Namibia offers a residence permit for five years: conditions of the program
In March 2023, Namibia launched a program to obtain a residence permit in exchange for investment. According to Henley & Partners, investors must buy local real estate worth at least 280 thousand euros to obtain a residence permit in the country. Program participants can stay in Namibia for five years, run a business or get an education.
The program opens up new opportunities for people from all over the world. It is appropriate for remote workers who are not tied to a particular place of residence. The Namibian government is interested in attracting investors, and there are various conditions for residence permit applicants. In addition, local authorities promise support for residents who plan to do business in the country. For them, there will be various tax programs and syndicated loans. For international companies, there is a “one-stop-shop” principle, which will simplify the procedure for registration and obtaining the necessary permits.
Issuing a residence permit takes three months from the date of application. Permit with the right to work in the country is issued for five years. There are conditions: if the applicant has not sold their assets in Namibia within seven years, they can apply for permanent residence status.
Namibia is located in South Africa, bordering Zambia, South Africa, and Botswana. Until 1968, the country was considered a colony of Germany, and the influence of this European state is still felt today. Tourists from Germany regularly visit Namibia, and many German pensioners prefer to enjoy a quiet life in the warm climate of the African country. Flexible taxes and low prices also attract them.
It should be noted that the investment programs to obtain a residence permit are a success in many countries but are regularly criticized. For example, the European Union Parliament has opposed the “Golden Visa” mechanisms for several years. Many EU member states have already refused to grant residence permits in exchange for investments. Others are revising the terms or preparing to close the program.
Despite this, the “Golden Visa” significantly contributes to countries’ budgets, primarily in the real estate market. In addition, the funds received can improve the standard of living of the local population. A striking example is Singapore, which since March 2023, has raised the minimum investment threshold for obtaining a residence permit. The government has made changes to allocate more funds to create jobs and improve the citizens’ standard of living. This decision was dictated by the intention to reduce the gap between population categories. Many wealthy foreigners have moved to Singapore, leading to higher prices and a higher cost of living for locals.