Investors tasked with diversification through foreign asset purchase

Nigerian investors have been advised to diversify their portfolios through foreign asset classes to reduce the effect of naira depreciation on their investment and gain more wealth opportunities.

Nigerian investors have been advised to diversify their portfolios through foreign asset classes to reduce the effect of naira depreciation on their investment and gain more wealth opportunities.

This advice was made at the Providus Bank 2023 Breaking Boundaries Conference, themed, ‘Exploring the Intersection of Global Risk Mitigation, Real Estate Investment, Travel and Lifestyle Benefits’ which was held in Lagos.

Founder, Savory and Partners, Jeremy Savory, speaking on the benefits of citizenship by investment, said it provided access, options, privacy, security, mobility and social advantage.
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He said the minimum threshold for all legal citizenship by investment programme was $100,000, which goes up depending on family size, country, real estate or government bond component.

“Each programme has legislation that allows one to pass the citizenship to the next generation. Sometimes, there is a nominal fee attached to it, but it is a citizenship and not a passport so it can be passed down to generations,” he added.

According to Savory, Portugal has one of the best and cheapest criteria but prices would be reviewable for two months.

“Portugal’s golden visa investment threshold is €280,000. From this the individual purchase a property that qualifies for the government criteria, which should be done after setting up a bank account in the country. Then physical biometrics and residency follow. Residency would be renewed every two years and after three renewals, you can apply for citizenship.

“Portugal is one of the most affordable European countries to live in terms of standard of living. Rent is probably the only cost-effective thing,” he added.

Managing Director, Hutchings Ltd, Carolyna Hutchings, said globally real estate is a viable investment, and focusing on one country limits one’s opportunities.

She stated that there are great opportunities outside Nigeria in the real estate sector.

There are places on Lagos Island that is saturated. Some properties are not selling. They have finished building but no one is buying it.

She noted that Nigeria’s real estate industry has several foreigners at play because the Return on Investment (ROI) is attractive as there is a 50 to 100 per cent increase in investment.

She added that the Lagos government has provided an enabling environment for the real estate sector to thrive by providing low-cost housing for civilians and giving loans to people who want to acquire their property.
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