NewZimbabwe.com has invited Mr. Vengai Madzima, the Senior Partner at Madzima Chidyausiku Museta Legal Practitioners (MCM Legal), to discuss with us legal issues that affect Zimbabweans living in the diaspora. The discussions are of a general nature and those seeking specific legal advice should contact their lawyer.
Reporter: Welcome back Mr. Madzima. We understand you will be part of the team that will be presenting at the Zim Diaspora Property Showcase USA-Canada in Dallas, United States of America, on legal issues affecting diasporans in America and Canada when investing in Zimbabwe. What are we to expect?
VM: Firstly, allow me to thank Seeff Zimbabwe for coming up with the idea of this event and executing it. The exchange of ideas at such events is invaluable.
Our experience in Birmingham, United Kingdom, at the Zim Diaspora Property Showcase UK in July last year taught us that the diaspora property market is hungry for one-on-one interactions with the potential Zimbabwe service provider, specifically those in the real estate sector where most of their investments are housed. This allows for a better understanding of each other’s operating models.
I am sure my colleagues in the real estate sector of Zimbabwe are preparing something special for the USA and Canada markets at this particular showcase. The attendees will be able to access special deals prepared specifically for the showcase, including structured payment options that the diaspora market normally fails to get access to.
Reporter: Are you suggesting that they will be specific deals prepared only for the USA-Canada diaspora market?
VM: Yes. The property showcase is not just to showcase our real estate to the diaspora, it is also to expose the diaspora market to our Zimbabwean businesses. It will be negligent as a business person to use a one size fits all approach in all dealings with the local and various markets in the diaspora.
The attendees from Zimbabwe will also be using it as a fact – finding conference, to understand the market from that part of the world, their interests, considerations and concerns when investing with the aim to tailor make products that are attractive to that market, taking into consideration their specific needs for a mutually beneficial relationship going forward.
My understanding is that the organizers of the event will also be intentionally exposing the Zimbabwean real estate businesses to the Dallas real estate sector. It is anticipated that sufficient synergies and networks will be created from that exchange.
READ MORE: The Premier Zimbabwe Diaspora Property Showcase is coming to the USA!
Reporter: What can we expect from your presentation on legal issues affecting property investments?
VM: My mandate at the conference is to educate potential investors on the Zimbabwean legal framework, specifically when it comes to investing in the real estate sector. My presentation will cover a variety of issues, example, the property titles that are in Zimbabwe, how to conduct a due diligence on the various property titles, other legal issues that affect your investment in Zimbabwe, if a member of the diaspora, issues to do with Zimbabwe registered marriages, death et cetera.
If the investors are foreign, we will also discuss the property investment regulatory framework with the aim of ensuring that the investments are safe and protected and also that the investor is able to repatriate capital and profits on disinvestment.
Reporter: Will that include how to avoid being duped when investing in property from the diaspora?
VM: That will be one of the topics in the presentation. The overarching aim of the presentation is to safeguard potential buyers against fraudsters. Our economy is in transition, with a lot of real estate developments mushrooming across our cities. There are notable and significant gains in value on existing real estate as a result of this real estate development boom. This creates a lot of opportunities for investors and also fraudsters.
Our local property developers have also been creative in their fundraising initiatives to complete developments when access to mainstream finance is limited. This, however, motivates for thorough due diligence by professionals to ensure that the development financial and legal structures are sound and also that the investor is sufficiently protected.
Reporter: How do you engage a lawyer from the diaspora and track your property transaction?
VM: Most of our lawyers across Zimbabwe can be found online if the investor cannot get a lawyer by reference. If in doubt of the lawyer’s track record, our Law Society of Zimbabwe is available to assist people with various enquiries on the legal practitioners in Zimbabwe.
Reporter: Thank you, Mr. Madzima we have to end here because of our time.
VM: Thank you.
You can contact Vengai Madzima on vengai@mcmlegal.co.zw or www.mcmlegal.co.zw
For those looking to attend the Zim Diaspora Property Showcase USA-Canada, please sign up by connecting with the event organizers at www.zimpropertyshowcaseusa.com.
