{"id":790458,"date":"2024-09-10T15:00:00","date_gmt":"2024-09-10T13:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=790458"},"modified":"2024-09-10T14:54:40","modified_gmt":"2024-09-10T12:54:40","slug":"the-two-countries-catching-the-eye-of-millionaires-from-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/790458\/the-two-countries-catching-the-eye-of-millionaires-from-south-africa\/","title":{"rendered":"The two countries catching the eye of millionaires from South Africa"},"content":{"rendered":"\n

The incredibly wealthy are turning their attention to Nambia and Mauritius as investment destinations.<\/p>\n\n\n\n

Africa is experiencing a wealth boom, and with roughly $2.5 trillion in investible wealth, the continent is expected to be on the brink of economic transformation.<\/p>\n\n\n\n

The 2024 Africa Wealth Report by Henley & Partners and New World Wealth shows that Africa’s millionaire population will surge 65% over the next ten years.<\/p>\n\n\n\n

Mauritius and Namibia’s millionaire populations are set to increase by 95% and 85% over the next decade, respectively. <\/p>\n\n\n\n

Both countries also offer investment migration pathways for the incredibly wealthy, particularly those who want to use property as an investment opportunity. <\/p>\n\n\n\n

Lance Lawson, Business Development Consultant at Sovereign Group, said that Namibia and Mauritius are emerging as wealth hubs due, in part, to their strategic policies that favour foreign investment. <\/p>\n\n\n\n

The luxury real estate sector is a popular investment choice in these destinations, as they offer potential income, capital appreciation, and flexibility for families with members in different locations. <\/p>\n\n\n\n

Neither country imposes a capital gains tax. Although Namibia has no estate duty, Mauritius recognises trust law and allows estates to be structured accordingly.<\/p>\n\n\n\n

\u201cTheir political and economic stability, coupled with their relative affordability and proximity, makes these countries highly attractive to South African HNWIs looking to invest in sub-Saharan Africa,” said Lawson.<\/p>\n\n\n\n

The Africa Wealth Report showed that South Africa lost over 11,000 dollar millionaires in the past decade, which is 20% of its millionaire population.<\/p>\n\n\n\n

The group’s Wealth Migration Report 2024 also showed that South Africa remains one of the significant millionaire outflow countries, with an estimated 600 high-net-worth individuals (HWNIs) expected to depart the country in 2024.<\/p>\n\n\n\n

HWNIs have a liquid investable wealth of $1 million (~R18 million) or more.<\/p>\n\n\n\n

Lawson said that spreading wealth across jurisdictions helps manage risk, access a wider array of investments, and minimise the risk of localised political or economic instability. <\/p>\n\n\n\n

Mauritius <\/strong><\/p>\n\n\n\n

Mauritius has long been considered one of Africa’s most business-friendly countries due to its economic growth and favourable policies.<\/p>\n\n\n\n

Moreover, it is only one of two African countries, with the Seychelles, that allows its citizens to access over 50% of global GDP without a visa. <\/p>\n\n\n\n

Mauritius also has numerous residency by-investment opportunities. <\/p>\n\n\n\n

For instance, one can purchase a residency with a minimum capital investment of $375,000, which provides the right to live, work, and retire on the island. <\/p>\n\n\n\n

Buying property in Mauritius, mainly through a government-approved scheme, such as a Property Development, Integrated Resort of Real Estate Scheme, also allows one to enjoy tax gains, which can be facilitated through companies, trusts, and foundations.<\/p>\n\n\n

\n
\"\"<\/a>
Port Louis, Mauritius<\/figcaption><\/figure><\/div>\n\n\n

Namibia<\/strong><\/p>\n\n\n\n

Namibia\u2019s trust law also offers opportunities for holding assets while providing tax advantages.<\/p>\n\n\n\n

The only caveat is that an investment property cannot be used as agricultural land.<\/p>\n\n\n\n

The Namibian Income Tax Act also favours trusts. The absence of donations, capital gains and estate taxes makes it an excellent location for international structures.<\/p>\n\n\n\n

Foreign investors are protected under the Namibian Foreign Investment Act, ensuring equal treatment for foreign and local investors. <\/p>\n\n\n\n

Foreign investors with a \u2018Certificate of Status Investment\u2019 can repatriate their capital and benefit from a simplified process of obtaining an employment permit.<\/p>\n\n\n\n

Moreover, Namibia also has formalised export processing zones. These zones can offer competitive pricing advantages to export-led manufacturers, as they are exempt from corporate income tax, duties, and VAT on machinery, equipment, and raw\u00a0materials imported into Namibia for manufacturing purposes.\u00a0<\/p>\n\n\n\n

Residence by investment in Namibia also requires a minimum capital investment of $365,000 and allows investors the opportunity to live, work, and study there without restriction.<\/p>\n\n\n

\n
\"\"<\/a>
Windhoek, Namibia<\/figcaption><\/figure><\/div>\n\n\n
\n\n\n\n

Read<\/strong>: South Africa\u2019s millionaire life insurance bosses \u2013 earning up to R32 million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rich South Africans are turning their attention to two other African nations as a better destination for their wealth.<\/p>\n","protected":false},"author":95,"featured_media":790470,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,10004,11877],"class_list":["post-790458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-henley-partners","tag-new-wolrd-wealth"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/790458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=790458"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/790458\/revisions"}],"predecessor-version":[{"id":790486,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/790458\/revisions\/790486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/790470"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=790458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=790458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=790458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}