Namibia launches residence by investment program to lure foreign investors

Namibia and Henley & Partners, the global leader in residence and citizenship planning have unveiled a Residence by Investment Program in view of attracting foreign investment to boost the economic growth of the Southern African country.
The program, Namibia Daily News report, offers a renewable five-year work permit to successful investors who invest a minimum of USD 316,000 in the new luxury golf and eco-friendly President’s Links Estate in Walvis Bay.
The candidates of the program will have the right to live, do business, and study in Namibia.
The program is expected to appeal to international entrepreneurs, high-net-worth individuals, and retirees seeking a more business-friendly and attractive tax system, the daily notes.
The Southern African country’s private wealth market is rapidly growing and is expected to rise by 38% over the next ten years. The average wealth of a resident of Namibia is USD 10,050, ranking as the third highest in Africa after Mauritius and South Africa.
The country operates a source-based tax system, which means that foreign residents are generally only taxed on the income they generate in the country. Tax rates are relatively competitive compared to many other emerging markets, and there are no capital gains, estate, gift, inheritance, or net wealth/worth taxes.
The President’s Links Estate is currently the only investment route for the Namibia Residence by Investment Program. International real estate has always been a reliable asset class for global investors due to its long-term staying power.