Expat financial advisor in Zimbabwe – that will be the topic of today’s article.
I will compare some of the options available locally, alongside more portable, online, and international options like what we offer.
For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via the WhatsApp function below.
It makes sense to have a portable option as an expat, as opposed to a localized one, and that is something we specialize in.
Table of Contents
The African Republic of Zimbabwe is located in the southern part of the mainland.
It is located between two rivers – Limpopo and Zambezi. In the south, the country borders with South Africa, in the east with Mozambique, the western border with Botswana, and the northern border with Zambia. Most of the population is the Shona people, a direct descendant of the ancient Gokomere family.
The occupied area is 390.6 thousand km2. The capital is the city of Harare with a population of almost 2,000,000. The national currency in Zimbabwe is the local dollar, the exchange rate of which is in limbo.
Most of the country’s population is of the Shona indigenous people. As a percentage, their number is 83%, slightly more than 15% of the inhabitants belong to the Nde Bele tribe. The remaining 3% are whites and other Africans.
The ratio of the black and white population of the country increased significantly after the events of 1980, when the British colony of Zimbabwe – Rhodesia ceased to exist, and a new Republic of Zimbabwe appeared in its place.
Over the past 36 full years since then, the population of the state has increased by 52%. At the same time, the rate of population growth is considered slow, since the country has a very high mortality rate.
Just 20 years ago, life in Zimbabwe was stable and prosperous, the national dollar of the Republic was considered a hard currency, and the population had a good, stable salary, but since 1999 the country’s economy was weakened and fall into a crisis, and this situation is currently continuing.
All the manufacturing sectors of Zimbabwe, have reduced their performance indicators. After in 2000, they fell by another 4.3%, in 2001 – by 7.2%, and so on. And as a result, the devaluation of local money in the world market.
As of 2008, the inflation rate in Zimbabwe is a world record of 231,000,000% (according to official figures).
The value is not considered erroneous, in fact, the state’s economy is in a very deplorable state. The unemployment rate at the end of 2017 was 80%. At the same time, a third of the indigenous population left the country.
The economic crisis in Zimbabwe was negatively reflected in all areas of business. The following industries have declined:
- textile production;
- mining industry,
- metallurgical enterprises;
- production of products.
At the same time, the country’s foreign trade turnover is steadily falling, and at the moment it is in a critical state.
Monetary unit of Zimbabwe
Separately, we can say about the country’s money. The national dollar in Zimbabwe was abolished and withdrawn from circulation on 12.04.2009. In January of the same year, the circulation of foreign currency in the Republic was legalized. This was due to the deep failure of the local currency in the world market.
A year before the national dollar in Zimbabwe ceased to exist, inflation in the country reached such levels that the 25 million banknotes depreciated.
Education in Zimbabwe
Adult men and women in Zimbabwe are well educated. This is due to the fact that until the beginning of the 90s of the last century, the literacy of the population of the Republic was considered the highest in the continent, 91% could read and write, this is an absolute record in Africa. But since 1995, this figure has been significantly decreasing, and a similar situation occurs in almost all countries of the continent.
Secondary education in Zimbabwe consists of 7 grades of primary, 4 grades of secondary and 2 senior. After completing the school course, the graduate has the right to enroll in a higher educational institution, local or foreign, this already depends on the financial condition of his parents.
The academic year in the country begins in January and ends in mid-December, with a breakdown of 3 semesters. At the same time, state exams are controlled by the Examination Council of Schools of the Republic and are taken mainly at the end of November.
At the moment, there are only 8 universities in the education system of Zimbabwe where young people can get higher education. Among them are 2 government agencies, and the rest are commercial. In terms of secondary education, the range of choice is wider – about 10 colleges.
People who have money for education send their children to enroll in European educational institutions, and those who cannot pay large sums study in their homeland.
Working in Zimbabwe
Due to the fact that the national dollar in Zimbabwe has practically depreciated in the past few years, and since 2009 it has been completely withdrawn from circulation, it is quite difficult to find a job in the Republic. According to statistics, only 6% of the country’s population are officially employed citizens, from whose salaries income tax is deducted in favor of the state treasury.
But despite this, for the Russians, work in Zimbabwe may be found easily. This is due to the fact that a small number of specialists are employed in the field of medical services in the Republic. Although, for the full service of the country’s multimillion population, much more is required. This is because the government has a poor budget and will not be able to pay professionals in their field high wages that meet European standards.
Only through employment through humanitarian corporations, you can find an appropriate position with a good salary. Thus, a permanent job in Zimbabwe, for foreign citizens and the local population, is considered a certain luxury.
Citizenship of the Republic of Zimbabwe
If a baby is born on the territory of the Republic, this does not mean that he becomes a full citizen. The procedure for obtaining citizenship in the country is considered somewhat lengthy.
This is due to the fact that according to the legislation governing the procedure for immigration and obtaining citizenship, for this, a newborn must meet the following requirements: the father or mother of the child must be a citizen of the Republic by nationality (at least one family member).
There are other ways in which a newborn can automatically obtain citizenship in Zimbabwe. To do this, he must meet several conditions for this selection:
- A minor child who has been adopted or adopted by citizens of the Republic receives a status according to the registration procedure at the place of residence.
- Babies born abroad are registered with the Embassy or the Consulate General of the Republic upon written application from their parents.
Why will you need a financial advisor in Zimbabwe?
The problem for many people is that they have no control over their cash flows. As a result, they live chaotically, not knowing where they are going financially.
We are all unwittingly involved in the constant financial movement. After all, we make various monetary transactions every day. And it depends only on us how conscious this movement will be on the scale of our entire life.
To manage the future, we need:
- Manage your cash flows;
- Transform the future into a set of clear, measurable financial goals;
- Make a plan to achieve these goals;
- Carry out your plan.
This is a common situation that a financial advisor works with. Along with this, special cases are also possible.
A person already clearly understands what tasks he is striving for. He only needs a specialist who will help him choose the right strategy for achieving his goal. And will offer the best tools for solving important problems. In both cases, a personal financial advisor is helpful.
Who is a financial advisor?
This is a specialist who advises on financial policy at different levels. He can work both as an individual and in the status of a legal entity. This does not change its function.
He advises clients on saving or increasing money, assesses their financial condition, develops an investment policy, a scheme for working with banking institutions, and makes management decisions.
This category includes the following specialties:
- investment advisors;
- financial lawyers;
- insurance agents;
- financial analysts.
The consultant may be well versed in a particular area of finance, but may also be a generalist. A financial advisor must have all the required professional skills. Secondly, it is excellent to know the provisions and laws of legislation in the field of finance and economics. In addition, he must understand the market economy, trends in monetary investments.
He must also be able to evaluate financial assets and their instruments. Understand the procedures for buying and selling securities in the stock markets. In addition, he should be familiar with modern systems of lending and investment, control, and taxation.
In other words, a financial advisor is an advisor with excellent knowledge in any financial, legal, and accounting area.
Local financial advisors
Financial advisors from Zimbabwe can assist you in many financial transactions, from opening a simple bank account to making large investments in their country. Their experience and knowledge cannot be less than the skills of any other financial advisor, so the main advantage here is that they are locals and they have a local financial education, they are very familiar with all the rules that are used in Zimbabwe, which is excellent a tool and an excellent investment for your future financial goals.
But when choosing, for example, a bank financial advisor who is also considered local, keep in mind that his main goal is to sell you a banking service or product. In fact, this is not their fault, but in any case it will entail additional costs and may not be necessary at that time. with the help of a bank advisor, it is recommended to open only a savings or investment account with a bank, therefore, as a foreigner, you may need the assistance of a bank financial advisor, but nothing more.
To make things clear, they may offer you their mortgage options with attractive rates, but in any case, keep your main goals in mind and move forward with that in mind. For additional financial goals, you can contact an individual consultant or online, which may be more effective than other options on the market.
Above all, individual and online consultants put their clients first and do their best to achieve their financial goals quickly and efficiently. Accordingly, they may charge small fees and commissions, but offer good strategies, make sure all your documentation is safe.
Anyway, let’s take a look at some of the financial transactions in which you will need the help of a consultant. For example, how to invest in Zimbabwe? It is a developing country with a great future, so many expats who have moved there may want to invest in real estate, so let’s take a look at the conditions and benefits.
Investing in property in Zimbabwe
Zimbabwe is a landlocked country in southern Africa. it borders Zambia in the north, Mozambique in the east, South Africa in the south, and Botswana in the west.
Unlike many other African countries, the capital is not the best place to live, as Harare is considered one of the least safe cities in Africa.
If you are interested in investing in property for sale in Zimbabwe, the town of Masvingo will be recommended the most, near the capital and with a fairly good selection of properties. There are many new buildings because it is a worthy tourist destination.
Gweru is located in the center of the country. The city is interesting for families looking for property for sale in Zimbabwe as it is filled with farms and is home to several colleges and universities, notably the University of the Midlands and Mkoba College of Education.
Mutare is the fourth most populous city in Zimbabwe, it is a tourist resort and those who decide to invest in real estate for sale in Zimbabwe can do so with the aim of using the property as a holiday home.
Don’t miss your search for properties for sale in Bulawayo, Zimbabwe’s second-largest city. Real estate sales in this city are medium to high, as it was considered the true economic center of Zimbabwe due to its proximity to South Africa, and also because it is home to textile, metallurgical, and publishing houses.
Local expertise will help you
Zimbabwe is a foreign country for a European expat, and for many expats, the laws may be different, investment options, savings accounts, and more may require different skills.
The key decision is a local financial advisor. They are usually educated and focused on the laws and regulations they follow in the country. So they are a great resource if you are looking to invest locally to drive growth in your area, city, or state.
Keep in mind that local investment can bring you two rates of return – one directly for your portfolio and the other through your community. There is growing evidence that, compared to their non-local counterparts, local businesses have two to four times the impact on local economic development for every dollar spent on them.
So, if you have an investment portfolio that includes local businesses, your dollars will continue to circulate and improve the well-being of your entire community by creating new jobs, increasing income, and ultimately supporting funding for schools, parks, police. and fire services; and safe and prosperous areas.
An expert, a local financial advisor can help you with due diligence to make sure your local investment makes sense.
Online financial advisors
Financial planners or online consultants are people who have the experience and knowledge to help their clients achieve specific financial goals.
They strive to understand your current personal financial circumstances and future goals, and then develop financial strategies to help you achieve them.
These professionals are now assisted by the addition of a range of digital financial planning tools that help minimize risk and automate critical financial and accounting processes, portfolio recommendations, portfolio rebalancing, and dividend reinvestment.
In other words, online financial planners are using new technologies to better transport you from where you are (financially) to where you want to be. This allows them to cut costs that will ultimately affect your income and reduce the time it takes to acquire customers. Time is an important commodity when investing: the earlier you start, the more time your money will work for you.
This approach in the profession creates a technology-driven financial dimension around important life decisions to help plan action and achieve personal goals, whether it’s early retirement, a new business, a new home, or a dream vacation.
How will you benefit from working with us?
There are many benefits you can get from working with a financial advisor, as well as an online financial advisor who will be available when you need one. Let’s take a look at some of the benefits:
Save your time
How can working with an online financial advisor help you save your time?
Meeting a financial advisor online means you don’t have to drive to his office in traffic jams. You can meet them during your lunch break at work, on the couch at home, or even on vacation. If you have a device and an Internet connection.
Save your money
How can working with a financial advisor online help you save money?
You don’t need to take time off from work or hire a nanny to meet with online financial advisors who don’t work strictly from 9 to 5 o’clock. You can meet them at any time convenient for you, wherever you are, and save on gas and parking costs.
Better conditions for the environment
How will the work of a financial consultant affect the environment? Since they don’t drive to the office every day, their customers don’t have to drive to see them, there are fewer cars on the roads and less carbon emissions.
In addition, financial planners on the Internet do not print long plans for their clients. Whenever possible, they minimize the consumption of paper, ink and other consumables.
Does it matter where you live when you work with an online financial advisor? Many online financial planners have lived in many states over the years, as have their clients. More than 40% of clients have moved to the new city since they started working with their consultants. But both were able to “move” together and remain constant for each other.
When you move to Zimbabwe on vacation, you can find a great online financial advisor there and not worry about returning home and losing your precious job. You can still work together from anywhere in the world.
In conclusion, financial advisors play a key role, whether you are in control of your finances, whether you want to invest, or simply cannot decide how to spend a certain amount correctly.
When should you contact a financial advisor?
By “financial advisor” we mean someone you trust and with whom you can discuss your financial situation, plans and how you handle money. By no means am I referring to banking or brokerage employees – at least not most of them.
Here is an extensive list of situations in life when it’s time to think about this question:
- When you have made a major financial mistake;
- Are you tired of financial decisions, investments, etc.;
- You don’t have enough time to manage your funds;
- When the “stock” is so high that the price of the mistake can set you back for years;
- You have a specific goal that you need help with.
Contact us and we will do everything to reach your financial goals.
Pained by financial indecision? Want to invest with Adam?
Adam is an internationally recognised author on financial matters, with over 320.1 million answers views on Quora.com and a widely sold book on Amazon