Preparation - The Key Message, Going to look at properties should
be the LAST stage in the process, not the first. The process of
buying a property - whether for your personal use or as an investment
- SHOULD start with thorough preparation. This will save to a lot
of wasted time AND money. We STRONGLY recommend that you make contact
with us BEFORE you go to look at any property. That way we can deal
with all of the key issues (such as those listed below) calmly and
clearly, before you get involved in the rush and pressure always
associated with buying a specific property anywhere in the world.
Preparation Check List
Why are you buying the property? Is this for retirement, a holiday
home, a holiday home that you want to pay its way or a pure investment.
If you are buying a property as an investment, see our Guide to
Buying Property as an Investment.
Which country and area will suit you best? If this is an investment,
where are you likely to make the most money?
Which type of property is best for you? Villa, apartment, townhouse.
This is not always obvious.
How are you going to pay for the property? Are you going to take
out a mortgage? If so, where and for how much? What are you doing
to guard against the risk of fluctuating exchange rates?
How are you going to manage the property? If you want to let the
property, who are your target tenants? Who will manage the lettings?
How much money will you make?
Who should be the legal owner of the property? The right choice
here can save you £/€/$THOUSANDS, even on an ordinary
holiday home. See below for more information
We will be happy to assist you with all of these issues.
Who should own the property?
Getting this question of ownership wrong is probably both the most
common and the most expensive mistake people make when buying property
overseas. There are many people who could be made the legal owner
of the property or, as the case may be, the shareholders in the
company that owns the property. The best choice is, often, not obvious.
Getting this wrong can cost you tens of thousands of pounds/euro/dollars
of totally unnecessary taxes, during your lifetime and on your death.Most
local lawyers will be unable to help you make this decision as it
involves an understanding of both the local AND your own legal,
tax and inheritance systems.
We will be happy to assist you in making this vital decision.
What are the options?
There are many ways to purchase the property. These include:
in your own name alone
in your name and in the name of your co-purchaser(s)
wholly or partly in your children's
names or in the name of somebody
whom you would like (eventually!) to inherit the property from
you
Gambia is an emerging overseas market and
the Gambian property market is currently
undergoing a boom period.
Investing in Emerging Markets
The Free Zones Act provides the legal framework
for setting up Free Zones and their efficient
management. The main thrust is to create
a world-class investment climate in The
Gambia for businesses engaged in manufacturing,
processing and export oriented activities.
Authorised Business
Activities In The Gambia:
Activities authorized for the purpose
of investing within the Free Zones
are listed in the Schedule to The
Free Zones Act 2001 and they are:
Warehousing;
Breaking bulk;
Assembling;
Storing, grading,
cleaning and mixing;
Labelling, packaging
and repackaging;
Processing;
Manufacturing;
Telecommunication
and information technology;
Energy;
Financial services
and off shore services;
Health and veterinary
services;
Transportation
services;
Other activities not listed shall
be allowed upon the authorization
of the Secretary of State for Trade,
Industry and Employment
Emerging Markets: : Investment Incentives
and Eligibility Criteria
Investors investing in the Free Zones will
have the following incentives extended to
them:
Exemption from all taxes and customs
duties payable on all imports provided
that the imports, are used or to be used
exclusively within the zone, and subject
to any other limitations specified by
the regulations made pursuant to the Act;
Where import duty or sales tax have
been paid by a zone investor in respect
of any goods on their importation into
the customs territory, no refund shall
be allowed merely because the goods are
to be later transferred into any of the
free zones;
Exemption of customs duty, excise duty
and sales tax on goods produced within
or imported into any of the zones, unless
the goods are entered for consumption
into the national customs territory
Exemption of import duty on capital
equipment;
Full exemption of corporate tax or income
tax for the first 10 years from the date
of approval of licence in the case of
trading activities in the zones, thereafter
tax shall be pegged at a rate not exceeding
six percent per annum;
For activities related to tourism corporate
tax or income tax shall be charged at
the rate of ten percent for the first
20 years, and shall revert to the normal
rate thereafter;
Full withholding of corporate or income
tax on dividend and other payments during
the period of tax holiday;
Full relief from payment of municipal
taxes;
Zone investors shall also be exempted
from pay roll tax or other restrictions
or prohibitions on import or export trade
with the exception of trade in firearms,
military or other illegal goods.
Qualifying Business Activities and Priority
Investment Sectors
With its liberal and free market economy,
and excellent investment opportunities,
the Gambian Government has identified a
number of sectors as priority areas. These
include the following:
aqua-culture: fish and shrimp farming
fishing and fish processing at industrial
level
Emerging Markets: Tourism
eco-tourism: national heritage and
others
up-country tourism: motels, tourist
camps,
sport fishing, river cruising.
hotel development for a 4 or 5 stars
Emerging Markets: Forestry
development of private/community forest
parks agro-forestry plantation.
Emerging Markets: Manufacturing
assembling and packaging processing
foundry and forging
light pharmaceuticals and cosmetics
Emerging Markets: Energy
electricity generation and distribution
renewable energy sources: solar, wind,
hydro-energy
Emerging Markets: Skills Development
vocational training: carpentry, welding,
masonry
development of specialized skills: electronics,
computing, others
Emerging Markets: Other Services
financial services
off-shore services
health and veterinary services
river and air transportation
information technology
Emerging Markets: Minerals Exploration
and Exploitation
petroleum exploration: refer to Petroleum
Act and regulations
mining of precious stones and others:
refer to Mineral Act.
Emerging Markets: Communications
transportation (land, sea, and air)
communication equipment
The Gambian Economy
The Gambia’s
economy depends largely on the production
of a single crop, peanuts. The national
budget in 1993 included revenue of
$87 million and expenditure of $76
million. The Gambia is a small densely
populated country with 1,025,867 million
inhabitants and per capita income
of $340 (US). The Gambia belongs to
the group of least developed countries
(LDCs), not well endowed with natural
resources.
The economy depends mainly on agricultural
production, and in more recent times, on a
fast growing services sector. Around two-thirds
of the economically active population are
engaged in agriculture, involving subsistence
farming, livestock, and groundnut (peanuts)
cultivation for export.
Within the framework of private sector
development, and in the context of its regional
development and leadership goal, the Government
aims to strengthen the country's comparative
advantages in key areas notably including
tourism, primary resource based industry,
trade and services.
Although agriculture is the main economic
activity, The Gambia has a rapidly growing
tourism industry and a well-developed commercial
sector, comprising primarily of import and
export trade of consumer goods to the sub-region.
The manufacturing sector is still very small,
but with the establishment of the Gambia Investment
Promotion and Free Zones Agency, it is envisaged
that the sector will grow and become a major
contributor to GDP.
Gambia Business Guide
Businesses
in The Gambia may be registered as a company, sole
proprietor, partnership, co-operative or as a Gambian
branch of foreign or companies
Doing Business in The Gambia
It is a requirement under the Business Registration
Act 1973 to register and obtain a Certificate of
Registration or where applicable, a Certificate
of Incorporation before operating a business in
The Gambia. The Certificate or a certified copy
must be displayed in a conspicuous position at the
principal place of business. The Certificate is
valid for the calendar year and must be renewed
yearly.
Gambia Investment Promotion & Free Zones
Agency
The Free Zones Act provides the legal framework
for setting up Free Zones and their efficient management.
The main thrust is to create a world-class investment
climate in emerging market of The Gambia for businesses
engaged in manufacturing, processing and export
oriented activities.
Transport in the Gambia
The Gambia River is navigable for about 190 km (about
120 mi) from the Atlantic Ocean by small oceangoing
vessels.
There are 2,700 km (1,678 mi) of roads in the Gambia
; the construction of the coastal road south of
the Gambia River has reduced the importance of the
river as a major artery of transportation.
The Gambia has no railroads. An international airport
is located at Yundum, near Banjul.
Working In The Gambia
As an emerging market, The Gambia has a liberal
policy concerning the employment of foreigners for
managerial and technical assignments. Depending
on the requirements of the company, as judged by
an allocation committee, the company is allotted
an expatriate quota for specific posts for a stipulated
period of time.
Applications for expatriate quotas should be made
on forms obtainable from GIPFZA, or from the Secretary,
Expatriate Quota Allocation Board, Office of The
Vice President, Banjul Tel. +(220) 227-153.
When permission has been secured, a residence permit
should be obtained, usually after the arrival in
The Gambia of the person(s) concerned. The entry
permit covers the immediate members of the expatriate's
family. However, they are not permitted to undertake
any employment without prior permission.
The legal framework of labour relations consists
of the Labour Act, 1990, and of regulations
issued thereunder. Its administration is the
responsibility of a Commissioner of Labour,
who acts under the supervision of the Department
of State for Trade, Industry and Employment.
The Act is a comprehensive document that covers
the general conditions of employment including
dismissal as well as recruitment and hiring
of labour, registration and training, protection
of wages, registration of trade unions and employers'
organisations, industrial relations, and procedures
for the settlement of labour disputes.
The 1990 Labour Act has been under review,
with a view toward, among other things, making
labour legislations in The Gambia supplementary
to and supportive of the aspirations of Vision
2020 in the area of industrial relations and
effective worker protection.
The has one of the most affordable labour both
in terms of costs of hiring and maintenance.
The Gambian workforce is generally regarded
as friendly and hardworking
Shipping to The Gambia
Travel in style with our Bird Watching and
Nature
Safaris. Imagine the exclusive use of small,
personal bird
watching camps in Gambia, 4WD ornithology
drives off the beaten track and superb staff
to cater for your every need.
Gambian Eco Tourism Holidays
We are very sensitive about the environment
and many of our Gambian
eco tours are designed to give our visitors
another experience of The Gambia - different
from what is generally offered to tourists.
Save yourself hours of wasted time with
our Gambia
Holiday Rental Property Search, look
at up-to-the-minute luxury and budget holiday
rental properties available for short term
or long term occupancy. Gambian self catering
apartments and serviced holiday flats and
vacation accommodation is also available
Please feel free to
contact
us at any time you would like more holiday
information, either by email,
phone, fax or carrier pigeon! Our staff are
well versed, experienced and professional with
excellent knowledge of the holiday market in
The Gambia .
