A golden visa, in its most basic form, is one of the strategic methods that countries attract investments from immigrants and investors in exchange for providing either residence (Residence by Investment) or citizenship privileges (Citizenship by Investment).Investors that meet the conditions receive these benefits via the quickest/shortest approach.
As countries struggle to create sustainable growth throughout all areas of their economy, this new approach is gaining traction.
According to Henley & Partners Holdings Ltd, “Investing in different residence and/or citizenship options worldwide offers both short-term value and long-term yield. The more access you have, the more diversified your assets, and the lower your exposure to regional and global volatility.”
The new investment strategy is growing more in Europe but gradually picking up in Africa. Below are a few African countries that currently offer this new visa type.
Mauritius
The Indian Ocean island nation is well-known for its pleasant tropical temperature, multi-culture, and gorgeous living conditions.
Mauritius provides Citizenship by Investment, which requires foreign investors to purchase luxury residential real estate worth at least USD 375,000 in one of the country’s six real estate projects. Investors who complete the conditions of this program can become Mauritian residents in six to eight months.
Successful applicants and their families are granted full residential rights in Mauritius, including the ability to live, work, and retire there. It covers the entire family, including a spouse or common-law partner, parents, and birth, step, or adoptive children of any age who are financially dependent on the primary applicant. They cannot, however, work in Mauritius unless they have a valid work or occupation permit. It also provides the possibility of renting the investment property.
Namibia
Namibia is one of the safest countries in Africa and a popular tourist destination, with rich wildlife and some of the world’s highest dunes.
The country in southwest Africa offers Residence by Investment, which allows successful real estate investors to live there and receive a five-year, renewable work permit.
Applicants must purchase real estate at the President’s Links Estate for a minimum of USD 365,000. Retirement units begin at USD 300,000 and are offered to investors aged 60 and over.
The President’s Links development is an eco-friendly residential and golf development in Walvis Bay that offers modern and stylish residences and villas on the outskirts of the Dorob National Park. The Whales’ Bay Walvis Bay has a pristine coastline with excellent fish, oysters, rock lobsters, and salt fields. The estate has approximately 745 exquisite residential houses, world-class lifestyle amenities, and a setting that honors Namibia’s rich natural beauty.
South Africa
The residence by investment program in South Africa needs a minimum net worth of $820,000, allowing wealthy individuals to work, study, or run their own businesses. It usually takes eight months to complete.
Egypt
Egypt provides passports to investors who invest a minimum of $250,000 and a maximum of $500,000.
Kenya and Uganda are well on their way to implementing citizenship by investment schemes, while Rwanda and Zanzibar already have such programs in place with unique terms and circumstances.