget about borders,” said Mahamoudou Savadogo, a security expert with Granada Consulting in Burkina Faso. “So long as there is no union between states, so long as there’s no clear dialogue, and so long as there’s no region or continent-wide response, it’s going to be difficult.”

The conference continues through Thursday.

Source: Voice of America

Macron Visits Africa Amid Growing Anti-French Sentiment

French President Emmanuel Macron begins a four-nation tour of Africa today amid rising anti-French sentiment that saw French troops recently leave Mali and Burkina Faso. Macron will visit Gabon, Angola, the Republic of Congo, and the Democratic Republic of Congo amid a growing regional opposition to French involvement and support for closer ties with Russia.

Days before his departure, Macron announced France would be taking on a more deferential relationship with Africa that would require France to assume a “profound humility” in its dealings with the continent. As part of the new strategy, French military bases in Africa will transform into military academies while others will eventually be co-run with African partners.

Two of the countries Macron plans to visit — Gabon and the Republic of Congo — are former French colonies.

“For a long time France has been the object of criticism and rejection because its position has always been one of dominance,” said Mahamoudou Savadogo, a security expert with Granada Consulting in Burkina Faso. “But there is a new opportunity to be had. There are youth who have never known colonization and there’s a new paradigm that France must consider in order to improve their relationship with other states.”

France’s military withdrawal from Africa will allow its former colonies to finally assume full statehood, he added.

But as France has distanced itself from the continent, other parties have moved in. Private Russian military group Wagner has established a presence in Mali and the Central African Republic, where it has been accused of atrocities such as torture, rape and executions.

Aguibou Bouare is president of the National Human Rights Commission of Mali. He acknowledged the accusations against the Wagner Group but said it was up to the state to carry out an independent investigation to evaluate the allegations.

“For me, a country does not have friends — it has interests,” he said. “And any partner that can help us fight terrorism is encouraged. I’m not concerned about who that partner is.”

Deaths linked to Islamist militants on the continent skyrocketed by nearly 50 percent in the last year to more than 19,000 people, much of it in the western Sahel region, according to the Africa Center for Strategic Studies.

“Wagner’s arrival in Francophone Africa is the result of France’s failed Africa policies,” said Ahmat Yacoub Dabio, president of the Center for Development and Prevention of Extremism in Chad.

“France has always supported African dictatorships. It has always turned a blind eye to human rights violations. And France hasn’t made the effort to radically change its policies.”

France would do better to support Africa via health, infrastructure and education projects, Dabio added.

In his speech, Macron said he did not accept responsibility for the worsening security crisis in Mali and that he would not let France become a scapegoat.

Source: Voice of America