March 1, 2023

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.”

Media Contact

Sarah Nicklin
Group Head of PR
sarah.nicklin@henleyglobal.com
Mobile: +27 72 464 8965

GlobeNewswire Distribution ID 1000795319

March 1, 2023

Court of Audit president resigns

Luanda – The president of the Court of Audit, Exalgina Renee Vicente Olavo Gambôa, resigned this Wednesday from the position she had held since 2018.

The resignation of the judge was official with a letter addressed to the President of the Republic, João Lourenço, according to a note from this court.

The statement underlines that the resignation was made with the knowledge of the Superior Council of the Judiciary.

Exalgina Gamboa’s decision comes a day after the Attorney General’s Office (PGR) announced that she had been indicted, following criminal proceedings, for possible crimes of embezzlement, extortion and corruption.

In the same process, the defendant Hailé Musapé Vicente da Cruz was also indicted for the crimes of extortion and corruption, but not yet notified because he is abroad.

Source: Angola Press News Agency

March 1, 2023

Vice-President opens forum for women in science

Luanda – The Vice-President of the Republic, Esperança da Costa, opened this Wednesday the Dialogue Forum for Women and Young Women in Science in Angola, a joint event between the Ministries of Higher Education, Science, Technology and Innovation & of Education.

Alluding to “Março Mulher” (women’s month) and the International Day of Women and Girls in Science, celebrated on the 11th of February, the forum aims to promote gathering of ideas, through the sharing of information and experiences.

The event is about information and experiences on the best ways to take advantage of the contribution of Angolan women in the field of science, within the framework of the Sustainable Development Goals (SDGs) defined by the United Nations 2030 Agenda and the African Union on the 2063 Agenda.

The meeting highlights the advances that the country has registered in the field of science and technology, with special emphasis on women’s contribution in this field.

It is the objective of the Science and Technology Development Project (PDST) to promote the integration of underprivileged girls and vulnerable young ladies in science, technology and innovation in order to minimize gender disparity.

Official data indicate that in the last five years Angola has made significant advances in the insertion and participation of women in the field of science.

The forum aims, among other aspects, to make known the role of women in science in Angola, as well as encourage young ladies to venture into this area of knowledge.

The promotion of gender equality has been one of the priorities of the Angolan Executive, led by the President of the Republic, João Lourenço.

Source: Angola Press News Agency

March 1, 2023

Angolan company exports tons of coffee to Switzerland

Luanda – Angolan coffee company Angonabeiro exported Tuesday the first 20-foot container of nine tons of “Ginga Lobito ” coffee beans to Switzerland as part of the brand’s internationalization.

The company, which is the leader in the roasted coffee market in Angola, said the export is part of the strategy to re-launch national coffee production to aid the country’s economic diversification and to contribute to boosting the entire coffee production chain from small farmers to exports.

Between 2018 and 2021, the company exported a total of 2,000 tons of products of the same brand in several countries such as Namibia, Senegal, Portugal, France, China and the United States of America (USA), a source has told ANGOP.

The director general of Angonabeiro, Nuno Moinhos, said that exporting Ginga coffee to Switzerland was an international recognition of the quality of Angolan coffee.

“At Angonabeiro we strongly believe in the export potential of national coffee and we intend to expand the consumption of Ginga coffee to an increasingly larger percentage of the international population and thus contribute to the growth of the Angolan economy”, Nuno Moinhos said.

According to Moinhos, Angonabeiro’s focus is on exporting Ginga coffee, a processed product that adds more value to transactions.

Another challenge will be to increase investment and production capacity and to invest in new products to reach larger international recognition for the brand.

By financing some small producers, without additional commissions, the company is ensuring the sustainability of coffee producers in Angola, as well as building infrastructures.

Such investment is part of the company’s social responsibility policy, which aims to support community projects.

Source: Angola Press News Agency

March 1, 2023

Angola’s oil output soars

Luanda – Angola’s oil output reached 34.29 million barrels in January this year, representing an increase of 583,16 barrels more than in December 2022.

The data is part of the January report of the National Oil, Gas and Biofuels Agency (ANPG) that has reached ANGOP, which explains that the country’s average daily production was of roughly 1.106 million barrels from the total of 1.119 million expected productions.

In December 2022, Angola’s production stood at 33. 7 million barrels equivalent to a daily average of 1. 087 million crude oil barrels per day.

In January, associated gas production reached 82. 5 million cubic feet (MMSCFD), corresponding to a daily average of 2 662 million (MMSCFD), of which 1 289 MMSCFD were injected, while 773 MMSCFD were made available to Angola Liquefied Natural Gas (LNG) plant.

A further 317 MMSCFD were used for power generation at the oil facilities and the remainder for crude oil operations and offloading.

Over 4.3 million BOE

In January, the ALNG Plant had a production of 4. 2 million barrels of oil equivalent (BOE), corresponding to a daily average of 135 657 barrels of oil equivalent (BOEPD).

From the amount produced, LNG production was 110 226 BOEPD, propane 11 374 BOEPD, butane 7 986 BOEPD and condensates around 6 071 BOEPD.

In the same period the associated gas production of the Cabinda Association reached 1 017 MMSCFD, a volume that allowed the extraction of 302 824 barrels of LPG, corresponding to a daily average of 9 769 barrels divided into propane and butane.

The production of oil and liquefied petroleum gas (LPG) was 34 597 663 BOE, corresponding to a daily average of 1 116 054 barrels of oil equivalent, with an operating efficiency of 88.90% against the 93.01% initially forecast.

Source: Angola Press News Agency

March 1, 2023

Head of State accepts Audit Court president’s resignation

Luanda – The Angolan Head of State, João Lourenço, on Wednesday accepted the resignation request made by the Audit Court President, Exalgina Renée Vicente Olavo Gambôa.

According to a note, the Head of State accepted also the resignation of Ms Gambôa as a member (counsellor-judge) of the said court.

The resignation of the judge, who was appointed Audit Court president in 2018, was official with a letter addressed to the President of the Republic, João Lourenço, according to a note from this court.

The resignation was made with the knowledge of the Superior Council of the Judicial Magistracy.

In the same process, Hailé Musapé Vicente da Cruz was also indicted for the crimes of extortion and corruption, but not yet notified because he is abroad.

Source: Angola Press News Agency

March 1, 2023

Korea seeking to strengthen cooperation with Angola

Luanda – The government of South Korea on Wednesday expressed its willingness to strengthen cooperation relations with Angola in the fields of telecommunications, information, energy, ports and maritime industry.

The information was given in Luanda, by Park Heong-Joon, who today, as special envoy of the President of South Korea, Yoon Suk-Yeol, was received in an audience, by the Angolan Head of State, João Lourenço, in the framework of bilateral ties.

Speaking to the press at the end of the meeting, Park Heong-Joon, who is the mayor of the metropolitan city of Busan, said that he requested the support of President João Lourenço for this city’s candidacy to host the 2030 World Expo.

Busan is a major port city in the Republic of Korea, known for its beaches, mountains and religious temples.

With the holding of World Expo2030, Korea plans to share its economic development experience with the world and present a sustainable vision for international issues such as climate change, health crisis and high-tech polarization facing the world.

In this context, according to Yoon Suk-Yeol’s emissary, it is expected that the development of relations between Korea and Angola will be achieved on a large scale.

Angola and Korea established diplomatic relations on 6 January 1992. In 2007, the Republic of Korea opened its embassy in the Angolan capital, Luanda.

In 2008, Angola opened its embassy in the Republic of Korea, Seoul.

Bilateral cooperation is focused on the fields of politics, economy, society, culture, among others.

Source: Angola Press News Agency