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 […]

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

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Security Experts Discuss Rising Extremist Violence in Africa

Security experts are meeting this week in Senegal to discuss the fight against rising violent extremism in Africa, particularly in the Sahel region, where Islamist militant attacks are increasing at an alarming rate.Over the last decade, an abundance o…

Security experts are meeting this week in Senegal to discuss the fight against rising violent extremism in Africa, particularly in the Sahel region, where Islamist militant attacks are increasing at an alarming rate.

Over the last decade, an abundance of resources in the form of military personnel and dollars have poured into the fight against militant violence in Africa. Scores of conferences, forums and training exercises have been held to discuss causes and solutions.

The problem has not only persisted but has gotten worse.

Deaths linked to Islamist militants on the continent skyrocketed by nearly 50 percent in the last year to more than 19,000 people, much of it in the western Sahel region, according to the Africa Center for Strategic Studies. The violence has also expanded geographically, trickling into new regions, such as West African coastal states and the Lake Chad Basin.

“It is no secret that the security situation in West and Central Africa continues to deteriorate,” said Giovanie Biha, head of the United Nations Office for West Africa and the Sahel, in a speech that kicked off the meeting. “Terrorist groups continue to exploit the multifaceted challenges facing the region, notably its environmental, political and socioeconomic weaknesses and inequalities.”

“A regional challenge demands a regional response,” she added. “It has been proven that no country can effectively combat violent extremism and terrorism alone.”

In 2015, the United Nations launched the Prevention of Violent Extremism program to counter militant violence. This week’s meeting will examine that plan and determine how individual regions and states can better implement its strategies.

The meeting is being organized by the U.N. Office for West Africa and the Sahel, the Swiss Federal Department of Foreign Affairs and Senegal’s Center for Advanced Studies in Defense and Security.

Albert Kan-Dapaah is the minister of national security in Ghana. He says it is the only West African coastal state that has not recorded any extremist attacks.

Though Kan-Dapaah admits he can’t be sure why Ghana has managed to elude violence, he said the country implemented a national framework based on the U.N. plan after it was released.

“[A country’s response] should not be something that is exclusive to the government in power – it never works,” Kan-Dapaah said in a speech at the conference. “You need to involve the minority parties, you need to involve the civil society organizations, you need to involve women organizations and also the youth.”

Part of Ghana’s effort to prevent attacks involved supplying communities that were vulnerable to radicalization with resources such as potable water, schools and clinics, Kan-Dapaah said.

A report released last month by the U.N. Development Program found that 25 percent of people who’ve joined terrorist groups in sub-Saharan Africa did so primarily out of the need for employment – nearly quadruple the number who did so in 2017. Those citing religion as the main reason decreased by 57 percent to just 17 percent of recruits.

“Each state has their own individual strategy and solution to a transnational problem. But in the fight against terrorism you need to forget about borders,” said Mahamoudou Savadogo, a security expert with Granada Consulting in Burkina Faso. “So long as there is no union between states, so long as there’s no clear dialogue, and so long as there’s no region or continent-wide response, it’s going to be difficult.”

Source: Voice of America

Lilly Plans to Slash Some Insulin Prices, Expand Cost Cap

Eli Lilly will cut prices for some older insulins later this year and immediately give more patients access to a cap on the costs they pay to fill prescriptions.The moves announced Wednesday promise critical relief to some people with diabetes who can …

Eli Lilly will cut prices for some older insulins later this year and immediately give more patients access to a cap on the costs they pay to fill prescriptions.

The moves announced Wednesday promise critical relief to some people with diabetes who can face thousands of dollars in annual costs for insulin they need in order to live. Lilly’s changes also come as lawmakers and patient advocates pressure drugmakers to do something about soaring prices.

Lilly said it will cut the list prices for its most commonly prescribed insulin, Humalog, and for another insulin, Humulin, by 70% or more in the fourth quarter, which starts in October.

List prices are what a drugmaker initially sets for a product and what people who have no insurance or plans with high deductibles are sometimes stuck paying.

A Lilly spokeswoman said the current list price for a 10-milliliter vial of the fast-acting, mealtime insulin Humalog is $274.70. That will fall to $66.40.

Likewise, she said the same amount of Humulin currently lists at $148.70. That will change to $44.61.

Lilly CEO David Ricks said Wednesday that his company was making the changes to address issues that affect the price patients ultimately pay for its insulins.

He noted that discounts Lilly offers from its list prices often don’t reach patients through insurers or pharmacy benefit managers. High-deductible coverage can lead to big bills at the pharmacy counter, particularly at the start of the year when the deductibles renew.

“We know the current U.S. health care system has gaps,” he said. “This makes a tough disease like diabetes even harder to manage.”

Patient advocates have long called for insulin price cuts to help uninsured people who would not be affected by price caps tied to insurance coverage.

Lilly’s planned cuts “could actually provide some substantial price relief,” said Stacie Dusetzina, a health policy professor at Vanderbilt University who studies drug costs.

She noted that the moves likely won’t affect Lilly much financially because the insulins are older, and some already face competition.

Lilly also said Wednesday that it will cut the price of its authorized generic version of Humalog to $25 a vial starting in May.

Lilly also is launching in April a biosimilar insulin to compete with Sanofi’s Lantus.

Ricks said that it will take time for insurers and the pharmacy system to implement its price cuts, so the drugmaker will immediately cap monthly out-of-pocket costs at $35 for people who are not covered by Medicare’s prescription drug program.

The drugmaker said the cap applies to people with commercial coverage and at most retail pharmacies.

Lilly said people without insurance can find savings cards to receive insulin for the same amount at its InsulinAffordability.com website.

The federal government in January started applying that cap to patients with coverage through its Medicare program for people 65 and older or those who have certain disabilities or illnesses.

President Joe Biden brought up that cost cap during his annual State of the Union address last month. He called for insulin costs for everyone to be capped at $35.

Biden said in a statement Wednesday that Lilly responded to his call.

“It’s a big deal, and it’s time for other manufacturers to follow,” Biden said.

Aside from Eli Lilly and the French drugmaker Sanofi, other insulin makers include the Danish pharmaceutical company Novo Nordisk.

Representatives for both Sanofi and Novo Nordisk said their companies offer several programs that limit costs for people with and without coverage.

Source: Voice of America

Asteroid-Bashing Spacecraft ‘Phenomenally Successful,’ Studies Find

WASHINGTON — NASA’s DART spacecraft slammed into the asteroid Dimorphos at a spot between two boulders during last September’s first test of a planetary defense system, sending debris hurtling into space and changing the rocky, oblong-shaped object’s p…

WASHINGTON — NASA’s DART spacecraft slammed into the asteroid Dimorphos at a spot between two boulders during last September’s first test of a planetary defense system, sending debris hurtling into space and changing the rocky, oblong-shaped object’s path a bit more than previously calculated.

Those were among the findings released by scientists on Wednesday in the most detailed account of the U.S. space agency’s proof-of-principle mission on using a spacecraft to change a celestial object’s trajectory — employing sheer kinetic force to nudge it off course just enough to keep Earth safe.

“The DART test was phenomenally successful. We now know that we have a viable technique for potentially preventing an asteroid impact if one day we had the need to,” said planetary scientist Terik Daly of the Johns Hopkins University Applied Physics Laboratory in Maryland, lead author of one of the DART studies published in the journal Nature.

The Double Asteroid Redirection Test (DART) spacecraft collided on September 26, 2022, at 22,530 kilometers per hour with Dimorphos, an asteroid about 150 meters in diameter, roughly 11 million kilometers from Earth. Dimorphos is a moonlet of Didymos, which is defined as a near-Earth asteroid and has a shape like a top spinning in space with a diameter of about 780 meters. Neither object imperils Earth.

“We were trying to change the amount of time that it took for Dimorphos to orbit around Didymos by colliding head-on with Dimorphos,” said Northern Arizona University planetary scientist Cristina Thomas, lead author of another of the studies published in Nature.

“The momentum of the collision and the momentum of the ejected material both acted to decrease the amount of time it takes Dimorphos to orbit by 33 minutes. This also results in the object orbiting a little bit closer to Didymos,” Thomas said.

Before the impact, the orbital period was 11 hours, 55 minutes. It now is 11 hours, 22 minutes. NASA’s previous estimate, announced in October, was an orbital change of 32 minutes. The benchmark for success had been set as a change of at least 1 minute, 13 seconds.

The scientists gave a blow-by-blow account of how the collision unfolded.

“First, one of the spacecraft’s solar panels directly hit a large boulder near the impact site. Next, the second solar panel grazed another large boulder. Finally, the spacecraft bus — the box between the solar panels — hit between these two boulders,” Daly said.

“We suspect that these two boulders were destroyed. After impact, ejecta [debris blasted into space] was launched from the surface for a period of time,” Daly added, saying satellite and telescope images showed a large amount of such material.

The research also clarified details such as the precise location of the impact and the angle of impact.

“People may think of the DART mission as a fairly straightforward experiment that is similar to playing billiards in space — one solid spacecraft impacts into one solid asteroid,” Thomas said. “However, asteroids are far more complex than just a solid rock. In fact, most asteroids are what we think of as rubble piles.”

The $330 million DART mission was seven years in development.

“We don’t know of any asteroids at this time that pose a threat to Earth, but we want to be ready for such a scenario,” Daly said. “It’s analogous to testing a car’s airbags. You make sure they work during a crash test instead of waiting to get in a real car accident to find out if they work.”

Source: Voice of America