Bumper Tourist Season Expected 2007/08

As count down to the 2007/2008 tourist season is getting nearer day by
day people working in the tourist industry are expecting a promising
season.

Tourism is considered to be the main source of foreign exchange
earning for The Gambia. The sector absorbed the country's largest
unemployed youth force. The tourism sector provided huge opportunities
for both Gambians and non- Gambians alike, such as scholarship for
students, among others.

Speaking to the Arts and Culture recently, stakeholders in the
promotion and development of tourism in The Gambia, expressed deeper
sense of gratitude and optimism about the 2007/2008 tourist season.

According to Nari Chow, Wood carver, sculpture and dealer in
traditional clothes at Shop No. 37, in the Senegambia Craft Market, a
good tourist season is expected this year, but was quick to say that,
it has never been easy during the off season.

According to Mr Chow, he started to work in the industry since 1981 at
the Fajara Craft Market, then there was no Craft Market in Senegambia
area. "The only Craft Markets in The Gambia were Fajara, BB craft
market and the one in Banjul" he said.

Mr Chow, affirmed that its through his work that he pays his children
school fees and solve his personal problems from the business.
"Tourist season is subjected to many forces, so there is no 100
percent guarantee that the season will be a resounding success. All we
can do is to pray to God for a successful season. As the season
approaches, one has to have faith in God. Sometime you make a fortune,
and at times is the otherwise," he said.

He took the opportunity to urge for attitudinal change, on the part of
both bumsters and other unscruplus elements in the interest of a
healthy promotion and development of tourism in The Gambia.

Ebrima Sanneh, dealer in Wood Carve materials also expressed deeper
sense of expectation for the 2007-2008 tourist season.

Why Gambia?

In the endless search for equity growth and rental yields property investors are searching further and further afield. Dubai, Bulgaria, Croatia and Turkey have all enjoyed their 15 minutes of fame as an overseas property hotspot and the markets there continue to thrive despite the threat of the bubble bursting. Costa de la Luz and Cape Verde are currently enjoying the limelight but a real opportunity lies on the West African coast in the former British colony of The Gambia. The Gambia is a 6 hour flight from London and has blossomed into a world class tourist resort over the last decade with five star hotels, fine dining, fantastic beaches, water sports, sports fishing and many other quality sporting and leisure pursuits. The Gambia is peaceful and stable. Crime rates and the cost of living are among the lowest in the world. Property ownership is part of the Gambian constitution and the conveyancing system is transparent and straightforward when done professionally. The Gambian government is totally committed to free enterprise. Luxury brand new four bedroom villas range from 80,000.00 GBP to 150,000.00 GBP dependant on location and proximity to the beaches. These properties can rent for up to 10,000.00 GBP per annum to United Nations or embassy staff. Building land is readily available and prices start from less than 1.00 GBP per square metre. Construction costs are a fraction of those in Europe and opportunities exist for commercial, residential, and tourist developments.

Other Useful Information

High calibre maids, gardeners and security staff are readily available, many with extensive experience gained in the luxury Gamban hotels. There are many European, Gambian and Arabic property maintenance firms with cost and quality varying considerably. We can provide suitable companies including references where necessary.

Other Costs Involved in Gambian Property Purchase

As with most conveyancing transactions the purchase price is dependant upon a number of factors predominantly location, size and quality of the property/land being tendered.
There are annual payments for land rent and local taxes to be made. The land rent is a minimal fee and indicated on the lease document where the property is purchased as leasehold land.
Local rates are based on the rateable value of the land assessed by the Tax Office. The rateable value accounts for both the land and building value dependant upon type, location and use class. When this value is decided the Area Council determines the percentage to be charged for local rates. These rates are also minimal. .

Utilities Billing in Gambia

Electricity is billed on a monthly basis with a minimum standing charge regardless of occupancy based on the electrical capacity of the property. Actual units of electricity used are paid on top of this standing charge. There are prepaid electricity meters available - Cash Power - where preferred.
Telephone access is provided by Gamtel (the equivalent of BT in the UK). They bill on a montly basis.
Mobile access is provided by Africel and Gamcel with Alcotel on its way. These only operate through the purchase of sim cards and top-up credit cards which are widely available. There is little to choose between these providers on pricing or reliability.
The internet is provided by both Quantum who offer Broadband and Gamtel who offer a dial-up connection. It should be noted that VOIP is illegal in the Gambia. The internet is also billed monthly.
Satelite TV is available with widely varying packages. Expect to pay equipment, installation and set up fees together with a monthly standing charge.

Gambian Buildings Insurance

Building insurance is available and is recommended. Please contact us where necessary for further details.
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General Summary of Fee Structure

Total official costs involved in purchasing property should be around 1%.
Lawyer's fees - approx.10% of the selling price (dependant upon the solicitor's set fees).
Agents are paid by the seller unless otherwise agreed (approx. up to 10% of the purchase price)

Gambian Taxes Involved in Land/Property Purchase

· Alkali Tax
· Municipal Tax
· Income Tax

Costs Involved in Property / Land Ownership in The Gambia

The purchase price of the property or land as with most conveyancing transactions is dependant upon many factors, the most prevalent being location, size and quality of the property/land being tendered. .
There are yearly payments due both for land rent and local rates. Land rent is a minimal sum which is indicated on the lease document

Conveyancing Process

Unless an immediate cash payment is made in full, the conveyancing process.is conducted by a private contract being drawn up by the respective lawyers determining the property, purchase price, form of payment, date of completion, date of possession etc. Just as in European law a deposit, usually 10% of the purchase price, is paid on the signing of the Contract for a standard completion period within approximately 30 days.
On payment of the balance of the purchase price the seller will issue a public deed of conveyance to the purchaser, free of liens and encumbrances. This deed is issued and passed to the Tax Office to be assessed for Capital Gains Tax and Stamp Duty and then sent to the Property Registry for formal registration.

Legal Formalities & Associated Property Conveyancing Costs in Gambia

Legal Formalities & Associated Property Conveyancing Costs in Gambia
Just as in European Law it is always recommended that a purchaser/seller of property/land instruct a reputable solicitor/conveyancer to act for them so it is equally advisable in The Gambia. If necessary we have a firm of highly qualified Gambian Lawyers/Barristers (and part-time Magistrates), fluent in English and other languages, who will be delighted to act for you in any land transactions you wish to undetake.
Land in the Gambia is registered at the Property Registry (an organisation just like the English Land Registry), where you can confirm immediately whether the seller owns the property free of any liens and encumbrances. Just as in Europe, however, there is still plenty of land/property which remains as yet unregistered. To avoid any ensuing confusion it is necessary for European purchasers/sellers to understand the difference between the terms freehold and leasehold used both there and in Gambia. These terms have very different implications in Gambia to those in Europe. In Gambia there is no such thing as absolute ownership of land and property. This is because all the land is ultimately owned by the Government and is leased to any private purchaser for a period of 99 years but this confusingly DOES NOT constitue leasehold land. This land/property can be either leasehold or freehold depending on whether or not it has been registered at the Property Registry. If it is unregistered it has a freehold status, whereas registered land/property is denoted leasehold. It is important to register previously freehold land/property as leasehold at the Property Registry during the purchasing process thus documenting your unequivocal ownership of the sameClick here:- A Paper Delivered by Dr. Henry D.R. Carrol, the Solicitor General and Legal Secretary, at the Gambia Tourism Authority Workshop at the Senegambia Beach Hotel, on Thursday 7th June 2007

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.

First Time Visitors or Experienced Travellers

The Gambia is peaceful and stable. Crime rates and the cost of living are among the lowest in the world. The sun shines for all 12 months of the year! The Gambia offers you the best climate in the world and one of the most beautiful landscapes. This makes the Gambians warm and friendly people with a contagious relaxed attitude to life. The Gambia is known as the Smiling Coast. In many ways, the lifestyle in the Gambia is very different from the one you may be used to. Try to relax and enjoy life like the locals and the residents do and you will discover the pleasure of living in a tropical paradise. more Did you know that our escorted tours using locally trained and registered tourist guides can save you up to 40% off the price of traveling the same itinerary with hotel organised tours and trips?
We involve the local communities in the tourism business process and have a high success rate in creating and sustaining
profitable business projects that benefit the tourist, the local villages and the environment. We strive to bring the tourist in direct contact with the local people, local schools, local Gambian hospitals or specialist contacts to experience their culture and sample their friendliness and hospitality. Our escorted tours are worry-free and hassle-free, as all the details are handled for you.
Wherever you're going, however you like to travel, you'll find your best Gambian holiday and vacation options are but a couple of clicks away. And better still you will be helping the local Gambian community from start to finish. To start planning your holiday in Gambia now, just click a link to the left to browse by region, activity or specialty, or click one of the country links below if you aim visit several specific countries or cities.When you've found a vacation or holiday that you're interested in, call us for a quote or reservation.
We look forward to helping you plan the best Gambian holiday you've ever had!

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
in the name of a limited company,
whether English, Gambian or "off-shore"
via your SIPP/SSAS pension fund
via an investment fund (REIT, PUT etc)
via an investment club
via a trust

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